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Asset retirement obligations | 12 Months Ended
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Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract] |
Asset retirement obligations | Asset retirement obligations The Company recognizes the fair value of its asset retirement obligations related to the future costs of plugging, abandonment, and remediation of oil and natural gas producing properties at the times the obligations are incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related oil and natural gas properties and allocated to expense over the useful life of the asset. Our asset retirement obligations primarily represent the present value of the estimated amount we will incur to plug, abandon and remediate our proved producing properties at the end of their productive lives, in accordance with applicable state laws. The following table presents the changes in the asset retirement obligations during the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Asset retirement obligations, beginning of year | $ | 4,963 |  |  | $ | 2,962 |  |  | $ | 3,114 |
Liabilities incurred during the period | 2,370 |  |  | 1,012 |  |  | 465 |
Revision of estimates (1) | 2,596 |  |  | 490 |  |  | (868) |
Accretion of discount during the period | 441 |  |  | 499 |  |  | 447 |
Disposals or settlements | (496) |  |  | — |  |  | (196) |
Asset retirement obligations, end of year | $ | 9,874 |  |  | $ | 4,963 |  |  | $ | 2,962 |
Less current portion of asset retirement obligations | 483 |  |  | 218 |  |  | — |
Asset retirement obligations, long-term | $ | 9,391 |  |  | $ | 4,745 |  |  | $ | 2,962 |
__________________________________________ (1)Revisions in estimated liabilities during 2023 relate primarily to changes in estimated well lives, while revisions in prior year relate primarily to changes in estimates of asset retirement costs.

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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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