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Asset Retirement Obligations | 6 Months Ended
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Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | 13. Asset Retir ement Obligations The following table presents the changes in Devon’s asset retirement obligations.
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Asset retirement obligations as of beginning of period |  | $ | 665 |  |  | $ | 529 |
Liabilities incurred |  |  | 15 |  |  |  | 14 |
Liabilities settled and divested |  |  | (16 | ) |  |  | (18 | )
Revision of estimated obligation |  |  | 35 |  |  |  | 27 |
Accretion expense on discounted obligation |  |  | 18 |  |  |  | 14 |
Asset retirement obligations as of end of period |  |  | 717 |  |  |  | 566 |
Less current portion |  |  | 26 |  |  |  | 18 |
Asset retirement obligations, long-term |  | $ | 691 |  |  | $ | 548 |
During the first six months of 2024, Devon increased its asset retirement obligations by approximately $35 million primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets. During the first six months of 2023, Devon increased its asset retirement obligations by approximately $27 million primarily due to inflation-driven increases in cost estimates.

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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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