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Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2012
Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation

A reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligation for 2012 and 2011 is shown in the following table.

 

(Thousands of dollars)

    2012     2011  

Balance at beginning of year

    $ 615,545        555,248   

Accretion expense

      39,341        37,701 1 

Liabilities incurred

      184,439        51,858   

Revision of previous estimates

      10,468        7,608   

Liabilities settled

      (40,434 )      (32,088 )2 

U.K. amounts reclassified to liabilities associated with assets held for sale

      (64,355 )      0   

Changes due to translation of foreign currencies

      6,579        (4,782 ) 
  

 

 

    

 

 

  

Balance at end of year

      751,583        615,545   

Current portion of liability at end of year

      (27,310 )3      0   
  

 

 

    

 

 

  

Noncurrent portion of liability at end of year

    $ 724,273        615,545   
  

 

 

    

 

 

  

 

  1

Includes $2,977 reclassified to discontinued operations associated with U.K. oil and gas production operations.
  2

Includes noncash settlements related to sale of assets in Spain in 2011.
  3

Included in Other Accrued Liabilities on Consolidated Balance Sheet.