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Asset Retirement Obligations | 9 Months Ended
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Sep. 30, 2015
Asset Retirement Obligations [Abstract] |
Asset Retirement Obligations | 1 3. Asset Retirement Obligations The following table presents the changes in Devon’s asset retirement obligations.
|  | Nine Months Ended September 30,
|  | 2015 |  | 2014
|  | (Millions)
Asset retirement obligations as of beginning of period |  | $ | 1,399 |  | $ | 2,228
Liabilities incurred |  |  | 46 |  |  | 79
Liabilities settled and divested (1) |  |  | (48) |  |  | (987)
Revision of estimated obligation |  |  | 62 |  |  | 75
Accretion expense on discounted obligation |  |  | 56 |  |  | 70
Foreign currency translation adjustment |  |  | (80) |  |  | (55)
Asset retirement obligations as of end of period |  |  | 1,435 |  |  | 1,410
Less current portion |  |  | 58 |  |  | 62
Asset retirement obligations, long-term |  | $ | 1,377 |  | $ | 1,348
__________________________ (1) During the first nine months of 2014, Devon reduced its asset retirement obligations by $9 49 million related to its asset divestiture program discussed in Note 2.

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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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