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STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income including noncontrolling interests $ 963,000,000 $ 757,000,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on divestitures, net (283,000,000) (6,000,000)
Exploratory dry hole expense and unproved leasehold impairments 50,000,000 61,000,000
Depreciation, depletion, and amortization 767,000,000 647,000,000
Asset retirement obligation accretion 74,000,000 57,000,000
Impairments 0 46,000,000
Provision for deferred income taxes 11,000,000 105,000,000
Gain on extinguishment of debt 0 (9,000,000)
Loss on previously sold Gulf of Mexico properties 83,000,000 0
Other, net (70,000,000) (113,000,000)
Changes in operating assets and liabilities:    
Receivables (124,000,000) 92,000,000
Inventories (11,000,000) (45,000,000)
Drilling advances and other current assets (26,000,000) (106,000,000)
Deferred charges and other long-term assets 128,000,000 159,000,000
Accounts payable (37,000,000) (84,000,000)
Accounts receivable from/payable to APA Corporation (16,000,000) 126,000,000
Accrued expenses (218,000,000) (161,000,000)
Deferred credits and noncurrent liabilities (231,000,000) (221,000,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,060,000,000 1,305,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to upstream oil and gas property (842,000,000) (962,000,000)
Leasehold and property acquisitions (1,000,000) (10,000,000)
Notes receivable from APA Corporation (831,000,000) (144,000,000)
Proceeds from asset divestitures 725,000,000 28,000,000
Proceeds from sale of Kinetik Shares 428,000,000 0
Other, net (22,000,000) (13,000,000)
NET CASH USED IN INVESTING ACTIVITIES (543,000,000) (1,101,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on fixed-rate debt 0 (65,000,000)
Distributions to noncontrolling interest – Sinopec (123,000,000) (100,000,000)
Distributions to APA Corporation (325,000,000) (100,000,000)
Other, net (2,000,000) 4,000,000
NET CASH USED IN FINANCING ACTIVITIES (450,000,000) (261,000,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 67,000,000 (57,000,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 84,000,000 185,000,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 151,000,000 128,000,000
SUPPLEMENTARY CASH FLOW DATA:    
Interest paid, net of capitalized interest 143,000,000 151,000,000
Income taxes paid, net of refunds $ 564,000,000 $ 476,000,000