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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 824 $ 1,209
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 1,354 1,185
Deferred income tax expense (60) 19
Gain on sale of assets (3) (12)
Exploratory dry hole cost 5 0
Gain on derivative instruments (48) (129)
Net cash received on settlement of derivative instruments 90 238
Amortization of debt premium, discount and debt issuance costs (13) (13)
Stock-based compensation and other 43 43
Changes in assets and liabilities:    
Accounts receivable, net 79 494
Income taxes 44 165
Inventories 13 (1)
Other current assets (17) (5)
Accounts payable and accrued liabilities (29) (292)
Interest payable (5) (6)
Other assets and liabilities (108) 3
Net cash provided by operating activities 2,169 2,898
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures for drilling, completion and other fixed asset additions (1,329) (1,621)
Capital expenditures for leasehold and property acquisitions (6) (8)
Purchases of short-term investments (250) 0
Proceeds from sale of short-term investments 250 0
Proceeds from sale of assets 8 40
Net cash used in investing activities (1,327) (1,589)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of debt 499 0
Repayments of debt (575) 0
Common stock repurchases (401) (385)
Dividends paid (470) (739)
Other (12) (12)
Net cash used in financing activities (959) (1,136)
Net (decrease) increase in cash, cash equivalents and restricted cash (117) 173
Cash, cash equivalents and restricted cash, beginning of period 965 683
Cash, cash equivalents and restricted cash, end of period $ 848 $ 856