Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

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, 2022 and 2021 (in thousands):


	2022		2021
Beginning asset retirement obligations	$	15,866	$	3,027
Associated with acquisitions	20,078		9,821
Liabilities incurred	533		163
Property dispositions	(10,284)		(41)
Liabilities settled	(910)		(185)
Accretion expense	2,652		1,065
Revision of estimates	2,625		2,016
Ending asset retirement obligations	$	30,560	$	15,866