v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities    
Net income $ 1,001 $ 743
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion, and amortization 633 610
Deferred income taxes 281 167
Change in fair value of derivative contracts 86 82
Earnings from equity investments (254) (220)
Distributions of equity investment earnings 150 185
Changes in components of working capital    
Accounts receivable 131 45
Inventories (19) (22)
Other current assets (56) 24
Accounts payable (172) (57)
Accrued interest, net of interest rate swaps (192) (206)
Accrued taxes (58) (70)
Other current liabilities 27 (24)
Other, net (67) (95)
Net Cash Provided by Operating Activities 1,491 1,162
Cash Flows From Investing Activities    
Acquisition of assets (Note 2) 0 (648)
Capital expenditures (804) (766)
Contributions to investments (53) (42)
Distributions from equity investments in excess of cumulative earnings 46 45
Other, net 8 (3)
Net Cash Used in Investing Activities (803) (1,414)
Cash Flows From Financing Activities    
Issuances of debt 1,937 2,876
Payments of debt (1,867) (1,847)
Debt issue costs (3) (3)
Dividends (654) (642)
Distributions to noncontrolling interests (37) (41)
Other, net 7 (10)
Net Cash (Used in) Provided by Financing Activities (617) 333
Net Increase in Cash, Cash Equivalents, and Restricted Deposits 71 81
Cash, Cash Equivalents and Restricted Deposits, beginning of period 109 214
Cash, Cash Equivalents and Restricted Deposits, end of period 180 295
Cash and Cash Equivalents, beginning of period 63  
Restricted Deposits, beginning of period 46  
Cash and Cash Equivalents, end of period 72  
Restricted Deposits, end of period 108  
Non-cash Investing and Financing Activities    
ROU assets and operating lease obligations recognized including adjustments 33 2
Net increase in property, plant, and equipment from both accruals and contractor retainage 133  
Supplemental Disclosures of Cash Flow Information    
Cash paid during the period for interest (net of capitalized interest) 623 657
Cash (refund) paid during the period for income taxes, net $ (3) $ 3