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Asset Retirement Obligations
 9 Months Ended
Sep. 30, 2022
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,

 

 

 

2022

 

 

2021

 

Asset retirement obligations as of beginning of period

 

$

485

 

 

$

369

 

Liabilities incurred and assumed through acquisitions

 

 

62

 

 

 

126

 

Liabilities settled and divested

 

 

(13

)

 

 

(52

)

Revision of estimated obligation

 

 

(35

)

 

 

11

 

Accretion expense on discounted obligation

 

 

18

 

 

 

21

 

Asset retirement obligations as of end of period

 

 

517

 

 

 

475

 

Less current portion

 

 

19

 

 

 

13

 

Asset retirement obligations, long-term

 

$

498

 

 

$

462

 

 

During the first nine months of 2022, Devon increased its asset retirement obligations by approximately $38 million due to asset acquisitions in the Eagle Ford and Williston Basin. During this same time period Devon reduced its asset retirement obligations by $35 million primarily due to extended retirement dates for oil and gas assets, partially offset by inflation-driven increases to current settlement costs. During the first nine months of 2021, Devon assumed $98 million of WPX asset retirement obligations.