ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2019

ASSET RETIREMENT OBLIGATIONS [Abstract]

ASSET RETIREMENT OBLIGATIONS

NOTE 11. ASSET RETIREMENT OBLIGATIONS

The changes in the aggregate ARO are as follows (in thousands):

ARO as of December 31, 2017 (Predecessor)	$	161,963
Liabilities incurred		77
Accretion expense		3,176
Settlements and divestitures		(385)
ARO as of May 31, 2018 (Predecessor)		164,831
Fresh start adjustments (1)		(41,953)
ARO as of May 31, 2018 (Successor)		122,878
Liabilities incurred		8
Accretion expense		5,420
Settlements and divestitures		(8,700)
ARO as of December 31, 2018 (Successor)		119,606
Liabilities incurred		346
Revisions		(6)
Accretion expense		8,112
Settlements and divestitures		(37,949)
Liabilities held for sale		(139)
ARO as of December 31, 2019 (Successor)	$	89,970

(1)As a result of the application of fresh start accounting, the Successor recorded its asset retirement obligations at fair value as of the Effective Date.

As of December 31, 2019 and 2018, $1.3 million and $2.1 million, respectively, of the Company’s ARO is classified as current and is included in “Accounts payable and accrued liabilities” on the consolidated balance sheets.