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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 4,894 $ 7,845 $ 2,118
Adjustments to reconcile net income to net cash provided by operating activities:      
Depletion, depreciation and amortization 2,862 2,530 2,498
Exploration expenses 2 7 4
Deferred income taxes 506 1,807 583
(Gain) loss on disposition of assets, net (24) (106) 1,067
Loss on early extinguishment of debt, net 0 39 2
Accretion of discount on asset retirement obligations 16 15 7
Interest expense 11 10 10
Derivative-related activity (12) (96) (451)
Amortization of share-based compensation 193 78 106
Investment valuation adjustments 33 (54) (1)
Other 136 126 140
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable 259 (171) (607)
Inventories (57) (59) (125)
Other assets (50) (277) (21)
Accounts payable (250) (274) 1,059
Interest payable 15 (20) (53)
Income taxes payable (23) 18 41
Other liabilities (63) (70) (331)
Net cash provided by operating activities 8,448 11,348 6,046
Cash flows from investing activities:      
Proceeds from disposition of assets 35 367 3,244
Proceeds from short-term investments 0 1,100 0
Purchases of short-term investments, net 0 (1,020) 0
Cash used in acquisitions, net of cash acquired 0 0 (826)
Additions to oil and gas properties (4,571) (3,920) (3,156)
Additions to other assets and other property and equipment (177) (113) (118)
Net cash used in investing activities (4,713) (3,586) (856)
Cash flows from financing activities:      
Proceeds from issuance of debt, net of discount 2,649 0 3,897
Repayment of debt (3,290) (2,576) (4,658)
Proceeds from capped call on convertible notes 132 103 0
Payments of other liabilities (19) (192) (164)
Payments of financing fees (7) 0 (32)
Purchases of treasury shares (701) (1,687) (269)
Exercise of stock options and employee stock purchases 8 7 13
Dividends paid (3,299) (6,269) (1,594)
Net cash used in financing activities (4,527) (10,614) (2,807)
Net increase (decrease) in cash, cash equivalents and restricted cash (792) (2,852) 2,383
Cash, cash equivalents and restricted cash, beginning of period 1,032 3,884 1,501
Cash, cash equivalents and restricted cash, end of period $ 240 $ 1,032 $ 3,884