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Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2015
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligation

(11) ASSET RETIREMENT OBLIGATIONS

 

The following table summarizes the Company’s 2015 and 2014 activity related to asset retirement obligations:

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

(in millions)

Asset retirement obligation at January 1

 

$

 207 

 

$

 134 

Accretion of discount

 

 

 11 

 

 

 7 

Obligations incurred (1)

 

 

 17 

 

 

 64 

Obligations settled/removed (2)

 

 

 (30)

 

 

 (4)

Revisions of estimates

 

 

 (4)

 

 

 6 

Asset retirement obligation at December 31

 

$

 201 

 

$

 207 

 

 

 

 

 

 

 

Current liability

 

 

 10 

 

 

 9 

Long-term liability

 

 

 191 

 

 

 198 

Asset retirement obligation at December 31

 

$

 201 

 

$

 207 

 

(1)

Obligations incurred in 2014 include $42 million related to the Chesapeake Property Acquisition.

(2)

Obligations settled/removed in 2015 include $25 million related to asset divestitures.