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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (150) $ 181
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depletion, depreciation and amortization 850 833
Impairment of inventory and other property and equipment 1 31
Exploration expenses, including dry holes 3 4
Deferred income taxes (11) 56
(Gain) loss on disposition of assets, net (6) 498
Loss on early extinguishment of debt 27 0
Accretion of discount on asset retirement obligations 5 5
Interest expense 18 3
Derivative-related activity 52 (20)
Amortization of stock-based compensation 33 62
Investment in affiliate valuation adjustment (101) 171
South Texas contingent consideration valuation adjustment 64 13
South Texas deficiency fee obligation 69 0
Other 64 76
Change in operating assets and liabilities:    
Accounts receivable 468 17
Inventories 34 (58)
Other assets 26 (16)
Accounts payable (313) (69)
Interest payable (27) 0
Other liabilities (154) (52)
Net cash provided by operating activities 1,154 1,393
Cash flows from investing activities:    
Proceeds from disposition of assets 7 57
Proceeds from investments 0 568
Purchase of investments (1) 0
Additions to oil and gas properties (1,034) (1,510)
Additions to other assets and other property and equipment (78) (135)
Net cash used in investing activities (1,106) (1,020)
Cash flows from financing activities:    
Proceeds from issuance of convertible senior notes 1,323 0
Purchase of derivatives related to issuance of convertible senior notes (113) 0
Borrowing under credit facility 800 0
Repayment of credit facility (800) 0
Repayment of senior notes, including tender offer premiums (1,198) 0
Payments of other liabilities (154) (2)
Payments of financing fees, net (26) 0
Purchases of treasury stock (172) (424)
Dividends paid (164) (54)
Net cash used in financing activities (504) (480)
Net decrease in cash, cash equivalents and restricted cash (456) (107)
Cash, cash equivalents and restricted cash, beginning of period 705 825
Cash, cash equivalents and restricted cash, end of period $ 249 $ 718