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Asset Retirement Obligations | 3 Months Ended
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Mar. 31, 2025
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | 15. Asset Retirement Obligations The following table presents the changes in Devon’s asset retirement obligations.
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Asset retirement obligations as of beginning of period |  | $ | 807 |  |  | $ | 665 |
Liabilities incurred |  |  | 11 |  |  |  | 8 |
Liabilities settled and divested |  |  | (8 | ) |  |  | (8 | )
Revision and reclassification of estimated obligation |  |  | 55 |  |  |  | 35 |
Accretion expense on discounted obligation |  |  | 12 |  |  |  | 9 |
Asset retirement obligations as of end of period |  |  | 877 |  |  |  | 709 |
Less current portion |  |  | 42 |  |  |  | 26 |
Asset retirement obligations, long-term |  | $ | 835 |  |  | $ | 683 |
During the first quarters of 2025 and 2024, Devon increased its asset retirement obligations by approximately $55 million and $35 million, respectively, primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets.

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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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