Asset Retirement Obligations

3 Months Ended

Mar. 31, 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.

	Three Months Ended March 31,
	2024			2023
Asset retirement obligations as of beginning of period	$	665		$	529
Liabilities incurred		8			6
Liabilities settled and divested		(8	)		(6	)
Revision of estimated obligation		35			27
Accretion expense on discounted obligation		9			7
Asset retirement obligations as of end of period		709			563
Less current portion		26			17
Asset retirement obligations, long-term	$	683		$	546

During the first quarter 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 quarter of 2023, Devon increased its asset retirement obligations by approximately $27 million primarily due to inflation-driven increases in current cost estimates.