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Asset Retirement Obligations

3 Months Ended

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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- References

No definition available.

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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

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