Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

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.