XML 46 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Asset Retirement Obligations
 12 Months Ended
Jun. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
Asset Retirement Obligations
Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon, and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following is a reconciliation of the beginning and ending asset retirement obligations for the years ended June 30, 2020 and 2019:
 
Years Ended
 
2020
 
2019
Asset retirement obligations — beginning of period
$
1,610,845

 
$
1,422,955

Liabilities incurred
944,278

(a)
31,268

Liabilities settled
(86,592
)
(b)
—

Accretion of discount
146,504

 
101,506

Revisions to previous estimates
(26,141
)
 
55,116

Asset retirement obligations — end of period
2,588,894

 
1,610,845

Less: current asset retirement obligations
—

 
(50,244
)
Long-term portion of asset retirement obligations
$
2,588,894

 
$
1,560,601


(a) Liabilities incurred in fiscal 2020 included $0.9 million from our acquisition of our Hamilton Dome interest and remainder related to facilities at the Delhi field.
(b) We abandoned one well in the Delhi field and four wells in the Hamilton Dome field.