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ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2022

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS

8. 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. The Company records asset retirement obligations to reflect the Company’s legal obligations related to future plugging and abandonment of its oil and natural gas wells, treating equipment and gathering support facilities.

The Company recorded the following activity related to its ARO liability (inclusive of the current portion) (in thousands):

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​	​	​	​	​	​	​
​	​	For the Year Ended December 31,
​	​	2022			2021
Asset retirement obligations at beginning of the period	​	$	11,896	​	$	10,583
Accretion expense	​	​	528	​	​	477
Liabilities incurred	​	​	151	​	​	111
Liabilities settled/divested	​	​	(647)	​	​	—
Revisions to estimate	​	​	3,541	​	​	725
Asset retirement obligations at end of period	​	​	15,469	​	​	11,896
Less: current asset retirement obligations	​	​	(225)	​	​	—
Long-term asset retirement obligations at the end of the period	​	$	15,244	​	$	11,896

​

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- References

No definition available.

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=2175671

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849

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