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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:      
Net income (loss) $ 1,849 $ (25) $ (3,112)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,174 546 357
Amortization of debt issuance costs 11 9 9
Impairments 0 6 2,830
Deferred income taxes 0 0 409
(Gain) loss on derivatives, unsettled (24) 944 138
Stock-based compensation 4 2 3
(Gain) loss on early extinguishment of debt 14 93 (35)
Other 2 (3) 6
Changes in assets and liabilities, net of effect of Mergers:      
Accounts receivable (240) (425) 50
Accounts payable 390 261 (131)
Taxes payable 43 (4) (7)
Interest payable 4 6 (11)
Inventories 2 (3) 2
Other assets and liabilities (75) (44) 20
Net cash provided by operating activities 3,154 1,363 528
Cash Flows From Investing Activities:      
Capital investments (2,115) (1,032) (896)
Proceeds from sale of property and equipment 72 4 12
Cash acquired in mergers 0 66 3
Cash paid in mergers 0 (1,642) 0
Net cash used in investing activities (2,043) (2,604) (881)
Cash Flows From Financing Activities:      
Payments on current portion of long-term debt (210) 0 0
Payments on long-term debt (612) (1,177) (72)
Payments on revolving credit facility (12,071) (6,628) (1,671)
Borrowings under revolving credit facility 11,861 6,388 2,337
Change in bank drafts outstanding 79 5 1
Repayment of revolving credit facilities associated with Mergers 0 (176) (200)
Repayment of Montage senior notes 0 0 (522)
Proceeds from exercise of common stock options 7 0 0
Proceeds from issuance of long-term debt 0 2,900 350
Debt issuance and other financing costs (14) (53) (10)
Proceeds from issuance of common stock 0 0 152
Purchase of treasury stock (125) 0 0
Cash paid for tax withholding (4) (3) (4)
Net cash provided by (used in) financing activities (1,089) 1,256 361
Increase (decrease) in cash and cash equivalents 22 15 8
Cash and cash equivalents at beginning of year 28 13 5
Cash and cash equivalents at end of year $ 50 $ 28 $ 13