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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES  
Net income$ 986,630$ 624,012[1]
Adjustments to reconcile net income to net cash provided by operating activities:  
(Income) loss from discontinued operations(132,431)6,066[1]
Depreciation, depletion and amortization793,445828,918[1]
Amortization of deferred major repair costs17,35710,047[1]
Expenditures for asset retirements(18,399)(34,376)[1]
Dry hole costs118,58535,045[1]
Amortization of undeveloped leases90,62376,816[1]
Accretion of asset retirement obligations28,49423,561[1]
Deferred and noncurrent income tax charges125,46138,939[1]
Pretax gain from disposition of assets(23,192)(997)[1]
Net (increase) decrease in noncash operating working capital(309,436)417,237[1]
Other operating activities, net36,121123,663[1]
Net cash provided by continuing operations1,713,2582,148,931[1]
Net cash provided by discontinued operations163,48951,950[1]
Net cash provided by operating activities1,876,7472,200,881[1]
INVESTING ACTIVITIES  
Property additions and dry hole costs(1,853,939)(1,532,446)[1]
Proceeds from sales of assets27,6292,195[1]
Purchase of investment securities(1,233,321)[2](1,862,609)[1],[2]
Proceeds from maturity of investment securities1,356,175[2]2,011,386[1],[2]
Expenditures for major repairs(2,826)(58,453)[1]
Investing activities of discontinued operations, including proceeds from sale of Superior refinery and associated inventories354,238(116,757)[1]
Other - net7,150(31,225)[1]
Net cash required by investing activities(1,344,894)(1,587,909)[1]
FINANCING ACTIVITIES  
Borrowings (repayments) of notes payable384,970(247,028)[1]
Repayment of nonrecourse debt of a subsidiary0(82,000)[1]
Proceeds from exercise of stock options and employee stock purchase plans8,24526,100[1]
Excess tax benefits related to exercise of stock options4,1199,585[1]
Withholding tax on stock-based incentive awards(8,014)(5,170)[1]
Issue cost of debt facility(8,619)0[1]
Cash dividends paid(159,529)(148,439)[1]
Net cash provided (required) by financing activities221,172(446,952)[1]
Effect of exchange rate changes on cash and cash equivalents(9,869)(4,772)[1]
Net increase in cash and cash equivalents743,156161,248[1]
Cash and cash equivalents, beginning535,825301,144[1]
Cash and cash equivalents, ending$ 1,278,981$ 462,392[1]
[1]Reclassified to conform to current presentation
[2]Investments are Canadian government securities with maturities greater than 90 days at the date of acquisition.