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Asset Retirement Obligations

9 Months Ended

Sep. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

The following table reflects the changes in the Company’s ARO during the nine months ended September 30, 2020:

			(In thousands)
Balance at December 31, 2019			$	56,784
Liabilities incurred during period			535
Liabilities settled during period			(196)
Accretion expense during period			2,338
Balance at September 30, 2020			$	59,461

Accretion expense is included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statements of Operations. At September 30, 2020, the Company reclassified the Debtors’ ARO of $57.6 million to liabilities subject to compromise on the Company’s Condensed Consolidated Balance Sheet (see Note 2 — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code).

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- References

No definition available.

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- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2175671

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