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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note H – Asset Retirement Obligations The asset retirement obligations liabilities (ARO) recognized by the Company at December 31, 2022 and 2021 are related to the estimated costs to dismantle and abandon its producing oil and natural gas properties and related equipment. A reconciliation of the beginning and ending aggregate carrying amount of the ARO for 2022 and 2021 is shown in the following table.
(Thousands of dollars) | 2022 |  | 2021
Balance at beginning of year | $ | 971,893 |  |  | $ | 849,956 |
Accretion | 46,243 |  |  | 46,613 |
Liabilities incurred | 46,449 |  |  | 54,439 |
Revisions of previous estimates | (78,229) |  |  | 48,737 |
Liabilities settled | (64,255) |  |  | (27,824) |
Liabilities associated with assets held for sale | — |  |  | 263 |
Changes due to translation of foreign currencies | (10,448) |  |  | (291) |
Balance at end of year | 911,653 |  |  | 971,893 |
Current portion of liability at end of year ¹ | (94,385) |  |  | (132,117) |
Noncurrent portion of liability at end of year | $ | 817,268 |  |  | $ | 839,776 |
1 Included in “Other accrued liabilities” on the Consolidated Balance Sheets. 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 availability of additional information such as: prices for oil field services, technological changes, governmental requirements and other factors.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2175671 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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