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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2012
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligation | Asset Retirement Obligations The following table presents the balance and activity of the asset retirement obligations for the years ended December 31 (in thousands).
| 2012 |  | 2011 |  | 2010
Asset retirement obligations at January 1 | $ | 128,116 |  |  | $ | 119,877 |  |  | $ | 111,137 |
Liability incurred upon acquiring and drilling wells | 7,479 |  |  | 5,716 |  |  | 17,347 |
Liability assumed in acquisition | 371,365 |  |  | — |  |  | — |
Revisions in estimated cash flows | 34,654 |  |  | 7,574 |  |  | (17,017 | )
Liability settled or disposed in current period | (72,200 | ) |  | (14,419 | ) |  | (1,011 | )
Accretion | 28,996 |  |  | 9,368 |  |  | 9,421 |
Asset retirement obligations at December 31 | 498,410 |  |  | 128,116 |  |  | 119,877 |
Less: current portion | 118,504 |  |  | 32,906 |  |  | 25,360 |
Asset retirement obligations, net of current | $ | 379,906 |  |  | $ | 95,210 |  |  | $ | 94,517 |
Liability assumed in acquisition, liability settled and accretion for the year ended December 31, 2012 include amounts attributable to asset retirement obligations assumed in the acquisitions of oil and natural gas properties in the Gulf of Mexico during the second quarter of 2012. The current year settlements increased significantly due to the higher costs associated with plugging and abandoning the properties in the Gulf of Mexico. Liability settled or disposed for the year ended December 31, 2011 primarily consists of amounts related to the Permian Basin and east Texas properties sold during 2011. The revisions in estimated cash flows for the year ended December 31, 2010 were primarily due to lengthening reserve lives based on higher oil and natural gas prices used to determine reserves relative to prices at the beginning of 2010. At December 31, 2010, asset retirement obligations of $21.8 million related to an offshore platform were moved to current, due to its then anticipated plugging and abandonment in 2011.

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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/presentationRef -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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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