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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 1,956 $ 3,267
Adjustments to reconcile net income to net cash provided by operating activities    
Amortization of deferred financing costs and debt discount 21 (39)
Depreciation and amortization 1,582 1,665
Pension and other postretirement benefits, net 67 66
Deferred income taxes (58) (95)
Net gain on disposal of assets (6) (19)
Income from equity method investments (442) (577)
Distributions from equity method investments 555 554
Changes in the fair value of derivative instruments (54) 10
Changes in:    
Current receivables 61 (82)
Inventories (538) (481)
Current liabilities and other current assets (515) 704
Right of use assets and operating lease liabilities, net 6 1
All other, net (60) (200)
Net cash provided by operating activities 2,575 4,774
Investing activities:    
Additions to property, plant and equipment (1,358) (1,072)
Acquisitions, net of cash acquired (237) (622)
Disposal of assets 18 2
Investments – acquisitions and contributions (488) (179)
Investments – redemptions, repayments, return of capital and sales proceeds 60 134
Purchases of short-term investments 0 (2,929)
Sales of short-term investments 0 195
Maturities of short-term investments 0 3,523
All other, net 108 141
Net cash used in investing activities (1,897) (807)
Financing activities:    
Commercial paper – issued 5,055 0
Commercial paper – repayments (4,845) 0
Long-term debt – borrowings 5,932 1,630
Long-term debt – repayments (4,975) (38)
Debt issuance costs (38) (14)
Issuance of common stock 23 19
Common stock repurchased (1,837) (5,114)
Dividends paid (564) (589)
Distributions to noncontrolling interests (738) (672)
Repurchases of noncontrolling interests (200) (150)
All other, net (28) (42)
Net cash used in financing activities (2,215) (4,970)
Net change in cash, cash equivalents and restricted cash (1,537) (1,003)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance 3,211 [1] 5,446
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance [1] $ 1,674 $ 4,443
[1] Restricted cash is included in other current assets on our consolidated balance sheets.