Asset Retirement Obligations

6 Months Ended

Jun. 30, 2015

9. Asset Retirement Obligations

Asset Retirement Obligations (“AROs”) represent the future abandonment costs of tangible assets, such as wells, service assets and other facilities. The fair value of the ARO at inception is capitalized as part of the carrying amount of the related long-lived assets.

The following table reflects the changes in the Company’s AROs for the periods indicated:

	Six Months Ended			Six Months Ended
	June 30, 2015			June 30, 2014
	(in thousands)
Asset retirement obligations — beginning of period	$	21,599		$	26,308
Liabilities incurred	2			844
Revisions	—			—
Liabilities settled	—			(47		)
Liabilities eliminated through asset sales	(4,699		)	(7,652		)
Current period accretion expense	835			929

Asset retirement obligations — end of period	$	17,737		$	20,382