v3.26.3
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 2,356 $ 2,651
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 2,095 1,911
Non-cash pension settlement charge 187 0
Gain on sale of APS project 0 (149)
Impairment of equity method investment 0 121
Deferred taxes (27) (89)
Stock-based compensation expense 251 257
Earnings of equity method investments, less dividends received (25) (59)
Change in assets and liabilities:    
Increase in receivables [2] (882) (528)
Increase in inventories [2] (455) (249)
(Increase) decrease in other current assets [2] (115) 87
Decrease (increase) in other assets [2] 15 (39)
Increase (decrease) in accounts payable and accrued liabilities [2] 192 (381)
Decrease in estimated liability for taxes on income [2] (286) (202)
(Decrease) increase in other liabilities [2] (23) 40
Other [2] 73 113
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,356 3,484
Cash flows from investing activities:    
Capital expenditures (1,287) (1,178)
APS investments (340) (312)
Exploration data costs capitalized (208) (168)
Cash acquired in ChampionX Corporation acquisition 0 479
Business acquisitions and investments, net of cash acquired (570) (144)
Sale of short-term investments, net 228 572
Purchase of Blue Chip Swap securities 0 (167)
Proceeds from sale of Blue Chip securities 0 144
Proceeds from sale of APS investment 0 338
Proceeds from sale of ChampionX Drilling Technologies business 0 286
Other 37 8
NET CASH USED IN INVESTING ACTIVITIES (2,140) (142)
Cash flows from financing activities:    
Stock repurchase program (1,755) (2,414)
Dividends paid (1,305) (1,176)
Proceeds from issuance of long-term debt 2,000 660
Repayment of long-term debt (715) (1,112)
Proceeds from employee stock purchase plan 227 222
Proceeds from exercise of stock options 120 8
Taxes paid on net settled stock-based compensation awards (71) (61)
Net increase in short-term borrowings 6 17
Other (121) (65)
NET CASH USED IN FINANCING ACTIVITIES (1,614) (3,921)
Net decrease in cash before translation effect (398) (579)
Translation effect on cash (17) 49
Cash, beginning of period 3,036 3,544
Cash, end of period $ 2,621 $ 3,014
[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.