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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations |
1 6. | Asset Retirement Obligations
The following table presents the changes in asset retirement obligations.
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Asset retirement obligations as of beginning of period |  | $ | 398 |  |  | $ | 484 |
Liabilities incurred |  |  | 18 |  |  |  | 20 |
Liabilities settled and divested |  |  | (29 | ) |  |  | (66 | )
Liabilities reclassified as held for sale |  |  | (42 | ) |  |  | — |
Revision of estimated obligation |  |  | 4 |  |  |  | (61 | )
Accretion expense on discounted obligation |  |  | 20 |  |  |  | 21 |
Asset retirement obligations as of end of period |  |  | 369 |  |  |  | 398 |
Less current portion |  |  | 11 |  |  |  | 18 |
Asset retirement obligations, long-term |  | $ | 358 |  |  | $ | 380 |
During 2019, Devon reduced its asset retirement obligations by $61 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets. During 2019, Devon also reduced its asset retirement obligations by $42 million as a result of Devon’s 2019 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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