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Asset Retirement Obligations | 9 Months Ended
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Sep. 30, 2021
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, |
|  | 2021 |  |  | 2020 |
Asset retirement obligations as of beginning of period |  | $ | 369 |  |  | $ | 398 |
Assumed WPX obligations |  |  | 98 |  |  |  | — |
Liabilities incurred |  |  | 28 |  |  |  | 15 |
Liabilities settled and divested |  |  | (52 | ) |  |  | (24 | )
Revision of estimated obligation |  |  | 11 |  |  |  | 4 |
Accretion expense on discounted obligation |  |  | 21 |  |  |  | 15 |
Asset retirement obligations as of end of period |  |  | 475 |  |  |  | 408 |
Less current portion |  |  | 13 |  |  |  | 10 |
Asset retirement obligations, long-term |  | $ | 462 |  |  | $ | 398 |

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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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