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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES:      
Net income (loss) $ 3,303 $ 2,117 $ 1,562
Adjustments to reconcile to net cash provided (used) by operating activities:      
Depreciation and amortization 2,071 2,009 1,842
Provision (benefit) for deferred income taxes 951 431 509
Equity (earnings) losses (589) (637) (608)
Distributions from equity-method investees (Note 8) 796 865 757
Net unrealized (gain) loss from commodity derivative instruments (660) 249 109
Gain on sale of business (Note 3) (129) 0 0
Inventory write-downs 30 161 15
Amortization of stock-based awards 77 73 81
Cash provided (used) by changes in current assets and liabilities:      
Accounts receivable 1,089 (733) (545)
Inventories 13 (110) (139)
Other current assets and deferred charges 60 (33) (63)
Accounts payable (1,009) 410 643
Accrued and other current liabilities (19) 209 58
Changes in current and noncurrent commodity derivative assets and liabilities 200 94 (277)
Other, including changes in noncurrent assets and liabilities (246) (216) 1
Net cash provided (used) by operating activities 5,938 4,889 3,945
FINANCING ACTIVITIES:      
Proceeds from (payments of) commercial paper – net 372 345 0
Proceeds from long-term debt 2,755 1,755 2,155
Payments of long-term debt (634) (2,876) (894)
Proceeds from issuance of common stock 6 54 9
Purchases of treasury stock (130) (9) 0
Common dividends paid (2,179) (2,071) (1,992)
Dividends and distributions paid to noncontrolling interests (213) (204) (187)
Contributions from noncontrolling Interests 18 18 9
Payments for debt issuance costs (23) (17) (26)
Other – net (21) (37) (16)
Net cash provided (used) by financing activities (49) (3,042) (942)
INVESTING ACTIVITIES:      
Capital expenditures (1) (2,516) (2,253) (1,239)
Dispositions - net (51) (30) (8)
Proceeds from sale of business (Note 3) 346 0 0
Purchases of businesses, net of cash acquired (Note 3) (1,568) (933) (151)
Purchases of and contributions to equity-method investments (Note 8) (141) (166) (115)
Other – net 39 7 48
Net cash provided (used) by investing activities (3,891) (3,375) (1,465)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total 1,998 (1,528) 1,538
Cash and cash equivalents at beginning of year 152 1,680 142
Cash and cash equivalents at end of year 2,150 152 1,680
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]      
(1)  Increases to property, plant, and equipment (2,564) (2,394) (1,305)
Changes in related accounts payable and accrued liabilities 48 141 66
Capital expenditures $ (2,516) $ (2,253) $ (1,239)