HESS CORP | 2013 | FY | 3


11. Asset Retirement Obligations

The following table describes changes to the Corporation’s asset retirement obligations:

 

     2013     2012  
     (In millions)  

Asset retirement obligations at January 1

   $ 2,661     $ 2,071  

Liabilities incurred

     42       186  

Liabilities settled or disposed of

     (576     (324

Accretion expense

     129       135  

Revisions of estimated liabilities

     573       529  

Foreign currency translation

     (57     64  
  

 

 

   

 

 

 

Asset retirement obligations at December 31

     2,772       2,661  

Less: Current obligations

     523       449  
  

 

 

   

 

 

 

Long-term obligations at December 31

   $ 2,249     $ 2,212  
  

 

 

   

 

 

 

 

The revisions in 2013 and 2012 reflect overall increases in estimated abandonment obligations resulting from changes in the expected scope of operations, increases in the time expected to complete dismantlement activities and updates to service rates.


us-gaap:AssetRetirementObligationDisclosureTextBlock