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Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2016
Asset Retirement Obligations  
Summary of the Company's ARO

 

 

 

 

 

 

 

 

(in thousands of dollars)

    

2016

    

2015

 

ARO liability at beginning of year

 

$
20,980

 

$
13,610

 

Liabilities incurred (1)

 

 
6,947

 

 
6,349

 

Accretion of ARO liability

 

 
1,263

 

 
1,087

 

Liabilities settled due to sale of related properties

 

 
(446)

 

 
(19)

 

Liabilities settled due to plugging and abandonment

 

 
(463)

 

 
(69)

 

Change in estimate (2)

 

 
(8,223)

 

 
22

 

ARO liability at end of year

 

 
20,058

 

 
20,980

 

Less: Current portion of ARO at end of year

 

 
(600)

 

 
(679)

 

Total long-term ARO at end of year

 

$
19,458

 

$
20,301

 
(1)    The 2016 amount includes $6.4 million related to wells acquired in the Anadarko Acquisition. See Note 3,   “Acquisitions”.

(1)

The 2016 amount reflects a reduction in the estimated cost per well, consistent with the decline in actual costs experienced by the Company.