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Asset Retirement Obligations

9 Months Ended

Sep. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

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.