CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities
Net income	$ 1,544	$ 1,419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	748	516
Equity in net earnings from investments (Note I)	(189)	(164)
Distributions received from unconsolidated affiliates	198	167
Deferred income taxes	394	385
Other, net	23	2
Changes in assets and liabilities:
Accounts receivable	(153)	384
Inventories, net of commodity imbalances	(140)	6
Accounts payable	301	(258)
Risk-management assets and liabilities	14	(93)
Other assets and liabilities, net	(311)	(338)
Cash provided by operating activities	2,429	2,026
Investing activities
Capital expenditures (less allowance for equity funds used during construction)	(1,378)	(991)
Cash paid for acquisitions, net of cash received	0	(357)
Purchases of and contributions to unconsolidated affiliates	(155)	(98)
Other, net	25	112
Cash used in investing activities	(1,508)	(1,334)
Financing activities
Dividends paid	(1,287)	(1,156)
Short-term borrowings, net	1,205	180
Repurchase of common stock	(30)	0
Delaware Basin JV Acquisition (Note B)	(536)	0
Repayment of long-term debt (Note E)	(803)	0
Other, net	(106)	(18)
Cash used in financing activities	(1,557)	(994)
Change in cash and cash equivalents	(636)	(302)
Cash and cash equivalents at beginning of period	733	338
Cash and cash equivalents at end of period	$ 97	$ 36