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Asset Retirement Obligations | 9 Months Ended
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Sep. 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.
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Asset retirement obligations as of beginning of period |  | $ | 665 |  |  | $ | 529 |
Assumed Grayson Mill obligations |  |  | 75 |  |  |  | — |
Liabilities incurred |  |  | 21 |  |  |  | 104 |
Liabilities settled and divested |  |  | (25 | ) |  |  | (24 | )
Revision of estimated obligation |  |  | 35 |  |  |  | 27 |
Accretion expense on discounted obligation |  |  | 28 |  |  |  | 21 |
Asset retirement obligations as of end of period |  |  | 799 |  |  |  | 657 |
Less current portion |  |  | 34 |  |  |  | 16 |
Asset retirement obligations, long-term |  | $ | 765 |  |  | $ | 641 |
During the first nine 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 nine months of 2023, Devon increased its asset retirement obligations by approximately $27 million primarily due to inflation-driven increases in cost estimates. Devon's asset retirement obligations recorded during the first nine months of 2023 included 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.

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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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