Asset Retirement Obligations

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 16 — Asset Retirement Obligations

The following table describes the changes in our AROs (both current and long-term) for the years ended December 31, 2020 and 2019 (in thousands):

	2020		2019
AROs at January 1,	$	28,258	$	—
Liability incurred during the period	—		53,294
Liability settled during the period	—		(28,296)
Revisions in estimated cash flows	—		822
Accretion expense	2,655		2,438
AROs at December 31,	$	30,913	$	28,258

Our AROs relate to our Droshky oil and gas properties that we acquired from Marathon Oil Corporation (“Marathon Oil”) in January 2019. In connection with assuming the P&A of those assets, we are entitled to receive agreed-upon amounts from Marathon Oil as the P&A work is completed.