Asset Retirement Obligations

6 Months Ended

Jun. 30, 2018

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

16. Asset Retirement Obligations

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

	Six Months Ended June 30,
	2018			2017
Asset retirement obligations as of beginning of period	$	1,138		$	1,258
Liabilities incurred and assumed through acquisitions		22			15
Liabilities settled and divested		(64	)		(26	)
Revision of estimated obligation		23			(184	)
Accretion expense on discounted obligation		30			31
Foreign currency translation adjustment		(22	)		14
Asset retirement obligations as of end of period		1,127			1,108
Less current portion		39			44
Asset retirement obligations, long-term	$	1,088		$	1,064

During the second quarter of 2018, Devon reduced its asset retirement obligation by $34 million for those obligations that were assumed by purchasers of certain Barnett Shale assets. For additional information, see Note 3.

During the first quarter of 2017, Devon reduced its estimated asset retirement obligations by $184 million, primarily due to changes in the assumed inflation rate and retirement dates for its oil and gas assets.