Asset Retirement Obligations

3 Months Ended

Mar. 31, 2022

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,
	2022			2021
Asset retirement obligations as of beginning of period	$	485		$	369
Assumed WPX obligations		—			98
Liabilities incurred		8			9
Liabilities settled and divested		(3	)		(17	)
Revision of estimated obligation		(35	)		11
Accretion expense on discounted obligation		7			7
Asset retirement obligations as of end of period		462			477
Less current portion		19			22
Asset retirement obligations, long-term	$	443		$	455

During the first quarter of 2022, Devon reduced its asset retirement obligations by $35 million primarily due to extended retirement dates for oil and gas assets, partially offset by inflation-driven increases to current settlement costs.