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Asset Retirement Obligations | 3 Months Ended
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Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note G – Asset Retirement Obligations The asset retirement obligations liabilities (ARO) recognized by the Company 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 the three-month periods ended March 31, 2024 and 2023 is shown in the following table.
(Thousands of dollars) | March 31, 2024 |  | March 31, 2023
Balance at beginning of year | $ | 914,763 |  |  | $ | 911,653 |
Accretion | 12,774 |  |  | 11,157 |
Liabilities incurred | 8,960 |  |  | 3,605 |
Revisions of previous estimates | 1,995 |  |  | (822) |
Liabilities settled | (737) |  |  | (4,855) |
Changes due to translation of foreign currencies | (3,143) |  |  | 394 |
Balance at end of period | 934,612 |  |  | 921,132 |
Current portion of liability 1 | (17,797) |  |  | (90,774) |
Noncurrent portion of liability | $ | 916,815 |  |  | $ | 830,358 |
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 -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-2 + Details
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