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Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligation

(11) ASSET RETIREMENT OBLIGATIONS

The following table summarizes the Company’s 2014 and 2013 activity related to asset retirement obligations:

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

(in millions)

Asset retirement obligation at January 1

 

$
134 

 

$
101 

Accretion of discount

 

 
7 

 

 
6 

Obligations incurred

 

 
64 

(1)

 
22 

Obligations settled/removed

 

 
(4)

 

 
(2)

Revisions of estimates

 

 
6 

 

 
7 

Asset retirement obligation at December 31

 

$
207 

 

$
134 

 

 

 

 

 

 

 

Current liability

 

 
9 

 

 
6 

Long-term liability

 

 
198 

 

 
128 

Asset retirement obligation at December 31

 

$
207 

 

$
134 

 

(1)

Obligations incurred include $42 million related to the Chesapeake Property Acquisition.