v3.26.1
Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating Activities        
Net earnings (loss) $ 456 $ 307 $ (174) $ 148
Depreciation, depletion and amortization 519 556 1,080 1,101
Impairments 0 0 1,485 730
Accretion of asset retirement obligation 7 8 14 14
Deferred income taxes 61 66 (149) (11)
Unrealized (gain) loss on risk management (190) (54) (137) (8)
Unrealized foreign exchange (gain) loss 29 2 28 (43)
Foreign exchange (gain) loss on settlements 2 1 1 (41)
(Gain) loss on divestitures, net 337 0 337 0
Other 35 27 10 27
Net change in other assets and liabilities (4) (11) (18) (22)
Net change in non-cash working capital 380 111 211 (9)
Cash From (Used in) Operating Activities 1,632 1,013 2,688 1,886
Investing Activities        
Capital expenditures (574) (521) (1,179) (1,138)
Acquisitions (14) (3) (21) (2,313)
Corporate acquisition, net of cash acquired 0 0 (1,192) 0
Proceeds from divestitures 2,822 12 2,829 1,896
Net change in investments and other (15) (46) 44 102
Cash From (Used in) Investing Activities 2,219 (558) 481 (1,453)
Financing Activities        
Net issuance (repayment) of revolving debt (877) 396 (580) 481
Issuance of debt under the Term Credit Agreement 0 0 1,151 0
Repayment of debt under the term credit agreement (1,151) 0 (1,151) 0
Repayment of long-term debt (720) (600) (1,179) (600)
Purchase of shares of common stock (345) (147) (429) (147)
Dividends on shares of common stock (84) (77) (169) (155)
Other 1 (2) (147) (21)
Cash From (Used in) Financing Activities (3,176) (430) (2,504) (442)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency (1) (13) 0 (13)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 674 12 665 (22)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 26 8 35 42
Cash, Cash Equivalents and Restricted Cash, End of Period 700 20 700 20
Cash, End of Period 31 19 31 19
Cash Equivalents, End of Period 669 1 669 1
Restricted Cash, End of Period $ 0 $ 0 $ 0 $ 0