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Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2015
Asset Retirement Obligations [Abstract]  
Asset Retirement Obligations

13.    Asset Retirement Obligations

 

The schedule below summarizes changes in Devon’s asset retirement obligations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

(Millions)

Asset retirement obligations as of beginning of period

 

$
1,399 

 

$
2,228 

Liabilities incurred

 

 
23 

 

 
45 

Liabilities settled

 

 
(13)

 

 
(14)

Revision of estimated obligation

 

 
62 

 

 
69 

Liabilities assumed by others

 

 
(12)

 

 
(9)

Accretion expense on discounted obligation

 

 
19 

 

 
29 

Foreign currency translation adjustment

 

 
(53)

 

 
(51)

Asset retirement obligations as of end of period

 

 
1,425 

 

 
2,297 

Less current portion

 

 
52 

 

 
79 

Asset retirement obligations, long-term

 

$
1,373 

 

$
2,218 

 

    The change in the asset retirement obligation from March 31, 2014 to March 31, 2015 is primarily the result of Devon’s Canadian and U.S. divestitures during 2014.