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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2011
Asset Retirement Obligations [Abstract] |
Asset Retirement Obligations | 15. Asset Retirement Obligations The schedule below summarizes changes in Devon's asset retirement obligations.
| Year Ended December 31,
| 2011 | 2010
| (In millions)
Asset retirement obligations as of beginning of year | $ 1,497 | $ 1,513
Liabilities incurred | 53 | 55
Liabilities settled | (82) | (129)
Revision of estimated obligation | 25 | 194
Liabilities assumed by others | — | (269)
Accretion expense on discounted obligation | 92 | 92
Foreign currency translation adjustment | (22) | 41
Asset retirement obligations as of end of year | 1,563 | 1,497
Less current portion | 67 | 74
Asset retirement obligations, long-term | $ 1,496 | $ 1,423
During 2010, Devon recognized a revision to its asset retirement obligations totaling $194 million. The increase was primarily due to an overall increase in abandonment cost estimates and a decrease in the discount rate used to present value the obligations. During 2010, Devon reduced its asset retirement obligations by $269 million primarily for those obligations that were assumed by purchasers of Devon's Gulf of Mexico oil and gas properties.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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