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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2016
Asset Retirement Obligations [Abstract]  
Asset Retirement Obligations

(10) ASSET RETIREMENT OBLIGATIONS



The following table summarizes the Company’s 2016 and 2015 activity related to asset retirement obligations:





 

 

 

 

 

 



 

2016

 

2015



 

(in millions)

Asset retirement obligation at January 1

 

$

 201 

 

$

 207 

Accretion of discount

 

 

 10 

 

 

 11 

Obligations incurred

 

 

 1 

 

 

 17 

Obligations settled/removed (1)

 

 

 (45)

 

 

 (30)

Revisions of estimates (2)

 

 

 (26)

 

 

 (4)

Asset retirement obligation at December 31

 

$

 141 

 

$

 201 



 

 

 

 

 

 

Current liability

 

 

 6 

 

 

 10 

Long-term liability

 

 

 135 

 

 

 191 

Asset retirement obligation at December 31

 

$

 141 

 

$

 201 



(1)

Obligations settled/removed include $35 million and $25 million related to asset divestitures in 2016 and 2015, respectively.

(2)

Estimates in the costs to retire wells and well pads were revised downward based on internal estimates of future obligation requirements and updated third-party cost quotes.