Asset Retirement Obligations

9 Months Ended

Sep. 30, 2016

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 8. 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. The accretion of the asset retirement obligation is included in “Lease operating expense” in the Condensed Consolidated Statements of Operations. Revisions to the liability typically occur due to changes in the estimated abandonment costs, well economic lives, and/or the discount rate.

The following table summarizes the Company’s asset retirement obligation transactions recorded during the six months ended September 30, 2016 (in thousands):

	2016
At December 31, 2015	$	5,075
Liabilities incurred		114
Liabilities settled		(15	)
Accretion expense		404
Acquisitions		250
Revision of estimates		(13	)
At September 30, 2016	$	5,815