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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 1,222 $ 2,009
Adjustments to reconcile net income to net cash provided by operating activities:    
Depletion, depreciation and amortization 664 614
Exploration expenses 0 5
Deferred income taxes 110 532
Gain on disposition of assets, net (25) (34)
Loss on early extinguishments of debt 0 47
Accretion of discount on asset retirement obligations 4 4
Interest expense 3 3
Derivative-related activity 36 67
Amortization of stock-based compensation 23 19
Investment valuation adjustments 53 (114)
Other 51 27
Changes in operating assets and liabilities:    
Accounts receivable 461 (697)
Income taxes receivable 0 1
Inventories (63) (126)
Other assets (63) (1)
Accounts payable (380) 178
Interest payable (16) (30)
Income taxes payable 225 17
Other liabilities 9 60
Net cash provided by operating activities 2,314 2,581
Cash flows from investing activities:    
Proceeds from disposition of assets 4 210
Proceeds from short-term investments 0 75
Purchases of short-term investments, net 0 (640)
Additions to oil and gas properties (1,180) (914)
Additions to other assets and other property and equipment (28) (41)
Net cash used in investing activities (1,204) (1,310)
Cash flows from financing activities:    
Borrowings under credit facility 350 0
Repayment of credit facility (350) 0
Proceeds from issuance of senior notes, net of discount 1,099 0
Repayment of long-term debt (230) (1,292)
Proceeds from capped call on convertible notes 31 0
Payments of other liabilities (4) (121)
Payments of financing fees (7) 0
Purchases of treasury stock (520) (276)
Exercise of long-term incentive plan stock options 0 1
Dividends paid (1,319) (1,073)
Net cash used in financing activities (950) (2,761)
Net increase (decrease) in cash, cash equivalents and restricted cash 160 (1,490)
Cash, cash equivalents and restricted cash, beginning of period 1,032 3,884
Cash, cash equivalents and restricted cash, end of period $ 1,192 $ 2,394