Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

20. Asset Retirement Obligations

The components of the change in our asset retirement obligations are shown below:

	Successor
	Year Ended December 31, 2023		Year Ended December 31, 2022
Asset retirement obligations, beginning of period	$	335	$	360
Additions(a)	9		53
Revisions(b)	(9)		16
Settlements and disposals(c)	(75)		(54)
Held for sale(d)	—		(57)
Accretion expense	16		17
Asset retirement obligations, end of period	276		335
Less current portion	11		12
Asset retirement obligations, long-term	$	265	$	323

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(a)    During the 2022 Successor Period, approximately $27 million of additions relate to the Marcellus Acquisition. See Note 4 for further discussion of this transaction.

(b)    Revisions primarily represent changes in the present value of liabilities resulting from changes in estimated costs and economic lives of producing properties.

(c)    During the 2023 Successor Period, approximately $64 million of disposals related to the divestitures of our Eagle Ford assets. During the 2022 Successor Period, approximately $47 million of disposals related to the divestiture of our Powder River Basin assets. See Note 4 for further discussion of these transactions.

(d)    As of December 31, 2022, approximately $57 million of asset retirement obligations associated with the sale of a portion of our Eagle Ford assets were reclassified as other current liabilities held for sale.