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Asset Retirement Obligations (ARO)
 12 Months Ended
Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations (ARO)
Asset Retirement Obligations (ARO)
The majority of the ARO recognized by the Company at December 31, 2015 and 2014 related to the estimated costs to dismantle and abandon certain of its retail gasoline stations. The Company has not recorded an ARO for certain of its marketing assets because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are consistently being upgraded and are expected to be operational into the foreseeable future. In these cases, the obligation will be initially recognized in the period in which sufficient information exists to estimate the obligation.
A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.
 
 
 
December 31,
(Thousands of dollars)
 
2015
 
2014
Balance at beginning of period
 
$
22,245

 
$
17,130

Accretion expense
 
1,521

 
1,200

Liabilities incurred
 
579

 
3,915

Balance at end of period
 
$
24,345

 
$
22,245


 
The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the lack of availability of additional information.