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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 2,662 $ 1,595 $ 1,468
Adjustments to reconcile net income (loss) to cash flows from operating activities:      
Impairments and other charges 0 366 12
Depreciation, depletion and amortization 998 940 904
Deferred Income Taxes and Tax Credits 196 70 (486)
Changes in assets and liabilities:      
Receivables (257) (1,151) (500)
Accounts payable 49 852 795
Inventories (303) (642) (10)
Other operating activities 113 212 (272)
Total cash flows provided by operating activities 3,458 2,242 1,911
Cash flows from investing activities:      
Capital expenditures (1,379) (1,011) (799)
Proceeds from sales of property, plant and equipment 195 200 257
Other investing activities (114) (81) (74)
Total cash flows used in investing activities (1,659) (967) (534)
Cash flows from financing activities:      
Dividends to shareholders (576) (435) (161)
Proceeds from issuance of common stock 136 229 79
Stock repurchase program (800) (250) 0
Payments on long-term borrowings (305) (1,242) (700)
Other financing activities (126) (100) (56)
Total cash flows used in financing activities (1,671) (1,798) (838)
Cash and equivalents at beginning of year 2,346    
Cash and equivalents at end of year 2,264 2,346  
Cash payments (receipts) during the period for:      
Interest 460 487 517
Income taxes 616 354 214
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (82) (698) 481
Cash and equivalents 2,264 2,346 3,044
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations (210) (175) (58)
Payments to Acquire Marketable Securities (492) (75) (5)
Proceeds from Sale and Maturity of Marketable Securities 131 0 0
Structured Real Estate Transaction      
Cash flows from investing activities:      
Proceeds from Sale of Real Estate Held-for-investment $ 0 $ 0 $ 87