Asset Retirement Obligations

3 Months Ended

Mar. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

15. Asset Retirement Obligations

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

	Three Months Ended March 31,
	2020			2019
Asset retirement obligations as of beginning of period	$	398		$	484
Liabilities incurred		6			4
Liabilities settled and divested		(13	)		(33	)
Revision of estimated obligation		4			(62	)
Accretion expense on discounted obligation		5			6
Asset retirement obligations as of end of period		400			399
Less current portion		14			15
Asset retirement obligations, long-term	$	386		$	384

During the first three months of 2019, Devon reduced its asset retirement obligations by $62 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets. Additionally, during the first three months of 2019, Devon reduced its asset retirement obligations by $29 million as a result of the non-core asset divestitures. For additional information, see Note 2.