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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions, $ in Billions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash Flows From Operating Activities      
Net income $ 2,239 $ 1,919 $ 223
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation, depletion and amortization 2,411 2,297 2,261
Deferred income taxes 717 405 2,073
Amortization of excess cost of equity investments 83 95 61
Change in fair market value of derivative contracts (22) 77 40
(Gain) loss on divestitures and impairments, net (Note 4) (942) 167 13
Earnings from equity investments (101) (617) (428)
Distributions of equity investment earnings 590 499 426
Changes in components of working capital, net of the effects of acquisitions and dispositions      
Accounts receivable, net 105 (50) (78)
Income tax receivable 0 137 7
Inventories 4 15 (90)
Other current assets 93 (16) (25)
Accounts payable (198) 21 73
Accrued interest, net of interest rate swaps (43) (22) 10
Accrued taxes (142) 241 (37)
Accrued contingencies and other current liabilities (69) 73 138
Other, net 23 (198) (66)
Net Cash Provided by Operating Activities 4,748 5,043 4,601
Cash Flows From Investing Activities      
Proceeds from the KML and U.S. Cochin Sale, net of cash disposed (Note 3) 1,527 0 0
Proceeds from the TMPL Sale, net of cash disposed and working capital adjustments (Note 3) (28)    
Proceeds from the TMPL Sale, net of cash disposed and working capital adjustments (Note 3)   2,998 0
Acquisitions of assets and investments (79) (39) (4)
Capital expenditures (2,270) (2,904) (3,188)
Sales of property, plant and equipment, investments, and other net assets, net of removal costs 110 104 118
Contributions to investments (1,299) (433) (684)
Distributions from equity investments in excess of cumulative earnings 333 237 374
Loans to related parties (31) (31) (23)
Other, net 23 0 4
Net Cash Used in Investing Activities (1,714) (68) (3,403)
Cash Flows From Financing Activities      
Issuances of debt 8,036 14,751 8,868
Payments of debt (11,224) (14,591) (11,064)
Debt issue costs (10) (42) (70)
Cash dividends - common shares (Note 11) (2,163) (1,618) (1,120)
Cash dividends - preferred shares (Note 11) 0 (156) (156)
Repurchases of common shares (2) (273) (250)
Contributions from investment partner 148 181 485
Contributions from noncontrolling interests - net proceeds from KML IPO 0 0 1,245
Contributions from noncontrolling interests - net proceeds from KML preferred share issuances (Note 11) 0 0 420
Contributions from noncontrolling interests - other 3 19 12
Distributions to investment partner (11) 0 0
Distribution to noncontrolling interests - KML distribution of the TMPL Sale proceeds (879) 0 0
Distributions to noncontrolling interests - other (55) (78) (42)
Other, net (28) (17) (9)
Net Cash Used in Financing Activities (6,185) (1,824) (1,681)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Deposits 29 (146) 22
Net (decrease) increase in Cash, Cash Equivalents and Restricted Deposits (3,122) 3,005 (461)
Cash, Cash Equivalents, and Restricted Deposits, beginning of period 3,331 326 787
Cash, Cash Equivalents, and Restricted Deposits, end of period 209 3,331 326
Cash and Cash Equivalents, beginning of period 3,280 264 684
Restricted Deposits, beginning of period 51 62 103
Cash and Cash Equivalents, end of period 185 3,280 264
Restricted Deposits, end of period 24 51 62
Noncash Investing and Financing Activities      
Marketable securities obtained as consideration for divestiture (Note 3) 892 0 0
ROU assets and operating lease obligations recognized (Note 17) 399    
Decrease in noncontrolling interests for distribution accrual 0 905 0
Supplemental Disclosures of Cash Flow Information      
Cash paid during the period for interest (net of capitalized interest) 1,860 1,879 1,854
Cash paid (refunded) during the period for income taxes, net $ 372 $ (109) $ (140)