Asset retirement obligations

12 Months Ended

Dec. 31, 2014

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations

Asset retirement obligations

The following table presents the balance and activity of our asset retirement obligations for the years ended December 31, 2014 and 2013.

	For the year ended December 31,
	2014			2013
Beginning balance	$	55,179		$	49,214
Liabilities incurred and assumed in current period	5,011			2,313
Revisions in estimated cash flows	2,450			6,723
Liabilities settled or disposed in current period	(19,184		)	(7,016		)
Accretion	3,968			3,945
	47,424			55,179
Less current portion (included in “Accounts payable and accrued liabilities”)	4,147			1,874
	$	43,277		$	53,305

Liabilities incurred and assumed includes obligations related to new wells drilled and wells acquired during the period. Liabilities settled or disposed for the year ended December 31, 2014 increased significantly primarily due to the divestiture of certain non-strategic oil and natural gas properties sold during 2014 combined with increased plugging and abandoning activity.

We have funds held in escrow that are legally restricted for certain of our asset retirement obligations. The balance of this escrow account was $1,568 and $1,568 at December 31, 2014 and 2013, respectively, and is included in “Other assets” in our consolidated balance sheets. The balance is not intended to reflect our total future financial obligation for the plugging and abandonment of these wells.

See “Note 7—Fair value measurements” for additional information regarding fair value measurements.