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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (714) $ 2,419 $ 4,936
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 1,729 1,527 1,753
Deferred income tax expense (benefit) (123) 428 (1,332)
Derivative (gains) losses, net 38 (1,728) 2,680
Cash receipts (payments) on derivative settlements, net 947 354 (3,561)
Share-based compensation 38 33 22
Gains on sales of assets (14) (946) (300)
Contract amortization (57) 0 0
Losses on purchases, exchanges or extinguishments of debt 1 0 5
Other 35 18 45
Changes in assets and liabilities (315) 275 (123)
Net cash provided by operating activities 1,565 2,380 4,125
Cash flows from investing activities:      
Capital expenditures (1,557) (1,829) (1,823)
Receipts of deferred consideration 166 0 0
Business combination, net (459) 0 (1,967)
Contributions to investments (75) (231) (18)
Proceeds from divestitures of property and equipment 21 2,533 407
Net cash provided by (used in) investing activities (1,904) 473 (3,401)
Cash flows from financing activities:      
Proceeds from Credit Facility 20 1,125 1,600
Payments on Credit Facility (20) (2,175) (550)
Proceeds from Exit Credit Facility 0 0 9,583
Payments on Exit Credit Facility 0 0 (9,804)
Proceeds from issuance of senior notes, net 747 0 0
Proceeds from warrant exercise 3 0 27
Debt issuance and other financing costs (11) 0 (17)
Cash paid to repurchase and retire common stock 0 (355) (1,073)
Cash paid to purchase debt (767) 0 0
Cash paid for common stock dividends (388) (487) (1,212)
Other (3) 0 0
Net cash used in financing activities (419) (1,892) (1,446)
Net increase (decrease) in cash, cash equivalents and restricted cash (758) 961 (722)
Cash, cash equivalents and restricted cash, beginning of period 1,153 192 914
Cash, cash equivalents and restricted cash, end of period $ 395 $ 1,153 $ 192