v3.26.1
Asset Retirement Obligations
3 Months Ended
Mar. 31, 2026
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,

 

 

 

2026

 

 

2025

 

Asset retirement obligations as of beginning of period

 

$

906

 

 

$

807

 

Liabilities incurred

 

 

11

 

 

 

11

 

Liabilities settled and divested

 

 

(11

)

 

 

(8

)

Revision and reclassification of estimated obligation

 

 

107

 

 

 

55

 

Accretion expense on discounted obligation

 

 

14

 

 

 

12

 

Asset retirement obligations as of end of period

 

 

1,027

 

 

 

877

 

Less current portion

 

 

41

 

 

 

42

 

Asset retirement obligations, long-term

 

$

986

 

 

$

835

 

During the first quarters of 2026 and 2025, Devon increased its asset retirement obligations by approximately $107 million and $55 million, respectively, primarily due to changes in current cost estimates for its oil and gas assets.