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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
We are required to record the estimated fair value of the liabilities relating to the future retirement of our long-lived assets (AROs). Our oil and natural gas wells are plugged and abandoned when the oil and natural gas reserves in those wells are depleted or the wells are no longer able to produce. The plugging and abandonment liability for a well is recorded in the period in which the obligation is incurred (at the time the well is drilled or acquired). None of our assets are restricted for purposes of settling these AROs. All of our AROs relate to plugging costs associated with our oil and gas wells.

The following table shows certain information about our AROs for the periods indicated:
 
 
2013
 
2012
 
 
(In thousands)
 
ARO liability, January 1:
$
146,159

 
$
96,446

 
Accretion of discount
5,450

 
4,615

 
Liability incurred
4,857

 
56,650

(1) 
Liability settled
(4,751
)
 
(2,788
)
 
Liability sold
(2,622
)
 
(1,258
)
 
Revision of estimates (2)
(15,436
)
 
(7,506
)
 
ARO liability, December 31:
133,657

 
146,159

 
Less current portion
2,954

 
2,953

 
Total long-term ARO liability
$
130,703

 
$
143,206

 
_________________________
(1)
The liability incurred increased $46.7 million related to the Noble properties acquired in September 2012.
(2)
Plugging liability estimates were revised in both 2013 and 2012 for updates in the cost of services used to plug wells over the preceding year. We had various upward and downward adjustments as well as changes in estimated timing of cash flows.