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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 1,419 $ 1,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 516 332
Equity in net earnings from investments (164) (83)
Distributions received from unconsolidated affiliates 167 86
Deferred income taxes 385 419
Medford settlement gain 0 (779)
Medford settlement proceeds 0 502
Other, net 2 43
Changes in assets and liabilities:    
Accounts receivable 384 456
Inventories, net of commodity imbalances 6 40
Accounts payable (258) (443)
Risk-management assets and liabilities (93) 47
Other assets and liabilities, net (338) (144)
Cash provided by operating activities 2,026 1,993
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (991) (594)
Cash paid for acquisitions, net of cash received (357) 0
Purchases of and contributions to unconsolidated affiliates (98) (108)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 31 16
Medford settlement proceeds 0 328
Other, net 81 5
Cash used in investing activities (1,334) (353)
Financing activities    
Dividends paid (1,156) (855)
Short-term borrowings, net 180 0
Issuance of long-term debt, net of discounts 0 60
Repayment of long-term debt 0 (940)
Other, net (18) (19)
Cash used in financing activities (994) (1,754)
Change in cash and cash equivalents (302) (114)
Cash and cash equivalents at beginning of period 338 220
Cash and cash equivalents at end of period $ 36 $ 106