Information Relating to the Consolidated Statement of Cash Flows

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows

Information Relating to the Consolidated Statement of Cash Flows

	Nine Months Ended September 30
	2024		2023
	(Millions of dollars)
Distributions more (less) than income from equity affiliates included the following:
Distributions from equity affiliates	$	3,423	$	1,868
(Income) loss from equity affiliates	(3,908)		(4,141)
Distributions more (less) than income from equity affiliates	$	(485)	$	(2,273)
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	286	$	(890)
Decrease (increase) in inventories	(1,113)		(1,136)
Decrease (increase) in prepaid expenses and other current assets	96		(1,121)
Increase (decrease) in accounts payable and accrued liabilities	(121)		1,706
Increase (decrease) in income and other taxes payable	(1,320)		(2,740)
Net decrease (increase) in operating working capital	$	(2,172)	$	(4,181)
Net cash provided by operating activities included the following cash payments:
Interest on debt (net of capitalized interest)	$	326	$	292
Income taxes	6,586		8,189
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	497	$	218
Returns of investment from equity affiliates	123		192
Proceeds and deposits related to asset sales and returns of investment	$	620	$	410
Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits	$	(4)	$	—
Maturities of time deposits	—		—
Net maturities of (investments in) time deposits	$	(4)	$	—
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	—	$	(289)
Marketable securities sold	45		373
Net sales (purchases) of marketable securities	$	45	$	84
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates	$	(211)	$	(296)
Repayment of loans by equity affiliates	54		54
Net repayment (borrowing) of loans by equity affiliates	$	(157)	$	(242)
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term debt obligations	$	829	$	—
Repayments of short-term debt obligations	—		—
Net borrowings (repayments) of short-term debt obligations with three months or less maturity	4,786		(33)
Net borrowings (repayments) of short-term obligations	$	5,615	$	(33)
Net contributions from (distributions to) noncontrolling interests consisted of the following gross amounts:
Distributions to noncontrolling interests	$	(210)	$	(54)
Contributions from noncontrolling interests	13		10
Net contributions from (distributions to) noncontrolling interests	$	(197)	$	(44)
Net sales (purchases) of treasury shares consisted of the following gross and net amounts:
Shares issued for share-based compensation plans	$	194	$	237
Shares purchased under share repurchase and deferred compensation plans	(10,729)		(11,518)
Net sales (purchases) of treasury shares	$	(10,535)	$	(11,281)

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.

The “Other” line in the Operating Activities section includes changes in asset retirement obligations, abandonment and decommissioning obligations associated with previously sold assets, postretirement benefits obligations and other long-term liabilities. Asset retirement obligation payments totaled $1.8 billion in the first nine months of 2024, compared to $1.1 billion in the year-ago period.

The company paid dividends of $1.63 per share of common stock in third quarter 2024. This compares to dividends of $1.51 per share paid in the year-ago corresponding period.

The components of “Capital expenditures” are presented in the following table:

	Nine Months Ended September 30
	2024		2023
	(Millions of dollars)
Additions to properties, plant and equipment	$	11,590	$	10,602
Additions to investments	392		636
Current-year dry hole expenditures	128		205
Payments for other assets and liabilities, net	—		25
Capital expenditures	$	12,110	$	11,468

The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:

	At September 30				At December 31
	2024		2023		2023		2022
	(Millions of dollars)				(Millions of dollars)
Cash and cash equivalents	$	4,699	$	5,797	$	8,178	$	17,678
Restricted cash included in “Prepaid expenses and other current assets”	240		306		275		630
Restricted cash included in “Deferred charges and other assets”	825		903		822		813
Total cash, cash equivalents and restricted cash	$	5,764	$	7,006	$	9,275	$	19,121

Additional information related to restricted cash is included in Note 13 Fair Value Measurements under the heading “Restricted Cash.”