v3.25.3
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 2,651 $ 3,461
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 1,911 1,871
Gain on sale of APS project (149)  
Impairment of equity method investment 121  
Deferred taxes (89) 32
Stock-based compensation expense 257 244
Earnings of equity method investments, less dividends received (59) (9)
Change in assets and liabilities:    
Increase in receivables [2] (528) (396)
Increase in inventories [2] (249) (243)
Decrease in other current assets [2] 87 23
Increase in other assets [2] (39) (3)
Decrease in accounts payable and accrued liabilities [2] (381) (732)
Decrease in estimated liability for taxes on income [2] (202) (147)
Increase in other liabilities [2] 40 39
Other [2] 113 72
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,484 4,212
Cash flows from investing activities:    
Capital expenditures (1,178) (1,322)
APS investments (312) (390)
Exploration data costs capitalized (168) (141)
Cash acquired in ChampionX Corporation acquisition 479  
Proceeds from sale of APS project 338  
Proceeds from sale of ChampionX Drilling Technologies business 286  
Other business acquisitions and investments, net of cash acquired (144) (552)
Sales (purchase) of short-term investments, net 572 (268)
Purchase of Blue Chip Swap securities (167) (136)
Proceeds from sale of Blue Chip securities 144 92
Other 8 49
NET CASH USED IN INVESTING ACTIVITIES (142) (2,668)
Cash flows from financing activities:    
Dividends paid (1,176) (1,144)
Proceeds from employee stock purchase plan 222 219
Proceeds from exercise of stock options 8 25
Taxes paid on net settled stock-based compensation awards (61) (86)
Stock repurchase program (2,414) (1,236)
Proceeds from issuance of long-term debt 660 1,475
Repayment of long-term debt (1,112) (416)
Net increase (decrease) in short-term borrowings 17 (142)
Other (65) (36)
NET CASH USED IN FINANCING ACTIVITIES (3,921) (1,341)
Net (decrease) increase in cash before translation effect (579) 203
Translation effect on cash 49 (17)
Cash, beginning of period 3,544 2,900
Cash, end of period $ 3,014 $ 3,086
[1] Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and Asset Performance Solutions ("APS") investments.
[2] Net of the effect of business acquisitions and divestitures.