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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net income (loss) $ 1,088 $ 1,451
Adjustments to reconcile to net cash provided (used) by operating activities:    
Depreciation and amortization 1,088 1,021
Provision (benefit) for deferred income taxes 258 427
Equity (earnings) losses (284) (307)
Distributions from equity-method investees 394 418
Net unrealized (gain) loss from commodity derivative instruments 223 (410)
Inventory write-downs 6 23
Amortization of stock-based awards 48 40
Cash provided (used) by changes in current assets and liabilities:    
Accounts receivable 270 1,423
Inventories (3) 41
Other current assets and deferred charges 12 24
Accounts payable (219) (1,220)
Accrued and other current liabilities (76) (72)
Changes in current and noncurrent commodity derivative assets and liabilities (141) 119
Other, including changes in noncurrent assets and liabilities (151) (87)
Net cash provided (used) by operating activities 2,513 2,891
FINANCING ACTIVITIES:    
Proceeds from (payments of) commercial paper – net (95) (352)
Proceeds from long-term debt 2,100 1,503
Payments of long-term debt (2,274) (14)
Payments for debt issuance costs (18) (13)
Proceeds from issuance of common stock 5 4
Purchases of treasury stock 0 (130)
Common dividends paid (1,158) (1,091)
Dividends and distributions paid to noncontrolling interests (130) (112)
Contributions from noncontrolling interests 36 18
Other – net (18) (17)
Net cash provided (used) by financing activities (1,552) (204)
INVESTING ACTIVITIES:    
Capital expenditures (1) (1,123) (1,155)
Dispositions - net (27) (21)
Purchases of businesses, net of cash acquired (Note 3) (1,844) (1,053)
Purchases of and contributions to equity-method investments (82) (69)
Other – net 20 10
Net cash provided (used) by investing activities (3,056) (2,288)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (2,095) 399
Cash and cash equivalents at beginning of year 2,150 152
Cash and cash equivalents at end of period 55 551
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]    
(1)  Increases to property, plant, and equipment (1,141) (1,168)
Changes in related accounts payable and accrued liabilities 18 13
Capital expenditures $ (1,123) $ (1,155)