Asset Retirement Obligations

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 7. Asset Retirement Obligations

The Company’s asset retirement obligations primarily relate to the Company’s portion of future plugging and abandonment of wells and related facilities. The following table presents the changes in the asset retirement obligations for the years ended December 31, 2020 and 2019 (in thousands):

	For the Year Ended
	December 31,
	2020			2019
Asset retirement obligations at beginning of period	$	91,089		$	76,344
Liabilities added from acquisition or drilling (1)		79			9,497
Liabilities removed upon sale of wells		—			—
Liabilities settled		(327	)		(259	)
Accretion expense		6,206			5,559
Revision of estimates		102			(52	)
Asset retirement obligation at end of period		97,149			91,089
Less: Current Portion		424			623
Asset retirement obligations - long-term portion	$	96,725		$	90,466

(1) The increase in liabilities added from acquisition or drilling for the year ended December 31, 2019, is primarily due to the Merger with Midstates.