Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

16.Asset Retirement Obligations

The following table presents the changes in asset retirement obligations.

	Year Ended December 31,
	2022			2021
Asset retirement obligations as of beginning of period	$	485		$	369
Liabilities incurred and assumed through acquisitions		73			134
Liabilities settled and divested		(19	)		(57	)
Revision of estimated obligation		(35	)		11
Accretion expense on discounted obligation		25			28
Asset retirement obligations as of end of period		529			485
Less current portion		18			17
Asset retirement obligations, long-term	$	511		$	468

During 2022, Devon increased its asset retirement obligations by approximately $38 million due to asset acquisitions in the Eagle Ford and Williston Basin. During this same time period, 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. During 2021, Devon assumed $98 million of WPX asset retirement obligations.