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Asset Retirement Obligations
 9 Months Ended
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 $949 million for those obligations that were assumed by the purchasers of Devon’s Canadian and U.S. non-core oil and gas properties.