Decommissioning and Other Asset Retirement Obligations

3 Months Ended

Mar. 31, 2013

Notes to Financial Statements [Abstract]

Decommissioning and Other Asset Retirement Obligations

NOTE D - DECOMMISSIONING AND OTHER ASSET RETIREMENT OBLIGATIONS

The large majority of our asset retirement obligations consists of the future well abandonment and decommissioning costs for offshore oil and gas properties and platforms owned by our Maritech subsidiary, including the decommissioning and debris removal costs associated with one remaining offshore platform previously destroyed by hurricanes. The amount of decommissioning liabilities recorded by Maritech is reduced by amounts allocable to joint interest owners. The changes in the asset retirement obligations during the three month period ended March 31, 2013, are as follows:

	Three Months Ended
	March 31, 2013
	(In Thousands)
Beginning balance for the period, as reported	$	94,921
Activity in the period:
Accretion of liability		165
Revisions in estimated cash flows		9,288
Settlement of retirement obligations		(25,660	)
Ending balance as of March 31	$	78,714

Revisions in estimated cash flows during the first quarter of 2013 resulted primarily from additional work incurred and anticipated to be required on Maritech's offshore oil and gas properties.