The following table describes the changes to the Company’s asset retirement obligations liability for the following periods:


	Six Months Ended June 30,
	2026		2025
	(In millions)
Asset retirement obligations, beginning of period	$	542	$	592
Additional liabilities incurred	8		28
Liabilities acquired	1		12
Liabilities settled and divested	(20)		(31)
Accretion expense	15		17
Revisions in estimated liabilities	1		20
Asset retirement obligations, end of period	547		638
Less current portion(1)	39		22
Asset retirement obligations - long-term(2)	$	508	$	616

(1) The current portion of the asset retirement obligation is included in the caption “Other accrued liabilities” in the Company’s condensed consolidated balance sheets.

(2) The long-term portion of the asset retirement obligation is included in the caption “Other long-term liabilities” in the Company’s condensed consolidated balance sheets.

The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. The Company estimates the future plugging and abandonment costs of wells, the ultimate productive life of the properties, a risk-adjusted discount rate and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligation liability, a corresponding adjustment is made to the oil and natural gas property balance.