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Asset Retirement Obligations
 6 Months Ended
Jun. 30, 2017
Disclosure Text Block  
Asset Retirement Obligations

8.        Asset Retirement Obligations

 

A summary of the Company’s Asset Retirement Obligations (“ARO”) for the six months ended June 30, 2017 is as follows:

 

 

 

 

 

 

(in thousands of dollars)

    

 

 

Balance at December 31, 2016

 

$

20,058

 

Liabilities incurred

 

 

563

 

Accretion of ARO liability

 

 

467

 

Liabilities settled due to sale of related properties

 

 

(60)

 

Liabilities settled due to plugging and abandonment

 

 

(56)

 

Liabilities related to assets held for sale

 

 

(1,143)

 

Change in estimate

 

 

(168)

 

Total ARO balance at June 30, 2017

 

 

19,661

 

Less: Current portion of ARO

 

 

(600)

 

Total long-term ARO at June 30, 2017

 

$

19,061