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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net income $ 3,606 $ 3,804 $ 1,213
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred financing costs and debt discount 70 64 61
Impairment expense 0 0 130
Depreciation and amortization 2,490 2,114 2,001
Inventory market valuation adjustment 0 0 (370)
Pension and other postretirement benefits, net 90 47 9
Deferred income taxes 47 (1,233) 394
Net gain on disposal of assets (23) (10) (32)
(Income) loss from equity method investments (373) (306) 185
Distributions from equity method investments 519 391 317
Changes in the fair value of derivative instruments (62) 116 (41)
Changes in operating assets and liabilities, net of effects of businesses acquired:      
Current receivables 1,589 (1,093) (674)
Inventories 931 106 (70)
Current accounts payable and accrued liabilities (2,798) 2,814 985
All other, net 72 (202) (91)
Net cash provided by operating activities 6,158 6,612 4,017
Investing activities:      
Additions to property, plant and equipment (3,578) (2,732) (2,892)
Acquisitions, net of cash acquired (3,822) (249) 0
Disposal of assets 54 79 101
Investments – acquisitions, loans and contributions (409) (805) (288)
Investments—redemptions, repayments and return of capital 16 62 0
All other, net 69 247 112
Net cash used in investing activities (7,670) (3,398) (2,967)
Financing activities:      
Commercial paper – issued 0 300 1,263
Commercial paper - repayments 0 (300) (1,263)
Long-term debt – borrowings 13,476 2,911 864
Long-term debt – repayments (8,032) (642) (2,269)
Debt issuance costs (86) (33) (11)
Issuance of common stock 24 46 11
Common stock repurchased (3,287) (2,372) (197)
Dividends paid (954) (773) (719)
Issuance of MPLX LP common units 0 473 776
Issuance of MPLX LP redeemable preferred units 0 0 984
Distributions to noncontrolling interests (903) (694) (542)
Contributions from noncontrolling interests 12 129 6
Contingent consideration payment 0 (89) (164)
All other, net (28) (47) (33)
Net cash provided by (used in) financing activities 222 (1,091) (1,294)
Net increase (decrease) in cash, cash equivalents and restricted cash (1,290) 2,123 (244)
Cash, cash equivalents and restricted cash at beginning of period 3,015 [1] 892 1,136
Cash, cash equivalents and restricted cash at end of period $ 1,725 [1] $ 3,015 [1] $ 892
[1] As a result of the adoption of ASU 2016-18, the consolidated statements of cash flows now explain the change during the period of both cash and cash equivalents and restricted cash.