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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
1 Months Ended 5 Months Ended 6 Months Ended
Feb. 09, 2021
Jun. 30, 2021
Jun. 30, 2022
Cash flows from operating activities:      
Net income (loss) $ 5,383 $ (144) $ 473
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 72 351 860
Deferred income tax benefit (57) 0 0
Derivative losses, net 382 694 2,639
Cash payments on derivative settlements, net (17) (145) (1,611)
Share-based compensation 3 3 10
Gains on sales of assets (5) (6) (300)
Impairments 0 1 0
Non-cash reorganization items, net (6,680) 0 0
Exploration 2 1 10
Other 45 (3) 5
Changes in assets and liabilities 851 51 (324)
Net cash provided by (used in) operating activities (21) 803 1,762
Cash flows from investing activities:      
Capital expenditures (66) (226) (759)
Business combination, net 0 0 (2,006)
Proceeds from divestitures of property and equipment 0 6 403
Net cash used in investing activities (66) (220) (2,362)
Cash flows from financing activities:      
Proceeds from Exit Credit Facility - Tranche A Loans 0 30 4,550
Payments on Exit Credit Facility - Tranche A Loans (479) (80) (3,775)
Payments on DIP Facility borrowings (1,179) 0 0
Proceeds from issuance of senior notes, net 1,000 0 0
Proceeds from issuance of common stock 600 0 0
Proceeds from warrant exercise 0 2 3
Debt issuance and other financing costs (8) (3) 0
Cash paid to repurchase and retire common stock 0 0 (558)
Cash paid for common stock dividends 0 (34) (508)
Other 0 (2) 0
Net cash used in financing activities (66) (87) (288)
Net increase (decrease) in cash, cash equivalents and restricted cash (153) 496 (888)
Cash, cash equivalents and restricted cash, beginning of period 279 126 914
Cash, cash equivalents and restricted cash, end of period 126 622 26
Cash and cash equivalents 40 612 17
Restricted cash 86 10 9
Total cash, cash equivalents and restricted cash 126 622 26
Supplemental cash flow information:      
Cash paid for reorganization items, net 66 65 0
Interest paid, net of capitalized interest 13 3 69
Income taxes paid, net of refunds received 0 (3) 113
Supplemental disclosure of significant non-cash investing and financing activities:      
Put option premium on equity backstop agreement 60 0 0
Common stock issued for business combination 0 0 764
Operating lease obligations recognized 0 0 25
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) $ 14 $ 106