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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Asset Retirement Obligations The following table presents the changes in asset retirement obligations.
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Asset retirement obligations as of beginning of period |  | $ | 529 |  |  | $ | 485 |
Liabilities incurred and assumed through acquisitions |  |  | 110 |  |  |  | 73 |
Liabilities settled and divested |  |  | (30 | ) |  |  | (19 | )
Revision of estimated obligation |  |  | 27 |  |  |  | (35 | )
Accretion expense on discounted obligation |  |  | 29 |  |  |  | 25 |
Asset retirement obligations as of end of period |  |  | 665 |  |  |  | 529 |
Less current portion |  |  | 22 |  |  |  | 18 |
Asset retirement obligations, long-term |  | $ | 643 |  |  | $ | 511 |
Devon's asset retirement obligations recorded during 2023 include a potential obligation to decommission two California offshore oil and gas production platforms and related facilities pursuant to an order of the Department of the Interior, Bureau of Safety and Environmental Enforcement. For additional information, see Note 18. Devon also increased its asset retirement obligations during 2023 by approximately $27 million primarily due to inflation-driven increases in current cost estimates. During 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.

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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 -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-2 + Details
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