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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES:    
Net income (loss) $ 662 $ 957
Adjustments to reconcile to net cash provided (used) by operating activities:    
Depreciation and amortization 548 506
Provision (benefit) for deferred income taxes 152 283
Equity (earnings) losses (137) (147)
Distributions from equity-method investees 188 208
Net unrealized (gain) loss from commodity derivative instruments 92 (327)
Inventory write-downs 4 18
Amortization of stock-based awards 24 17
Cash provided (used) by changes in current assets and liabilities:    
Accounts receivable 314 1,269
Inventories 34 27
Other current assets and deferred charges 9 (4)
Accounts payable (309) (1,017)
Accrued and other current liabilities (218) (318)
Changes in current and noncurrent commodity derivative assets and liabilities (68) 82
Other, including changes in noncurrent assets and liabilities (61) (40)
Net cash provided (used) by operating activities 1,234 1,514
FINANCING ACTIVITIES:    
Proceeds from (payments of) commercial paper – net (723) (352)
Proceeds from long-term debt 2,099 1,502
Payments of long-term debt (1,012) (7)
Payments for debt issuance costs (16) (8)
Proceeds from issuance of common stock 5 3
Purchases of treasury stock 0 (74)
Common dividends paid (579) (546)
Dividends and distributions paid to noncontrolling interests (64) (54)
Contributions from noncontrolling interests 26 3
Other – net (17) (17)
Net cash provided (used) by financing activities (281) 450
INVESTING ACTIVITIES:    
Capital expenditures (1) (544) (545)
Dispositions - net 5 (7)
Purchases of businesses, net of cash acquired (Note 3) (1,851) (1,056)
Purchases of and contributions to equity-method investments (52) (39)
Other – net 6 8
Net cash provided (used) by investing activities (2,436) (1,639)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (1,483) 325
Cash and cash equivalents at beginning of year 2,150 152
Cash and cash equivalents at end of period 667 477
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]    
(1)  Increases to property, plant, and equipment (509) (484)
Changes in related accounts payable and accrued liabilities (35) (61)
Capital expenditures $ (544) $ (545)