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Asset Retirement Obligations | 3 Months Ended
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Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | 15. Asset Retir ement Obligations The following table presents the changes in Devon’s asset retirement obligations.
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Asset retirement obligations as of beginning of period |  | $ | 529 |  |  | $ | 485 |
Liabilities incurred |  |  | 6 |  |  |  | 8 |
Liabilities settled and divested |  |  | (6 | ) |  |  | (3 | )
Revision of estimated obligation |  |  | 27 |  |  |  | (35 | )
Accretion expense on discounted obligation |  |  | 7 |  |  |  | 7 |
Asset retirement obligations as of end of period |  |  | 563 |  |  |  | 462 |
Less current portion |  |  | 17 |  |  |  | 19 |
Asset retirement obligations, long-term |  | $ | 546 |  |  | $ | 443 |
During the first quarter of 2023, Devon increased its asset retirement obligations by approximately $27 million primarily due to inflation-driven increases in current cost estimates. During the first quarter of 2022, 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.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2175671 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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