Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

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Asset Retirement Obligations
9 Months Ended
Sep. 30, 2011
Asset Retirement Obligations [Abstract]  
Asset Retirement Obligations

4. Asset Retirement Obligations

Our asset retirement obligations primarily represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. A summary of the changes to our asset retirement obligations is as follows (in thousands):

 

Balance, December 31, 2010

   $   391,316   

Liabilities settled

     (51,349

Accretion of discount

     23,243   

Liabilities assumed through acquisition

     8,194   

Liabilities incurred

     451   

Revisions of estimated liabilities due to Hurricane Ike

     4,763   

Revisions of estimated liabilities – all other

     17,513   
  

 

 

 

Balance, September 30, 2011

     394,131   

Less current portion

     128,584   
  

 

 

 

Long-term

   $ 265,547