Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Note 14 – Asset Retirement Obligations

Please refer to Asset Retirement Obligations in Note 1 – Summary of Significant Accounting Policies for a discussion of the initial and subsequent measurements of asset retirement obligation liabilities and the significant assumptions used in the estimates.

The following is a reconciliation of the Company’s total asset retirement obligation liability as of December 31, 2023, and 2022:


	As of December 31,
	2023		2022

	(in thousands)
Beginning asset retirement obligations	$	115,313	$	101,424
Liabilities incurred (1)	4,062		2,086
Liabilities settled (2)	(4,489)		(6,356)
Accretion expense	6,330		5,344
Revision to estimated cash flows	1,938		12,815
Ending asset retirement obligations (3)	$	123,154	$	115,313

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(1)Reflects liabilities incurred through drilling activities and acquisitions of drilled wells.

(2)Reflects liabilities settled through plugging and abandonment activities and divestitures of properties.

(3)Balances as of December 31, 2023, and 2022, included $4.4 million and $7.1 million, respectively, related to the Company’s current asset retirement obligation liability, which is recorded in the accounts payable and accrued expenses line item on the accompanying balance sheets.