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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities    
Net Income $ 2,920 $ 5,759
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion and amortization 1,942 1,823
Impairments 1 2
Dry hole costs and leasehold impairments 68 7
Accretion on discounted liabilities 68 61
Deferred taxes 324 373
Undistributed equity earnings 491 220
Gain on dispositions (93) (817)
Gain on investment in Cenovus Energy 0 (251)
Other (35) (152)
Working capital adjustments    
Decrease (increase) in accounts and notes receivable 1,701 (1,535)
Decrease (increase) in inventories (45) 27
Decrease in prepaid expenses and other current assets 255 58
Decrease in accounts payable (1,266) (204)
Decrease in taxes and other accruals (928) (303)
Net Cash Provided by Operating Activities 5,403 5,068
Cash Flows From Investing Activities    
Capital expenditures and investments (2,897) (3,161)
Working capital changes associated with investing activities 208 363
Acquisition of businesses, net of cash acquired 0 37
Proceeds from asset dispositions 188 2,332
Net (purchase) sale of investments 1,065 (263)
Collection of advances/loans—related parties 0 55
Other (12) 26
Net Cash Used in Investing Activities (1,448) (611)
Cash Flows From Financing Activities    
Issuance of debt 0 2,897
Repayment of debt (43) (3,964)
Issuance of company common stock (97) 271
Repurchase of company common stock (1,700) (1,425)
Dividends paid (1,488) (864)
Other 2 (52)
Net Cash Used in Financing Activities (3,326) (3,137)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (104) 21
Net Change in Cash, Cash Equivalents and Restricted Cash 525 1,341
Cash, cash equivalents and restricted cash at beginning of period 6,694 [1] 5,398
Cash, Cash Equivalents and Restricted Cash at End of Period $ 7,219 [2] $ 6,739
[1] Restricted cash of $236 million is included in the "Other assets" line of our Consolidated Balance Sheet as of December 31, 2022.
[2] Restricted cash of $245 million is included in the "Other assets" line of our Consolidated Balance Sheet as of March 31, 2023.