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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note 15 – Asset Retirement Obligations 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,
| 2024 |  | 2023
| (in thousands)
Beginning asset retirement obligations | $ | 123,154 |  |  | $ | 115,313 |
Liabilities incurred (1) | 21,442 |  |  | 4,062 |
Liabilities settled (2) | (27,130) |  |  | (4,489) |
Accretion expense | 5,403 |  |  | 6,330 |
Revision to estimated cash flows | 26,444 |  |  | 1,938 |
Ending asset retirement obligations (3) | $ | 149,313 |  |  | $ | 123,154 |
____________________________________________ (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, 2024, and 2023, included $4.0 million and $4.4 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.

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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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