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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
Asset Retirement Obligations
The Company has asset retirement obligations associated with the future plugging and abandonment of oil and natural gas properties and related facilities. Revisions to the liability typically occur due to changes in the estimated abandonment costs, well economic lives, and the discount rate.
The following table summarizes the Company’s asset retirement obligation transactions recorded during the years ended December 31, 2019 and 2018 (in thousands):
 
2019
 
2018
Beginning asset retirement obligations
$
2,229

 
$
2,354

Liabilities acquired (1)
—

 
298

Liabilities incurred
105

 
102

Property dispositions (1)
(10
)
 
(766
)
Liabilities settled
(374
)
 
(79
)
Accretion expense
214

 
169

Revision of estimates
—

 
151

Ending asset retirement obligations
$
2,164

 
$
2,229

(1)
See Note 3. Acquisitions and Divestitures for additional information on the Company’s acquisition and property disposition activities.