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Consolidated Statement 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 (Loss) $ 10,957 $ 18,680 $ 8,079
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation, depletion and amortization 8,270 7,504 7,208
Impairments 14 (12) 674
Dry hole costs and leasehold impairments 162 340 44
Accretion on discounted liabilities 283 250 242
Deferred taxes 1,145 2,086 1,346
Distributions more (less) than income from equity affiliates 964 942 446
(Gain) loss on dispositions (228) (1,077) (486)
(Gain) loss on investment in Cenovus Energy 0 (251) (1,040)
Other (220) 86 (788)
Working capital adjustments      
Decrease (increase) in accounts and notes receivable 1,333 (963) (2,500)
Decrease (increase) in inventories (103) (38) (160)
Decrease (increase) in prepaid expenses and other current assets 337 (173) (649)
Increase (decrease) in accounts payable (1,118) 901 1,399
Increase (decrease) in taxes and other accruals (1,831) 39 3,181
Net Cash Provided by Operating Activities 19,965 28,314 16,996 Close
Cash Flows From Investing Activities      
Capital expenditures and investments (11,248) (10,159) (5,324)
Working capital changes associated with investing activities 30 520 134
Acquisition of businesses, net of cash acquired (2,724) (60) (8,290)
Proceeds from asset dispositions 632 3,471 1,653
Net sales (purchases) of investments 1,373 (2,629) 3,091
Collection of advances/loans—related parties 0 114 105
Other (63) 2 87
Net Cash Used in Investing Activities (12,000) (8,741) (8,544) Close
Cash Flows From Financing Activities      
Issuance of debt 3,787 2,897 0
Repayment of debt (1,379) (6,267) (505)
Issuance of company common stock (52) 362 145
Repurchase of company common stock (5,400) (9,270) (3,623)
Dividends paid (5,583) (5,726) (2,359)
Other (34) (49) 7
Net Cash Used in Financing Activities (8,661) (18,053) (6,335) Close
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (99) (224) (34) Close
Net Change in Cash, Cash Equivalents and Restricted Cash (795) 1,296 2,083 Close
Cash, cash equivalents and restricted cash at beginning of period 6,694 [1] 5,398 3,315
Cash, Cash Equivalents and Restricted Cash at End of Period $ 5,899 [2] $ 6,694 [1] $ 5,398
[1] and $236 million is included in the “Other assets” line of our Consolidated Balance Sheet as of December 31, 2023 and December 31, 2022, respectively.
[2] Restricted cash of $264 million