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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income $ 2,484 $ 2,112
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,126 790
Equity in net earnings from investments (Note I) (281) (256)
Distributions received from unconsolidated affiliates 293 252
Deferred income taxes 731 570
Other, net 47 42
Changes in assets and liabilities:    
Accounts receivable (253) 461
Inventories, net of commodity imbalances (170) 28
Accounts payable 357 (245)
Other assets and liabilities, net (281) (477)
Cash provided by operating activities 4,053 3,277
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (2,182) (1,459)
Cash paid for acquisitions, net of cash received 0 (408)
Purchases of and contributions to unconsolidated affiliates (499) (102)
Other, net 39 137
Cash used in investing activities (2,642) (1,832)
Financing activities    
Dividends paid (1,935) (1,734)
Issuance of long-term debt, net of discounts 2,989 6,982
Debt financing costs (31) (67)
Repurchase of common stock (30) 0
Delaware Basin JV Acquisition (Note B) (550) 0
Repayment of long-term debt (Note E) (1,285) (484)
Other, net (103) (16)
Cash provided by (used in) financing activities (945) 4,681
Change in cash and cash equivalents 466 6,126
Cash and cash equivalents at beginning of period 733 338
Cash and cash equivalents at end of period $ 1,199 $ 6,464