Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2014

Other Long-Term Liabilities [Abstract]

Other Long-Term Liabilities

Note 15 – Other Long-Term Liabilities

Other long-term liabilities included the following:

	December 31,
	2014		2013
Asset retirement obligations	$	65,935	$	121,534
Long-term derivative liabilities		—		9,245
Other		142		591
Total Other Liabilities	$	66,077	$	131,370

Asset retirement obligations relate to our obligation for the plugging and abandonment of oil and gas properties.  The asset retirement obligation is 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 the asset retirement obligations for the year ended December 31, 2014 and 2013:

	Year Ended
	December 31,
	2014		2013
Carrying amount of asset retirement obligations, as of beginning of period	$	170,429	$	176,076
Decrease due to revised estimates		(31,362)		(10,304)
Accretion expense (included in DD&A expense)		25,890		23,793
Impact of foreign currency exchange rate changes		(9,057)		3,205
Payment of asset retirement obligations		(49,418)		(27,690)
Liabilities incurred and assumed		—		5,349
Carrying amount of asset retirement obligations, as of end of year		106,482		170,429
Less: current portion of asset retirement obligations		(40,547)		(48,895)
Long-term asset retirement obligations	$	65,935	$	121,534