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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,121 $ 1,625 $ 4,065
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,840 1,641 1,635
Deferred income tax (benefit) expense (145) 74 235
(Gain) loss on sale of assets (3) (12) 1
Exploratory dry hole cost 5 0 0
(Gain) loss on derivative instruments 3 (230) 463
Net cash received (paid) in settlement of derivative instruments 98 284 (762)
Amortization of debt premium, debt discount and debt issuance costs (12) (18) (40)
Gain on debt extinguishment 0 0 (28)
Stock-based compensation and other 61 57 73
Changes in assets and liabilities:      
Accounts receivable, net (108) 378 (184)
Income taxes 31 38 (118)
Inventories 13 4 (24)
Other current assets (3) (3) (4)
Accounts payable and accrued liabilities 15 (180) 96
Interest payable 6 0 (5)
Other assets and liabilities (127) 0 53
Net cash provided by operating activities 2,795 3,658 5,456
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures for drilling, completion and other fixed asset additions (1,754) (2,089) (1,700)
Capital expenditures for leasehold and property acquisitions (17) (10) (10)
Proceeds from sale of assets 9 40 36
Purchase of short-term investments (250) 0 0
Proceeds from sale of short-term investments 250 0 0
Net cash used in investing activities (1,762) (2,059) (1,674)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of debt 1,990 0 0
Repayments of debt (575) 0 (874)
Common stock repurchases (455) (405) (1,250)
Dividends paid (625) (890) (1,992)
Capitalized debt issuance costs (33) (7) 0
Other (23) (15) (29)
Net cash provided by (used in) financing activities 279 (1,317) (4,145)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,312 282 (363)
Cash, cash equivalents and restricted cash, beginning of period 965 683 1,046
Cash, cash equivalents and restricted cash, end of period $ 2,277 $ 965 $ 683