v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Consolidated net income $ 1,509 $ 1,364
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Depreciation, depletion, amortization and accretion 1,512 1,435
Deferred income tax expense (benefit) 143 79
Provision for bad debts 69 43
Equity-based compensation expense 98 92
Net gain on disposal of assets (6) (12)
(Gain) loss from divestitures, asset impairments and other, net (16) 26
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:    
Receivables (224) (323)
Other current assets 3 (52)
Other assets 127 134
Accounts payable and accrued liabilities 134 42
Deferred revenues and other liabilities (122) (75)
Net cash provided by operating activities 3,227 2,753
Cash flows from investing activities:    
Acquisitions of businesses, net of cash acquired (85) (366)
Capital expenditures (1,280) (1,563)
Proceeds from divestitures of businesses and other assets, net of cash divested 77 103
Other, net (139) (89)
Net cash used in investing activities (1,427) (1,915)
Cash flows from financing activities:    
New borrowings 12,823 9,135
Debt repayments (12,484) (9,234)
Common stock repurchase program (1,003)  
Cash dividends (764) (669)
Exercise of common stock options 32 50
Tax payments associated with equity-based compensation transactions (40) (49)
Other, net (16) (14)
Net cash used in financing activities (1,452) (781)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (7) 8
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 341 65
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period 297 487
Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 638 $ 552