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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
1 Months Ended 11 Months Ended 12 Months Ended
Feb. 09, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:          
Net income (loss) $ 5,383 $ 945   $ (9,750) $ (308)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation, depletion and amortization 72 919   1,097 2,264
Deferred income tax benefit (57) (49)   (10) (305)
Derivative (gains) losses, net 382 1,127   (596) (3)
Cash receipts (payments) on derivative settlements, net (17) (1,142)   884 202
Share-based compensation 3 9   21 30
Gains on sales of assets (5) (12)   (30) (43)
Impairments 0 1   8,535 11
Non-cash reorganization items, net (6,680) 0   (213) 0
Exploration 2 2   417 49
Gains on purchases or exchanges of debt 0 0   (65) (79)
Other 45 46   (41) 59
Changes in assets and liabilities 851 (37)   915 (254)
Net cash provided by (used in) operating activities (21) 1,809   1,164 1,623
Cash flows from investing activities:          
Capital expenditures (66) (669)   (1,142) (2,263)
Business combination, net 0 (194)   0 (353)
Proceeds from divestitures of property and equipment 0 13   150 136
Net cash used in investing activities (66) (850)   (992) (2,480)
Cash flows from financing activities:          
Proceeds from Exit Credit Facility - Tranche A Loans 0 30   0 0
Payments on Exit Credit Facility - Tranche A Loans (479) (80)   0 0
Proceeds from pre-petition revolving credit facility borrowings 0 0   3,656 10,676
Payments on pre-petition revolving credit facility borrowings 0 0   (3,317) (10,180)
Proceeds from DIP Facility borrowings 0 0   60 0
Payments on DIP Facility borrowings (1,179) 0   (60) 0
Proceeds from issuance of senior notes, net 1,000 0   0 108
Proceeds from issuance of term loan, net 0 0   0 1,455
Proceeds from issuance of common stock 600 0   0 0
Proceeds from warrant exercise 0 2   0 0
Debt issuance and other financing costs (8) (3)   (109) 0
Cash paid to purchase debt 0 0   (94) (1,073)
Cash paid for common stock dividends 0 (119)   0 0
Cash paid for preferred stock dividends 0 0   (22) (91)
Other 0 (1)   (13) (36)
Net cash provided by (used in) financing activities (66) (171)   101 859
Net increase (decrease) in cash, cash equivalents and restricted cash (153) 788   273 2
Cash, cash equivalents and restricted cash, beginning of period 279 126 $ 279 6 4
Cash, cash equivalents and restricted cash, end of period 126 914 914 279 6
Cash and cash equivalents 40 905 905 279 6
Restricted cash 86 9 9 0 0
Total cash, cash equivalents and restricted cash 126 914 $ 914 279 6
SUPPLEMENTAL CASH FLOW INFORMATION:          
Cash paid for reorganization items, net 66 65   140 0
Interest paid, net of capitalized interest 13 34   224 691
Income taxes paid, net of refunds received 0 (9)   0 (6)
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Put option premium on equity backstop agreement 60 0   60 0
Operating lease obligations recognized 0 0   32 0
Common stock issued for business combination 0 1,232   0 2,037
Debt exchanged for common stock 0 0   0 693
Preferred stock exchanged for common stock 0 0   0 40
Change in senior notes exchanged 0 0   0 971
Change in accrued drilling and completion costs          
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Change in accrued drilling and completion costs $ (5) $ 30   $ (216) $ (19)