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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligations [Abstract]  
Asset Retirement Obligations

 

14.Asset Retirement Obligations

 

The schedule below summarizes changes in asset retirement obligations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2014

 

2013

 

 

 

 

 

 

 

 

 

(In millions)

Asset retirement obligations as of beginning of period

 

$
2,228 

 

$
2,095 

Liabilities incurred

 

 
97 

 

 
112 

Liabilities settled

 

 
(56)

 

 
(83)

Revision of estimated obligation

 

 
70 

 

 
104 

Liabilities assumed by others

 

 
(953)

 

 
(28)

Accretion expense on discounted obligation

 

 
89 

 

 
115 

Foreign currency translation adjustment

 

 
(76)

 

 
(87)

Asset retirement obligations as of end of period

 

 
1,399 

 

 
2,228 

Less current portion

 

 
60 

 

 
88 

Asset retirement obligations, long-term

 

$
1,339 

 

$
2,140 

During 2014, Devon reduced its asset retirement obligation by $953 million for those obligations that were assumed by purchasers of Devon’s Canadian and U.S. divested oil and gas properties.