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Asset Retirement Obligations

9 Months Ended

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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- References

No definition available.

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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

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