Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

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Asset Retirement Obligations
 9 Months Ended
Sep. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

3.  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, 2013

$

354,422

 

Liabilities settled

 

(42,011

)

Accretion of discount

 

15,312

 

Liabilities assumed through acquisition (1)

 

21,820

 

Liabilities incurred

 

943

 

Revisions of estimated liabilities (2)

 

53,516

 

Balance, September 30, 2014

 

404,002

 

Less current portion

 

115,722

 

Long-term

$

288,280

 

 

 

 

(1)  Primarily attributable to the Woodside Properties acquisition and increased interest in Fairway.

(2) Revisions were primarily attributable to increases at various non-operated properties, revised regulations from the Bureau of Safety and Environmental Enforcement (“BSEE”) and better defined scope of work on certain wells and platforms.