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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 352 $ 677
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 432 369
Deferred income tax expense (22) 23
Loss (gain) on sale of assets 1 (5)
Gain on derivative instruments 0 (138)
Net cash received in settlement of derivative instruments 26 100
Amortization of debt premium, discount and debt issuance costs (4) (4)
Stock-based compensation and other 12 17
Changes in assets and liabilities:    
Accounts receivable, net (35) 446
Income taxes 100 170
Inventories 7 7
Other current assets 2 1
Accounts payable and accrued liabilities (4) (198)
Interest payable (4) (6)
Other assets and liabilities (7) 35
Net cash provided by operating activities 856 1,494
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures for drilling, completion and other fixed asset additions (457) (483)
Capital expenditures for leasehold and property acquisitions (1) (1)
Purchases of short-term investments (250) 0
Proceeds from sale of assets 0 5
Net cash used in investing activities (708) (479)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of debt 499 0
Repayments of finance leases (1) (2)
Common stock repurchases (150) (268)
Dividends paid (158) (436)
Cash paid for conversion of redeemable preferred stock 0 (1)
Tax withholding on vesting of stock awards 0 (1)
Capitalized debt issuance costs (5) (7)
Net cash provided by (used in) financing activities 185 (715)
Net increase in cash, cash equivalents and restricted cash 333 300
Cash, cash equivalents and restricted cash, beginning of period 965 683
Cash, cash equivalents and restricted cash, end of period $ 1,298 $ 983