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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 FLOW FROM OPERATING ACTIVITIES      
Net income $ 4,696 $ 13,304 $ 2,322
Adjustments to reconcile net income to net cash from operating activities:      
Discontinued operations, net 0 0 468
Depreciation, depletion and amortization of assets 6,865 6,926 8,447
Deferred income tax provision (benefit) 57 (1,644) 46
Other noncash charges (benefit) to income (100) (8) 229
Asset impairments and related items 209 0 304
Gain on sales of assets and other, net (522) (308) (192)
Undistributed losses (earnings) from equity investments 144 (219) (70)
Dry hole expense 299 84 125
Changes in operating assets and liabilities:      
(Increase) decrease in receivables 1,088 (97) (2,086)
Increase in inventories (91) (230) (86)
Increase in other current assets (13) (335) (119)
Increase (decrease) in accounts payable and accrued liabilities (549) (478) 865
Increase (decrease) in current domestic and foreign income taxes 225 (185) 0
Operating cash flow from continuing operations 12,308 16,810 10,253
Operating cash flow from discontinued operations, net of taxes 0 0 181
Net cash provided by operating activities 12,308 16,810 10,434
CASH FLOW FROM INVESTING ACTIVITIES      
Capital expenditures (6,270) (4,497) (2,870)
Change in capital accrual 25 147 97
Purchase of businesses, assets and equity investments, net (713) (990) (431)
Proceeds from sale of assets and equity investments, net 448 584 1,624
Equity investments and other, net (470) (116) 406
Investing cash flow from continuing operations (6,980) (4,872) (1,174)
Investing cash flow from discontinued operations 0 0 (79)
Net cash used by investing activities (6,980) (4,872) (1,253)
CASH FLOW FROM FINANCING ACTIVITIES      
Draws on receivables securitization facility 900 400 0
Payment of receivables securitization facility (900) (400) 0
Debt issuance costs (46) 0 0
Payments of long-term debt, net (22) (9,484) (6,834)
Redemption of preferred stock (1,661) 0 0
Purchases of treasury stock (1,798) (3,099) (8)
Cash dividends paid on common and preferred stock (1,365) (1,184) (839)
Proceeds from issuance of common stock 135 293 31
Contribution from noncontrolling interest 100 0 0
Financing portion of net cash paid for derivative instruments 0 (111) (834)
Other financing, net (233) (130) (80)
Financing cash flow from continuing operations (4,890) (13,715) (8,564)
Financing cash flow from discontinued operations 0 0 (8)
Net cash used by financing activities (4,890) (13,715) (8,572)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 438 (1,777) 609
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of year 1,026 2,803 2,194
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of year $ 1,464 $ 1,026 $ 2,803