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Asset Retirement Obligations
 12 Months Ended
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.