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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 572 $ 886
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 879 764
Deferred income tax expense (23) 27
Gain on sale of assets 0 (5)
Loss (gain) on derivative instruments 16 (126)
Net cash received in settlement of derivative instruments 62 184
Amortization of debt premium, discount and debt issuance costs (9) (10)
Stock-based compensation and other 25 24
Changes in assets and liabilities:    
Accounts receivable, net (14) 617
Income taxes (18) 71
Inventories 14 (2)
Other current assets (8) (6)
Accounts payable and accrued liabilities (17) (336)
Interest payable 9 0
Other assets and liabilities (74) 52
Net cash provided by operating activities 1,414 2,140
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures for drilling, completion and other fixed asset additions (936) (1,075)
Capital expenditures for leasehold and property acquisitions (3) (6)
Purchases of short-term investments (250) 0
Proceeds from sale of assets 1 33
Net cash used in investing activities (1,188) (1,048)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of debt 499 0
Repayments of finance leases (3) (3)
Common stock repurchases (290) (325)
Dividends paid (314) (588)
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)
Cash received for stock option exercises 1 0
Net cash used in financing activities (112) (925)
Net increase in cash, cash equivalents and restricted cash 114 167
Cash, cash equivalents and restricted cash, beginning of period 965 683
Cash, cash equivalents and restricted cash, end of period $ 1,079 $ 850