Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Note 14 – 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.

The following is a reconciliation of the Company’s total asset retirement obligation liability as of December 31, 2022, and 2021:


	As of December 31,
	2022		2021
	(in thousands)
Beginning asset retirement obligations	$	101,424	$	85,325
Liabilities incurred (1)	2,086		1,715
Liabilities settled (2)	(6,356)		(1,948)
Accretion expense	5,344		4,159
Revision to estimated cash flows	12,815		12,173
Ending asset retirement obligations (3)	$	115,313	$	101,424

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(1)Reflects liabilities incurred through drilling activities.

(2)Reflects liabilities settled through plugging and abandonment activities and divestitures of properties.

(3)Balances as of December 31, 2022, and 2021, included $7.1 million and $4.1 million, respectively, related to the Company’s current asset retirement obligation liability, which is recorded in the accounts payable and accrued expenses line item on the accompanying balance sheets.