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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2014
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, 2014, 2013 and 2012 (in thousands).
| 2014(1) |  | 2013 |  | 2012(2)
Asset retirement obligations at January 1 | $ | 424,117 |  |  | $ | 498,410 |  |  | $ | 128,116 |
Liability incurred upon acquiring and drilling wells | 4,968 |  |  | 5,078 |  |  | 7,479 |
Liability assumed in acquisition | — |  |  | — |  |  | 371,365 |
Revisions in estimated cash flows | (5,848 | ) |  | (3,077 | ) |  | 34,654 |
Liability settled or disposed in current period | (377,927 | ) |  | (113,071 | ) |  | (72,200 | )
Accretion | 9,092 |  |  | 36,777 |  |  | 28,996 |
Asset retirement obligations at December 31 | 54,402 |  |  | 424,117 |  |  | 498,410 |
Less: current portion | — |  |  | 87,063 |  |  | 118,504 |
Asset retirement obligations, net of current | $ | 54,402 |  |  | $ | 337,054 |  |  | $ | 379,906 |
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(1) | Liability settled or disposed in the current period includes $366.0 million associated with the Gulf Properties sold in February 2014, as discussed in Note 3.
(2) | Liability assumed in acquisition represents asset retirement obligations assumed in the acquisition of oil and natural gas properties in the Gulf of Mexico during the second quarter of 2012.

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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 + Details
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