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Other Long-Term Liabilities
 3 Months Ended
Mar. 31, 2014
Other Long-Term Liabilities [Abstract]  
Other Long-Term Liabilities

Note 8 – Other Long-Term Liabilities

 

At March 31, 2014 and December 31, 2013, our other liabilities included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

2014

 

 

2013

 

 

 

 

 

 

Asset retirement obligations

$
115,550 

 

$
121,534 

Long-term derivative liabilities

 
7,586 

 

 
9,245 

Other

 
4,653 

 

 
591 

 

 

 

 

 

 

Total Other Liabilities

$
127,789 

 

$
131,370 

 

Asset Retirement Obligations

 

Our asset retirement obligations relate to our obligation for the plugging and abandonment of oil and gas properties.  The asset retirement obligations are recorded at fair value and accretion expense, recognized over the life of the property, increases the liability to its expected settlement value.  If the fair value of the estimated asset retirement obligation changes, an adjustment is recorded for both the asset retirement obligation and the asset retirement cost.  The following table provides a rollforward of our asset retirement obligations for the three months ended March 31, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2014

 

 

2013

Carrying amount of asset retirement obligations as of beginning of period

$
170,429 

 

$
176,076 

Accretion expense (included in DD&A expense)

 
6,145 

 

 
5,521 

Impact of foreign currency exchange rate changes

 
1,370 

 

 
(10,427)

Payment of asset retirement obligations

 
(16,548)

 

 
(4,886)

Liabilities incurred and assumed

 
3,268 

 

 
115 

Carrying amount of asset retirement obligations, as of end of period

 
164,664 

 

 
166,399 

Less:  Current portion of asset retirement obligations

 
(49,114)

 

 
(35,368)

Long-term asset retirement obligations

$
115,550 

 

$
131,031