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Consolidated Statements of Cash Flows (unaudited) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flows From Operating Activities    
Net Income $ 556 $ 308
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities    
Depreciation, Depletion and Amortization 651 456
Asset Impairments 73 139
Dry Hole Cost 118 45
Deferred Income Taxes 92 44
Dividends (Income) from Equity Method Investees, Net (7) (5)
Unrealized (Gain) Loss on Commodity Derivative Instruments (204) 160
Gain on Divestitures (9) (26) [1]
Other Adjustments for Noncash Items Included in Income 41 45
Changes in Operating Assets and Liabilities    
Increase in Accounts Receivable (58) (32)
Increase in Other Current Assets (49) (17)
Increase in Accounts Payable 84 188
Decrease in Current Income Taxes Payable (13) (62)
Increase in Other Current Liabilities 14 1
Other Operating Assets and Liabilities, Net (42) (15)
Net Cash Provided by Operating Activities 1,247 1,229
Cash Flows From Investing Activities    
Additions to Property, Plant and Equipment (1,900) (1,261)
Additions to Equity Method Investments (35) 0
Proceeds from Divestitures 10 77
Net Cash Used in Investing Activities (1,925) (1,184)
Cash Flows From Financing Activities    
Exercise of Stock Options 26 26
Excess Tax Benefits from Stock-Based Awards 13 9
Dividends Paid, Common Stock (79) (64)
Purchase of Treasury Stock (13) (16)
Proceeds from Credit Facilities 0 120
Repayment of Credit Facilities 0 (470)
Proceeds from Issuance of Senior Long-Term Debt, Net 0 836
Settlement of Interest Rate Derivative Instrument 0 (40)
Repayment of Capital Lease Obligation (22) 0
Net Cash Provided By (Used In) Financing Activities (75) 401
Increase (Decrease) in Cash and Cash Equivalents (753) 446
Cash and Cash Equivalents at Beginning of Period 1,455 1,081
Cash and Cash Equivalents at End of Period $ 702 $ 1,527
[1] Amount relates primarily to the transfer of our Ecuador assets to the Ecuadorian government. See Note 2. Basis of Presentation.