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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 1,780 $ 473
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 766 860
Deferred income tax expense 399 0
Derivative (gains) losses, net (1,089) 2,639
Cash payments on derivative settlements, net (49) (1,611)
Share-based compensation 16 10
Gains on sales of assets (807) (300)
Exploration 8 10
Other 21 5
Changes in assets and liabilities 359 (324)
Net cash provided by operating activities 1,404 1,762
Cash flows from investing activities:    
Capital expenditures (1,027) (759)
Business combination, net 0 (2,006)
Contributions to investments (88) 0
Proceeds from divestitures of property and equipment 1,963 403
Net cash provided by (used in) investing activities 848 (2,362)
Cash flows from financing activities:    
Proceeds from New Credit Facility 1,125 0
Payments on New Credit Facility (2,175) 0
Proceeds from Exit Credit Facility 0 4,550
Payments on Exit Credit Facility 0 (3,775)
Funds held for transition services 97 0
Proceeds from warrant exercise 0 3
Cash paid to repurchase and retire common stock (181) (558)
Cash paid for common stock dividends (335) (508)
Net cash used in financing activities (1,469) (288)
Net increase (decrease) in cash, cash equivalents and restricted cash 783 (888)
Cash, cash equivalents and restricted cash, beginning of period 192 914
Cash, cash equivalents and restricted cash, end of period 975 26
Cash and cash equivalents 903 17
Restricted cash 72 9
Total cash, cash equivalents and restricted cash 975 26
Supplemental cash flow information:    
Interest paid, net of capitalized interest 68 69
Income taxes paid (refunds) received, net (60) 113
Supplemental disclosure of significant non-cash investing and financing activities:    
Common stock issued for business combination 0 764
Operating lease obligations recognized 65 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 $ 31 $ 106