ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2012

NOTE 9 — ASSET RETIREMENT OBLIGATIONS:

The change in our asset retirement obligations during 2012, 2011 and 2010 is set forth below:


	Year Ended December 31,
	2012			2011			2010
Asset retirement obligations as of the beginning of the year, including current portion	$	425,779		$	373,920		$	320,599
Liabilities incurred		3,869			7,993			1,528
Liabilities settled		(67,641	)		(63,226	)		(36,392	)
Liabilities assumed		15,263			59,441			—
Divestment of properties		(7,563	)		(10,900	)		(692	)
Accretion expense		33,331			30,764			34,469
Revision of estimates		85,264			27,787			54,408

Asset retirement obligations as of the end of the year, including current portion	$	488,302		$	425,779		$	373,920

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

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