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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities:    
Net income (loss) $ 2,170 $ (1,502)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 641 563
Amortization of debt issuance costs 4 6
Deferred income taxes 7 0
(Gain) loss on derivatives, unsettled (1,631) 2,510
Stock-based compensation 5 3
Loss on early extinguishment of debt 19 6
Other 2 2
Change in assets and liabilities:    
Accounts receivable 803 (621)
Accounts payable (363) 433
Taxes payable (20) 4
Interest payable (5) 7
Inventories (25) (5)
Other assets and liabilities (45) (7)
Net cash provided by operating activities 1,562 1,399
Cash Flows From Investing Activities:    
Capital investments (1,286) (1,050)
Proceeds from sale of property and equipment 123 1
Net cash used in investing activities (1,163) (1,049)
Cash Flows From Financing Activities:    
Payments on current portion of long-term debt 0 (204)
Payments on long-term debt (437) (71)
Payments on revolving credit facility (1,946) (5,564)
Borrowings under revolving credit facility 2,006 5,510
Change in bank drafts outstanding (43) 29
Proceeds from exercise of common stock options 0 7
Purchase of treasury stock 0 (20)
Debt issuance/amendment costs 0 (11)
Cash paid for tax withholding (4) (4)
Net cash used in financing activities (424) (328)
Increase (decrease) in cash and cash equivalents (25) 22
Cash and cash equivalents at beginning of year 50 28
Cash and cash equivalents at end of period $ 25 $ 50