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Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Activity in ARO Account

The following table summarizes activity in our ARO account in which approximately $124 million and $89 million were included in long term liabilities as of December 31, 2019 and December 31, 2018, respectively, with the remaining current portion included in accrued liabilities:

	Berry Corp. (Successor)
	Year Ended December 31, 2019				Year Ended December 31, 2018
	(in thousands)
Beginning balance	$	95,548			$	97,422
Liabilities incurred	11,534				4,901
Settlements and payments	(22,036		)		(3,555		)
Accretion expense	7,570				6,258
Reduction due to property sales	—				(4,145		)
Revisions	56,611				(5,333		)
Ending balance	$	149,227			$	95,548

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- References

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- Definition

Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859

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