v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 1,743 $ 1,544
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 765 748
Equity in net earnings from investments (Note H) (192) (189)
Impairment of equity investments (Note H) 60 0
Distributions received from unconsolidated affiliates 228 198
Deferred income taxes 545 394
Other, net 87 23
Changes in assets and liabilities:    
Accounts receivable (537) (153)
Inventories, net of commodity imbalances (140) (140)
Accounts payable 585 301
Other assets and liabilities, net (157) (297)
Cash provided by operating activities 2,987 2,429
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (1,477) (1,378)
Contributions to unconsolidated affiliates (353) (155)
Other, net 41 25
Cash used in investing activities (1,789) (1,508)
Financing activities    
Dividends paid (1,348) (1,287)
Short-term borrowings, net 79 1,205
1.2 Billion Term Loan Agreement borrowings 600 0
Delaware Basin JV Acquisition (10) (536)
Extinguishment of long-term debt (Note D) (491) (803)
Other, net 55 (136)
Cash used in financing activities (1,115) (1,557)
Change in cash and cash equivalents 83 (636)
Cash and cash equivalents at beginning of period 78 733
Cash and cash equivalents at end of period $ 161 $ 97