A reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligation for 2013 and 2012 is shown in the following table.
|
(Thousands of dollars) |
2013 | 2012 | ||||||
|
Balance at beginning of year |
$ | 751,583 | 615,545 | |||||
|
Accretion expense |
48,996 | 39,341 | 1 | |||||
|
Liabilities incurred |
172,048 | 184,439 | ||||||
|
Revision of previous estimates |
(4,856 | ) | 10,468 | |||||
|
Liabilities settled |
(51,647 | ) | (40,434 | ) | ||||
|
Liabilities assumed by Murphy USA Inc. upon separation |
(15,401 | ) | 0 | |||||
|
U.K. oil and gas asset obligations reclassified to liabilities associated with assets held for sale in 2012 |
0 | (64,355 | ) | |||||
|
Changes due to translation of foreign currencies |
(20,720 | ) | 6,579 | |||||
|
|
|
|
|
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|
Balance at end of year |
880,003 | 751,583 | ||||||
|
Current portion of liability at end of year2 |
(27,515 | ) | (27,310 | ) | ||||
|
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|
|
|
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|
Noncurrent portion of liability at end of year |
$ | 852,488 | 724,273 | |||||
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| 1 |
Includes $980 reclassified to discontinued operations associated with U.S. downstream operations. |
| 2 |
Included in Other Accrued Liabilities on the Consolidated Balance Sheet. |