Asset Retirement Obligations

6 Months Ended

Jun. 30, 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.

	Six Months Ended June 30,
	2022			2021
Asset retirement obligations as of beginning of period	$	485		$	369
Assumed WPX obligations		—			98
Liabilities incurred		15			20
Liabilities settled and divested		(9	)		(47	)
Revision of estimated obligation		(35	)		11
Accretion expense on discounted obligation		13			14
Asset retirement obligations as of end of period		469			465
Less current portion		17			15
Asset retirement obligations, long-term	$	452		$	450

During the first six months 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.