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Asset Retirement Obligations

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

15.Asset Retirement 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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- 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://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

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