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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2017
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note 9 – Asset Retirement Obligations Please refer to Asset Retirement Obligations in Note 1 – Summary of Significant Accounting Policies for a discussion of the initial and subsequent measurements of asset retirement obligation liabilities and the significant assumptions used in the estimates. A reconciliation of the Company’s total asset retirement obligation liability is as follows:
| As of December 31,
| 2017 |  | 2016
| (in thousands)
Beginning asset retirement obligations | $ | 123,307 |  |  | $ | 140,874 |
Liabilities incurred (1) | 7,588 |  |  | 21,293 |
Liabilities settled (2) | (30,432 | ) |  | (57,100 | )
Accretion expense | 5,988 |  |  | 7,795 |
Revision to estimated cash flows | 8,019 |  |  | 10,445 |
Ending asset retirement obligations (3)(4) | $ | 114,470 |  |  | $ | 123,307 |
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(1) | Reflects liabilities incurred through drilling activities and acquisitions of drilled wells.
(2) | Reflects liabilities settled through plugging and abandonment activities and divestitures of properties.
(3) | Balances as of December 31, 2017, and 2016, included $11.4 million and $26.2 million, respectively, of asset retirement obligations associated with oil and gas properties held for sale.
(4) | Balances as of December 31, 2017, and 2016, included $75,000 and $932,000, respectively, related to the Company’s current asset retirement obligation liability, which is recorded in accounts payable and accrued expenses on the accompanying balance sheets.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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