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STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income including noncontrolling interests $ 318,000,000 $ 305,000,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on divestitures, net (7,000,000) (1,000,000)
Exploratory dry hole expense and unproved leasehold impairments 31,000,000 32,000,000
Depreciation, depletion, and amortization 373,000,000 308,000,000
Asset retirement obligation accretion 40,000,000 28,000,000
Provision for (benefit from) deferred income taxes (18,000,000) 119,000,000
Gain on extinguishment of debt 0 (9,000,000)
Loss on previously sold Gulf of Mexico properties 66,000,000 0
Other, net (26,000,000) 14,000,000
Changes in operating assets and liabilities:    
Receivables 25,000,000 (59,000,000)
Inventories (17,000,000) (31,000,000)
Drilling advances and other current assets (32,000,000) (35,000,000)
Deferred charges and other long-term assets 53,000,000 78,000,000
Accounts payable 38,000,000 (83,000,000)
Accounts receivable from/payable to APA Corporation (1,000,000) 16,000,000
Accrued expenses (432,000,000) (316,000,000)
Deferred credits and noncurrent liabilities (91,000,000) (78,000,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 320,000,000 288,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to upstream oil and gas property (381,000,000) (484,000,000)
Leasehold and property acquisitions 0 (5,000,000)
Notes receivable from APA Corporation (134,000,000) 104,000,000
Proceeds from asset divestitures 27,000,000 21,000,000
Proceeds from sale of Kinetik Shares 428,000,000 0
Other, net (13,000,000) (4,000,000)
NET CASH USED IN INVESTING ACTIVITIES (73,000,000) (368,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Apache credit facility, net 0 105,000,000
Payments on fixed-rate debt 0 (65,000,000)
Distributions to noncontrolling interest – Sinopec (70,000,000) (17,000,000)
Distributions to APA Corporation (165,000,000) (17,000,000)
Other, net 0 6,000,000
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (235,000,000) 12,000,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 12,000,000 (68,000,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 84,000,000 185,000,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 96,000,000 117,000,000
SUPPLEMENTARY CASH FLOW DATA:    
Interest paid, net of capitalized interest 98,000,000 105,000,000
Income taxes paid, net of refunds $ 366,000,000 $ 286,000,000