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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:        
Net income (loss) $ 968 $ (227) $ 719 $ (201)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation, depletion and amortization 769 348 1,480 747
Deferred income tax expense (benefit)     134 (61)
Derivative (gains) losses, net (877) 11 137 (161)
Cash receipts (payments) on derivative settlements, net     (29) 488
Share-based compensation     22 19
Gains on sales of assets (4) (2) (4) (10)
Contract amortization     (124) 0
(Gains) losses on purchases, exchanges or extinguishments of debt (3) 2 (3) 2
Other     16 (7)
Changes in assets and liabilities     70 (55)
Net cash provided by operating activities     2,418 761
Cash flows from investing activities:        
Capital expenditures     (1,220) (723)
Receipts of deferred consideration     116 116
Contributions to investments     (9) (45)
Proceeds from divestitures of property and equipment     15 12
Net cash used in investing activities     (1,098) (640)
Cash flows from financing activities:        
Proceeds from Credit Facility     825 0
Payments on Credit Facility     (825) 0
Proceeds from warrant exercise     22 1
Debt issuance and other financing costs     0 (4)
Cash paid to repurchase and retire common stock     (99) 0
Cash paid to purchase debt     (553) 0
Cash paid for common stock dividends     (279) (176)
Net cash used in financing activities     (909) (179)
Net increase (decrease) in cash, cash equivalents and restricted cash     411 (58)
Cash, cash equivalents and restricted cash, beginning of period     395 1,153
Cash, cash equivalents and restricted cash, end of period 806 1,095 806 1,095
Cash and cash equivalents 731 1,019 731 1,019
Restricted cash 75 76 75 76
Total cash, cash equivalents and restricted cash $ 806 $ 1,095 $ 806 $ 1,095