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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net income (loss) $ (227) $ 391 $ (201) $ 1,780
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation, depletion and amortization 348 376 747 766
Deferred income tax expense (benefit)     (61) 399
Derivative gains, net 11 (159) (161) (1,089)
Cash receipts (payments) on derivative settlements, net     488 (49)
Share-based compensation     19 16
Gains on sales of assets (2) (472) (10) (807)
Losses on purchases, exchanges or extinguishments of debt     2 0
Other     (7) 29
Changes in assets and liabilities     (55) 359
Net cash provided by operating activities     761 1,404
Cash flows from investing activities:        
Capital expenditures     (723) (1,027)
Receipts of deferred consideration     116 0
Contributions to investments     (45) (88)
Proceeds from divestitures of property and equipment     12 1,963
Net cash provided by (used in) investing activities     (640) 848
Cash flows from financing activities:        
Proceeds from Credit Facility     0 1,125
Payments on Credit Facility     0 (2,175)
Funds held for transition services     0 97
Proceeds from warrant exercise     1 0
Debt issuance and other financing costs     (4) 0
Cash paid to repurchase and retire common stock     0 (181)
Cash paid for common stock dividends     (176) (335)
Net cash used in financing activities     (179) (1,469)
Net increase (decrease) in cash, cash equivalents and restricted cash     (58) 783
Cash, cash equivalents and restricted cash, beginning of period     1,153 192
Cash, cash equivalents and restricted cash, end of period 1,095 975 1,095 975
Cash and cash equivalents 1,019 903 1,019 903
Restricted cash 76 72 76 72
Total cash, cash equivalents and restricted cash $ 1,095 $ 975 1,095 975
Supplemental cash flow information:        
Interest paid, net of capitalized interest     45 68
Income tax refunds received, net     (2) (60)
Supplemental disclosure of significant non-cash investing and financing activities:        
Operating lease obligations recognized     0 65
Change in accrued drilling and completion costs        
Supplemental disclosure of significant non-cash investing and financing activities:        
Change in accrued drilling and completion costs     $ (62) $ 31