Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

v2.4.0.6
Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2013
Asset Retirement Obligations

4. Asset Retirement Obligations

Our ARO primarily represents 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 ARO is as follows (in thousands):

 

Balance, December 31, 2012

    $ 384,053   

Liabilities settled

      (23,464 ) 

Accretion of discount

      5,515   

Liabilities incurred

      131   

Revisions of estimated liabilities due to Hurricane Ike

      3,951   

Revisions of estimated liabilities – all other (1)

      8,039   
  

 

 

  

Balance, March 31, 2013

      378,225   

Less current portion

      69,964   
  

 

 

  

Long-term

    $ 308,261   
  

 

 

  

 

(1) Revisions are primarily due to increases in the scope of work at several offshore locations required by the Bureau of Safety and Environmental Enforcement.