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Asset Retirement Obligations

6 Months Ended

Jun. 30, 2014

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

A reconciliation of the beginning and ending aggregate carrying amounts of the asset retirement obligations for the period from December 31, 2013 to June 30, 2014 is as follows (in thousands):

Asset retirement obligations at December 31, 2013	$	424,117
Liability incurred upon acquiring and drilling wells	2,382
Revisions in estimated cash flows	(438		)
Liability settled or disposed in current period(1)	(377,662		)
Accretion	6,811
Asset retirement obligations at June 30, 2014	55,210
Less: current portion	—
Asset retirement obligations, net of current	$	55,210

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(1)     Includes $366.0 million associated with the Gulf Properties sold in February 2014.

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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

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