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ASSET RETIREMENT OBLIGATIONS | 12 Months Ended
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Dec. 31, 2024
ASSET RETIREMENT OBLIGATIONS |
ASSET RETIREMENT OBLIGATIONS | 10. ASSET RETIREMENT OBLIGATIONS The Company records an 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 AROs 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,
​ | ​ | 2024 |  | 2023
Asset retirement obligations at beginning of the period | ​ | $ | 17,458 | ​ | $ | 15,469
Accretion expense | ​ | ​ | 991 | ​ | ​ | 793
Liabilities incurred | ​ | ​ | 223 | ​ | ​ | 34
Liabilities settled/divested | ​ | ​ | — | ​ | ​ | (112)
Revisions to estimate | ​ | ​ | 484 | ​ | ​ | 1,274
Asset retirement obligations at end of period | ​ | ​ | 19,156 | ​ | ​ | 17,458
Less: current asset retirement obligations | ​ | ​ | — | ​ | ​ | —
Long-term asset retirement obligations at the end of the period | ​ | $ | 19,156 | ​ | $ | 17,458
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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 -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-2 + Details
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