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Asset Retirement Obligations
3 Months Ended
Mar. 31, 2025
Asset Retirement Obligations  
Asset Retirement Obligations

Note 12 — Asset Retirement Obligations

Our asset retirement obligations (“AROs”) relate to mature offshore oil and gas properties (Droshky and Thunder Hawk Field) that we acquired with the intention to perform decommissioning work at the end of their life cycles. The following table describes the changes in our AROs (in thousands):

    

2025

    

2024

AROs at January 1,

$

62,947

$

61,356

Accretion expense

 

1,408

 

1,376

AROs at March 31, 

$

64,355

$

62,732