Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 4,492 $ 12,059 $ 2,635
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized foreign currency exchange gain, net 0 (2) (5)
Depreciation, amortization and accretion expense 1,220 1,196 1,119
Share-based compensation expense 215 250 205
Amortization of discount and debt issuance costs 42 44 57
Reduction of right-of-use assets 670 623 607
Loss (gain) on modification or extinguishment of debt 9 (15) 66
Total losses (gains) on derivative instruments, net (1,315) (7,890) 6,531
Net cash used for settlement of derivative instruments (100) (79) (904)
Deferred taxes 330 2,389 440
Other, net 19 20 79
Changes in operating assets and liabilities:      
Trade and other receivables 380 840 (502)
Inventory (57) 377 (123)
Margin deposits (111) 116 631
Other non-current assets (80) (64) (43)
Accounts payable and accrued liabilities 248 (982) 250
Total deferred revenue (2) 3 124
Total operating lease liabilities (658) (607) (622)
Other, net 92 140 (22)
Net cash provided by operating activities 5,394 8,418 10,523
Cash flows from investing activities      
Property, plant and equipment, net (2,238) (2,121) (1,830)
Investment in equity method investments (12) (61) (15)
Other (29) (20) 1
Net cash used in investing activities (2,279) (2,202) (1,844)
Cash flows from financing activities      
Proceeds from issuances of debt 2,725 1,397 1,575
Redemptions, repayments and repurchases of debt (3,521) (2,598) (6,771)
Distributions to non-controlling interests (846) (1,016) (947)
Payments related to tax withholdings for share-based compensation (46) (63) (63)
Repurchase of common stock (2,262) (1,473) (1,373)
Dividends to stockholders (412) (393) (349)
Other, net (89) (34) (86)
Net cash used in financing activities (4,451) (4,180) (8,014)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 1 2 5
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (1,335) 2,038 670
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 4,525 2,487 1,817
Cash, cash equivalents and restricted cash and cash equivalents—end of period $ 3,190 $ 4,525 $ 2,487