Asset Retirement Obligations

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Note 8 — Asset Retirement Obligations

The asset retirement obligations included in the Condensed Consolidated Balance Sheets in current and non-current liabilities, and the changes in that liability were as follows (in thousands):


Asset retirement obligations at December 31, 2023	$	897,226
Obligations assumed(1)		199,519
Obligations incurred		107
Obligations settled		(50,128	)
Accretion expense		57,635
Changes in estimate(2)		54,488
Asset retirement obligations at June 30, 2024	$	1,158,847
Less: Current portion at June 30, 2024		78,765
Long-term portion at June 30, 2024	$	1,080,082

(1)

Assumed in connection with the QuarterNorth Acquisition. See further discussion in Note 2 — Acquisitions and Divestitures.

(2)

Primarily attributable to accelerated timing and increases in cost estimates to satisfy certain future abandonment obligations.

At June 30, 2024, the Company has (1) restricted cash of $104.4 million held in escrow and (2) two notes receivable with an aggregated face value of $66.2 million to settle future asset retirement obligations. A discussion of these assets is included in the accompanying Notes to the Consolidated Financial Statements in the 2023 Annual Report.