W&T Offshore, Inc. Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2022

NOTE 7 — ASSET RETIREMENT OBLIGATIONS

AROs represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives.

A summary of the changes to ARO is as follows (in thousands):


	Three Months Ended March 31,
	2022
Asset retirement obligations, beginning of period	$	424,495
Liabilities settled		(5,492)
Accretion of discount		6,236
Liabilities incurred and assumed through acquisition		26,493
Revisions of estimated liabilities ⁽¹⁾		23,224
Asset retirement obligations, end of period		474,956
Less current portion		(67,274)
Long-term	$	407,682

(1)

^{Revisions in 2022 were primarily due to moving additional projects to current term and increases in current pricing.}