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ASSET RETIREMENT OBLIGATIONS
 12 Months Ended
Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATIONS ASSET RETIREMENT OBLIGATIONS
We recognize an estimated liability for future costs associated with the abandonment of our oil and gas properties, including facilities requiring decommissioning. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired, or a facility is constructed. The increase in carrying value is included in proved properties in the accompanying consolidated balance sheets. We deplete the amount added to proved properties and recognize expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective long-lived assets. Cash paid to settle asset retirement obligations is included in the cash flows from operating activities section of the accompanying consolidated statements of cash flows.
Our estimated asset retirement obligation liability is based on historical experience plugging and abandoning wells, estimated economic lives, estimated plugging and abandonment cost, and regulatory requirements. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised.
A roll-forward of our asset retirement obligation is as follows (in thousands):
Year Ended December 31,
20232022
Balance, beginning of year$291,026 $225,315 
Additional liabilities incurred with development activities and other
7,516 1,919 
Additional liabilities incurred with acquisitions
40,373 1,112 
Liabilities settled(19,136)(15,902)
Accretion expense17,053 15,926 
Revisions to estimate (1)
— 62,656 
Balance, end of year$336,832 $291,026 
Current portion31,116 25,557 
Long-term portion305,716 $265,469 
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(1)Revisions to estimates for the year ended December 31, 2022 were primarily a result of increases in our estimated plugging and abandonment cost.