Asset Retirement Obligations

12 Months Ended

Dec. 31, 2016

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

15. Asset Retirement Obligations

The following table presents the changes in asset retirement obligations.

	Year Ended December 31,
	2016			2015
	(Millions)
Asset retirement obligations as of beginning of period	$	1,414		$	1,399
Liabilities incurred and assumed through acquisitions		27			63
Liabilities settled and divested		(324	)		(89	)
Revision of estimated obligation		66			62
Accretion expense on discounted obligation		75			75
Foreign currency translation adjustment		14			(96	)
Asset retirement obligations as of end of period		1,272			1,414
Less current portion		46			44
Asset retirement obligations, long-term	$	1,226		$	1,370

During 2016, Devon reduced its asset retirement obligation by $287 million for those obligations that were assumed by purchasers of certain upstream U.S. assets.