Information Relating to the Consolidated Statement of Cash Flows

9 Months Ended

Sep. 30, 2019

Supplemental Cash Flow Elements [Abstract]

Information Relating to the Consolidated Statement of Cash Flows



	Nine Months Ended September 30
(Millions of dollars)	2019			2018
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable	$	2,254		$	(1,741	)
Decrease (increase) in inventories	(20		)	(749		)
Decrease (increase) in prepaid expenses and other current assets	(286		)	(310		)
Increase (decrease) in accounts payable and accrued liabilities	(981		)	887
Increase (decrease) in income and other taxes payable	159			31
Net decrease (increase) in operating working capital	$	1,126		$	(1,882	)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest)	$	579		$	502
Income taxes	$	3,516		$	3,526
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts:
Proceeds and deposits related to asset sales	$	1,021		$	1,872
Returns of investment from equity affiliates	67			244
Proceeds and deposits related to asset sales and returns of investment	$	1,088		$	2,116
Net maturities of (investments in) time deposits consisted of the following gross amounts:
Investments in time deposits	$	—		$	—
Maturities of time deposits	950			—
Net maturities of (investments in) time deposits	$	950		$	—
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased	$	(1	)	$	(51	)
Marketable securities sold	3			—
Net sales (purchases) of marketable securities	$	2		$	(51	)
Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts:
Borrowing of loans by equity affiliates	$	(1,050	)	$	—
Repayment of loans by equity affiliates	80			78
Net repayment (borrowing) of loans by equity affiliates	$	(970	)	$	78
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
Proceeds from issuances of short-term obligations	$	1,821		$	2,452
Repayments of short-term obligations	(570		)	(3,379		)
Net borrowings (repayments) of short-term obligations with three months or less maturity	722			3,126
Net borrowings (repayments) of short-term obligations	$	1,973		$	2,199

The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.

The "Other" line in the Operating Activities section includes changes in postretirement benefits obligations and other long-term liabilities.

The “Net sales (purchases) of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. During the first nine months in 2019 and 2018, the company purchased 23.3 million and 6.3 million shares under its share repurchase programs, respectively, for $2.8 billion and $750 million.

The company paid dividends of $1.19 per share of common stock in third quarter 2019 and $3.57 per share in the first nine months of 2019. This compares to dividends of $1.12 and $3.36 per share paid in the corresponding year-ago periods.

The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table:



	Nine Months Ended September 30
	2019			2018
	(Millions of dollars)
Additions to properties, plant and equipment	$	9,713		$	9,489
Additions to investments	69			36
Current-year dry hole expenditures	111			276
Payments for other assets and liabilities, net	13			—
Capital expenditures	9,906			9,801
Expensed exploration expenditures	361			364
Assets acquired through finance lease obligations and other financing obligations	146			65
Payments for other assets and liabilities, net	(13		)	—
Capital and exploratory expenditures, excluding equity affiliates	10,400			10,230
Company's share of expenditures by equity affiliates	4,578			4,115
Capital and exploratory expenditures, including equity affiliates	$	14,978		$	14,345

The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:



	At September 30				At December 31
	2019		2018		2018		2017
	(Millions of dollars)
Cash and Cash Equivalents	$	11,697	$	9,686	$	9,342	$	4,813
Restricted cash included in "Prepaid expenses and other current assets"	370		277		341		405
Restricted cash included in "Deferred charges and other assets"	753		778		798		725
Total Cash, Cash Equivalents and Restricted Cash	$	12,820	$	10,741	$	10,481	$	5,943

Additional information related to "Restricted Cash" is included on page 24 in Note 14 under the heading "Restricted Cash."