Asset Retirement Obligations

9 Months Ended

Sep. 30, 2016

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

15. Asset Retirement Obligations

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

	Nine Months Ended September 30,
	2016			2015
	(Millions)
Asset retirement obligations as of beginning of period	$	1,414		$	1,399
Liabilities incurred and assumed through acquisitions		18			46
Liabilities settled and divested		(310	)		(48	)
Revision of estimated obligation		70			62
Accretion expense on discounted obligation		58			56
Foreign currency translation adjustment		26			(80	)
Asset retirement obligations as of end of period		1,276			1,435
Less current portion		46			58
Asset retirement obligations, long-term	$	1,230		$	1,377

During the first nine months of 2016, Devon reduced its asset retirement obligation by $285 million for those obligations that were assumed by the purchasers of certain upstream U.S. assets.