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Asset Retirement Obligations
 6 Months Ended
Jun. 30, 2020
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,

 

 

 

2020

 

 

2019

 

Asset retirement obligations as of beginning of period

 

$

398

 

 

$

484

 

Liabilities incurred

 

 

11

 

 

 

8

 

Liabilities settled and divested

 

 

(21

)

 

 

(39

)

Revision of estimated obligation

 

 

4

 

 

 

(62

)

Accretion expense on discounted obligation

 

 

10

 

 

 

11

 

Asset retirement obligations as of end of period

 

 

402

 

 

 

402

 

Less current portion

 

 

11

 

 

 

15

 

Asset retirement obligations, long-term

 

$

391

 

 

$

387

 

 

During the first six months of 2019, Devon reduced its asset retirement obligations by $62 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets. Additionally, during the first six months of 2019, Devon reduced its asset retirement obligations by $29 million as a result of the non-core asset divestitures. For additional information, see Note 2.