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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 4,282 $ 9,295
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and debt discount (44) (51)
Depreciation and amortization 2,511 2,479
Pension and other postretirement benefits, net 18 (210)
Deferred income taxes (132) (64)
Net gain on disposal of assets (17) (126)
Income from equity method investments (796) (547)
Distributions from equity method investments 882 686
Changes in the fair value of derivative instruments 47 40
Changes in:    
Current receivables 2,061 1,533
Inventories (588) (1,313)
Current liabilities and other current assets (1,546) 1,636
Right of use assets and operating lease liabilities, net (1) (3)
All other, net (219) (361)
Net cash provided by operating activities 6,458 12,994
Investing activities:    
Additions to property, plant and equipment (1,723) (1,358)
Acquisitions, net of cash acquired (622) 0
Disposal of assets 4 33
Investments – acquisitions and contributions (450) (362)
Investments - redemptions, repayments, return of capital and sales proceeds 141 270
Purchases of short-term investments (2,949) (7,137)
Sales of short-term investments 2,295 1,874
Maturities of short-term investments 4,384 3,901
All other, net 147 648
Net cash provided by (used in) investing activities 1,227 (2,131)
Financing activities:    
Long-term debt – borrowings 1,631 1,589
Long-term debt – repayments (811) (1,062)
Debt issuance costs (15) (15)
Issuance of common stock 19 60
Common stock repurchased (7,815) (9,067)
Dividends paid (862) (950)
Distributions to noncontrolling interests (1,005) (943)
Repurchases of noncontrolling interests (226) 0
Redemption of noncontrolling interests - preferred units 0 (600)
All other, net (43) (50)
Net cash used in financing activities (9,127) (11,038)
Net change in cash, cash equivalents and restricted cash (1,442) (175)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance 5,446 [1] 8,631
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance $ 4,004 [1] $ 8,456
[1] Restricted cash is included in other current assets on our consolidated balance sheets.