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Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2013
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligation

 

 

(11) ASSET RETIREMENT OBLIGATIONS

 

The following table summarizes the Company’s 2013 and 2012 activity related to asset retirement obligations:

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

(in thousands)

 

 

 

 

 

 

 

Asset retirement obligation at January 1

 

$
100,637 

 

$
37,693 

Accretion of discount

 

 
5,643 

 

 
2,394 

Obligations incurred

 

 
22,241 

 

 
23,327 

Obligations settled/removed

 

 
(2,341)

 

 
(8,804)

Revisions of estimates

 

 
7,366 

 

 
46,027 

Asset retirement obligation at December 31

 

$
133,546 

 

$
100,637 

 

 

 

 

 

 

 

Current liability

 

 
5,549 

 

 
4,091 

Long-term liability

 

 
127,997 

 

 
96,546 

Asset retirement obligation at December 31

 

$
133,546 

 

$
100,637 

 

In 2012, the Company recorded a correction to increase the asset retirement obligation by approximately $39 million, the effect of which was immaterial to the Company’s financial statements in all affected periods.