Asset Retirement Obligations

9 Months Ended

Sep. 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 nine months ended September 30, (in thousands): 

	2021
Beginning asset retirement obligations	$	3,027
Liabilities incurred	103
Liabilities settled	(103)
Acquisitions	11,466
Accretion expense	916
Divestitures	(41)
Revision of estimates	140
Ending asset retirement obligations	$	15,508