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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 417 $ 1,304
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 520 423
Exploratory dry well costs and unproved property impairments 14 8
Net gain on disposal of assets (5) 0
Deferred income taxes 85 (548)
Unrealized (gain) loss on derivative instruments, net (2) 114
Pension and other post retirement benefits, net (7) (9)
Stock-based compensation 10 9
Equity method investments, net (80) (79)
Changes in:    
Current receivables (86) (307)
Inventories (12) (2)
Current accounts payable and accrued liabilities 30 101
Other current assets and liabilities (9) (5)
All other operating, net (10) 58
Net cash provided by operating activities 865 1,067
Investing activities:    
Additions to property, plant and equipment (532) (332)
Acquisitions, net of cash acquired 11 0
Disposal of assets, net of cash transferred to the buyer (1) 2
Equity method investments - return of capital 0 7
Net cash used in investing activities (522) (323)
Financing activities:    
Proceeds from revolving credit facility 175 0
Repayments of revolving credit facility (175) 0
Debt repayment (70) 0
Shares repurchased under buyback programs (334) (592)
Dividends paid (63) (52)
Purchases of shares for tax withholding obligations (30) (21)
All other financing, net (2) 22
Net cash used in financing activities (499) (643)
Net increase (decrease) in cash and cash equivalents (156) 101
Cash and cash equivalents at beginning of period 334 580
Cash and cash equivalents at end of period $ 178 $ 681