Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
Note 5—Asset Retirement Obligations
The following table summarizes the changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the periods presented:
(in thousands)
December 31, 2019
 
December 31, 2018
Asset retirement obligations, beginning of period
$
13,895

 
$
12,161

Liabilities incurred
1,393

 
1,535

Liabilities acquired
1,167

 
165

Liabilities divested and settled
(1,361
)
 
(673
)
Accretion expense
912

 
791

Revisions to estimated cash flows
868

 
(84
)
Asset retirement obligations, end of period
$
16,874

 
$
13,895


ARO reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and natural gas wells, removal of equipment and facilities from leased acreage and land restoration in accordance with applicable local, state and federal laws. Inherent in the fair value calculation of ARO are numerous assumptions and judgments including the ultimate plug and abandonment settlement amounts, inflation factors, credit adjusted discount rates and timing of settlement. To the extent future revisions to these assumptions impact the value of the existing ARO liability, a corresponding offsetting adjustment is made to the oil and natural gas property balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense.