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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,625 $ 4,065 $ 1,158
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,641 1,635 693
Deferred income tax expense 74 235 126
(Gain) loss on sale of assets (12) 1 2
(Gain) loss on derivative instruments (230) 463 221
Net cash received (paid) in settlement of derivative instruments 284 (762) (431)
Amortization of debt premium and debt issuance costs (18) (40) (10)
Gain on debt extinguishment 0 (28) 0
Stock-based compensation and other 57 73 52
Changes in assets and liabilities:      
Accounts receivable, net 378 (184) (229)
Income taxes 38 (118) 34
Inventories 4 (24) 5
Other current assets (3) (4) (4)
Accounts payable and accrued liabilities (180) 96 47
Interest payable 0 (5) 6
Other assets and liabilities 0 53 (3)
Net cash provided by operating activities 3,658 5,456 1,667
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures for drilling, completion and other fixed asset additions (2,089) (1,700) (723)
Capital expenditures for leasehold and property acquisitions (10) (10) (5)
Proceeds from sale of assets 40 36 8
Cash received from Merger 0 0 1,033
Net cash (used in) provided by investing activities (2,059) (1,674) 313
CASH FLOWS FROM FINANCING ACTIVITIES      
Borrowings from debt 0 0 100
Repayments of debt 0 (874) (288)
Repayments of finance leases (6) (6) (2)
Common stock repurchases (405) (1,250) 0
Dividends paid (890) (1,992) (780)
Cash paid for conversion of redeemable preferred stock (1) (10) 0
Tax withholding on vesting of stock awards (10) (25) (114)
Capitalized debt issuance costs (7) 0 (4)
Cash received for stock option exercises 2 12 2
Net cash used in financing activities (1,317) (4,145) (1,086)
Net increase (decrease) in cash, cash equivalents and restricted cash 282 (363) 894
Cash, cash equivalents and restricted cash, beginning of period 683 1,046 152
Cash, cash equivalents and restricted cash, end of period $ 965 $ 683 $ 1,046