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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2024
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, |
|  | 2024 |  |  | 2023 |
Asset retirement obligations as of beginning of period |  | $ | 665 |  |  | $ | 529 |
Assumed Grayson Mill obligations |  |  | 75 |  |  |  | — |
Liabilities incurred |  |  | 30 |  |  |  | 110 |
Liabilities settled and divested |  |  | (37 | ) |  |  | (30 | )
Revision of estimated obligation |  |  | 35 |  |  |  | 27 |
Accretion expense on discounted obligation |  |  | 39 |  |  |  | 29 |
Asset retirement obligations as of end of period |  |  | 807 |  |  |  | 665 |
Less current portion |  |  | 37 |  |  |  | 22 |
Asset retirement obligations, long-term |  | $ | 770 |  |  | $ | 643 |
Devon increased its asset retirement obligations during 2024 by approximately $35 million primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets. During 2023, Devon recorded 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. During this same time period, Devon also 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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