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Asset Retirement Obligations | 9 Months Ended
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Sep. 30, 2014
Asset Retirement Obligations [Abstract] |
Asset Retirement Obligations | 14. Asset Retirement Obligations The schedule below summarizes changes in Devon’s asset retirement obligations.
| Nine Months Ended September 30, |
| 2014 |  | 2013 |
|  | (In millions) |
Asset retirement obligations as of beginning of period | $ | 2,228 |  | $ | 2,095 |
Liabilities incurred |  | 79 |  |  | 88 |
Liabilities settled |  | (38) |  |  | (46) |
Revision of estimated obligation |  | 75 |  |  | 104 |
Liabilities assumed by others |  | (949) |  |  | (15) |
Accretion expense on discounted obligation |  | 70 |  |  | 86 |
Foreign currency translation adjustment |  | (55) |  |  | (44) |
Asset retirement obligations as of end of period |  | 1,410 |  |  | 2,268 |
Less current portion |  | 62 |  |  | 107 |
Asset retirement obligations, long-term | $ | 1,348 |  | $ | 2,161 |
During the first nine months of 2014, Devon reduced its asset retirement obligations $94 9 million for those obligations that were assumed by the purchasers of Devon’s Canadian and U.S. non-core 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 Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 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 + Details
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