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ASSET RETIREMENT OBLIGATIONS | 9 Months Ended
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Sep. 30, 2019
ASSET RETIREMENT OBLIGATIONS |
ASSET RETIREMENT OBLIGATIONS | 10. ASSET RETIREMENT OBLIGATIONS The Company records an asset retirement obligation (ARO) on oil and natural gas properties when it can reasonably estimate the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon costs. For other operating property and equipment, the Company records an ARO when the system is placed in service and it can reasonably estimate the fair value of an obligation to perform site reclamation and other necessary work when it is required. The Company records the ARO liability on the unaudited condensed consolidated balance sheets and capitalizes a portion of the cost in “Oil and natural gas properties” or “Other operating property and equipment” 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 additional capitalized costs are depreciated on a unit-of-production basis or straight-line basis. The Company recorded the following activity related to its ARO liability for the period indicated below (inclusive of the current portion) (in thousands):
Liability for asset retirement obligations as of December 31, 2018 |  | $ | 6,914
Liabilities settled and divested |  |  | (229)
Additions |  |  | 354
Accretion expense |  |  | 307
Revisions in estimated cash flows |  |  | 2,807
Liability for asset retirement obligations as of September 30, 2019 |  | $ | 10,153

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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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