Asset Retirement Obligations

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

13.Asset Retirement Obligations

The following table presents the changes in Devon’s asset retirement obligations.

	Six Months Ended June 30,
	2024			2023
Asset retirement obligations as of beginning of period	$	665		$	529
Liabilities incurred		15			14
Liabilities settled and divested		(16	)		(18	)
Revision of estimated obligation		35			27
Accretion expense on discounted obligation		18			14
Asset retirement obligations as of end of period		717			566
Less current portion		26			18
Asset retirement obligations, long-term	$	691		$	548

During the first six months of 2024, Devon increased its asset retirement obligations by approximately $35 million primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets. During the first six months of 2023, Devon increased its asset retirement obligations by approximately $27 million primarily due to inflation-driven increases in cost estimates.