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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
1 Months Ended 11 Months Ended 12 Months Ended
Feb. 09, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:        
Net income $ 5,383 $ 945 $ 2,419 $ 4,936
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation, depletion and amortization 72 919 1,527 1,753
Deferred income tax expense (benefit) (57) (49) 428 (1,332)
Derivative (gains) losses, net 382 1,127 (1,728) 2,680
Cash receipts (payments) on derivative settlements, net (17) (1,142) 354 (3,561)
Share-based compensation 3 9 33 22
Gains on sales of assets (5) (12) (946) (300)
Impairments 0 1 0 0
Non-cash reorganization items, net (6,680) 0 0 0
Exploration 2 2 12 14
Losses on purchases, exchanges or extinguishments of debt 0 0 0 5
Other 45 46 6 31
Changes in assets and liabilities 851 (37) 275 (123)
Net cash provided by (used in) operating activities (21) 1,809 2,380 4,125
Cash flows from investing activities:        
Capital expenditures (66) (669) (1,829) (1,823)
Business combination, net 0 (194) 0 (1,967)
Contributions to investments 0 0 (231) (18)
Proceeds from divestitures of property and equipment 0 13 2,533 407
Net cash provided by (used in) investing activities (66) (850) 473 (3,401)
Cash flows from financing activities:        
Proceeds from New Credit Facility 0 0 1,125 1,600
Payments on New Credit Facility 0 0 (2,175) (550)
Proceeds from Exit Credit Facility 0 30 0 9,583
Payments on Exit Credit Facility (479) (80) 0 (9,804)
Payments on DIP Facility borrowings (1,179) 0 0 0
Proceeds from issuance of senior notes, net 1,000 0 0 0
Proceeds from issuance of common stock 600 0 0 0
Proceeds from warrant exercise 0 2 0 27
Debt issuance and other financing costs (8) (3) 0 (17)
Cash paid to repurchase and retire common stock 0 0 (355) (1,073)
Cash paid for common stock dividends 0 (119) (487) (1,212)
Other 0 (1) 0 0
Net cash used in financing activities (66) (171) (1,892) (1,446)
Net increase (decrease) in cash, cash equivalents and restricted cash (153) 788 961 (722)
Cash, cash equivalents and restricted cash, beginning of period 279 126 192 914
Cash, cash equivalents and restricted cash, end of period 126 914 1,153 192
Cash and cash equivalents 40 905 1,079 130
Restricted cash 86 9 74 62
Total cash, cash equivalents and restricted cash 126 914 1,153 192
Supplemental cash flow information:        
Cash paid for reorganization items, net 66 65 0 0
Interest paid, net of capitalized interest 13 34 117 146
Income taxes paid (refunds received), net 0 (9) 132 193
Supplemental disclosure of significant non-cash investing and financing activities:        
Put option premium on equity backstop agreement 60 0 0 0
Common stock issued for business combination 0 1,232 0 764
Operating lease obligations recognized 0 0 96 120
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 $ (31) $ 148