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Asset Retirement Obligations
 6 Months Ended
Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

15.

Asset Retirement Obligations

 

The following table presents the changes in Devon’s asset retirement obligations.

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Asset retirement obligations as of beginning of period

 

$

623

 

 

$

704

 

Liabilities incurred

 

 

8

 

 

 

17

 

Liabilities settled and divested

 

 

(40

)

 

 

(58

)

Revision of estimated obligation

 

 

(63

)

 

 

—

 

Accretion expense on discounted obligation

 

 

15

 

 

 

18

 

Asset retirement obligations as of end of period

 

 

543

 

 

 

681

 

Less current portion

 

 

15

 

 

 

18

 

Asset retirement obligations, long-term

 

$

528

 

 

$

663

 

 

During the first six months of 2019, Devon reduced its asset retirement obligations by $63 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets.

 

During the second quarter of 2018, Devon reduced its asset retirement obligations by $34 million for those obligations that were assumed by purchasers of certain Barnett Shale assets. For additional information, see Note 2.