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Asset Retirement Obligations | 6 Months Ended
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Dec. 31, 2022
Asset Retirement Obligations |
Asset Retirement Obligations | Note 9. Asset Retirement Obligations The Company’s ARO represents the estimated present value of the amount expected to be incurred to plug, abandon, and remediate its oil and natural gas properties at the end of their productive lives in accordance with applicable laws and regulations. The Company records the ARO liability on the unaudited condensed consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties, net” during the period in which the obligation is incurred. The Company records the accretion of its ARO liabilities in “Depletion, depreciation and accretion” expense in the unaudited condensed consolidated statements of operations. ​ The following is a reconciliation of the activity related to the Company’s ARO liability (inclusive of the current portion) (in thousands):
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|  | December 31, 2022
Asset retirement obligations — beginning of period | ​ | $ | 13,921
Accretion of discount | ​ | ​ | 556
Asset retirement obligations — end of period | ​ | ​ | 14,477
Less: current asset retirement obligations | ​ | ​ | (22)
Long-term portion of asset retirement obligations | ​ | $ | 14,455
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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