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Asset Retirement Obligations (Tables) | 12 Months Ended
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Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract] |
Schedule of asset retirement obligations | The following table describes the changes in our AROs (both current and long-term) (in thousands):
AROs at January 1, 2019 | $ | — |
Liability incurred during the period (1) | 53,294 |
Liability settled during the period | (28,296 | )
Revisions in estimated cash flows | 822 |
Accretion expense | 2,438 |
AROs at December 31, 2019 | $ | 28,258 |
(1) In connection with the acquisition in January 2019 of certain assets associated with the Droshky Prospect (Notes 1 and 8), we assumed the AROs for the required P&A of those assets in exchange for agreed-upon amounts to be paid by Marathon Oil as the P&A work is completed. We initially recognized $53.3 million of ARO liability, $50.8 million of receivables and $2.5 million of acquired property for this transaction.

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- Definition Tabular disclosure of the carrying amount of a liability for asset retirement obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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