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Asset Retirement Obligations | 9 Months Ended
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Sep. 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.
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
Asset retirement obligations as of beginning of period |  | $ | 398 |  |  | $ | 484 |
Liabilities incurred |  |  | 15 |  |  |  | 14 |
Liabilities settled and divested |  |  | (24 | ) |  |  | (50 | )
Revision of estimated obligation |  |  | 4 |  |  |  | (62 | )
Accretion expense on discounted obligation |  |  | 15 |  |  |  | 16 |
Asset retirement obligations as of end of period |  |  | 408 |  |  |  | 402 |
Less current portion |  |  | 10 |  |  |  | 17 |
Asset retirement obligations, long-term |  | $ | 398 |  |  | $ | 385 |
During the first nine 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 nine months of 2019, Devon reduced its asset retirement obligations by $34 million as a result of the non-core asset divestitures. For additional information, see 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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