Asset Retirement Obligations

6 Months Ended

Jun. 30, 2021

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 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 six months ended June 30, (in thousands): 

	2021
Beginning asset retirement obligations	$	3,027
Liabilities incurred	57
Liabilities settled	(53)
Acquisitions	10,866
Accretion expense	593
Divestitures	(37)
Revision of estimates	104
Ending asset retirement obligations	$	14,557