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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 09, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Cash flows from operating activities:        
Net income (loss) $ 5,383 $ 945 $ 4,936 $ (9,750)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation, depletion and amortization 72 919 1,753 1,097
Deferred income tax benefit (57) (49) (1,332) (10)
Derivative (gains) losses, net 382 1,127 2,680 (596)
Cash receipts (payments) on derivative settlements, net (17) (1,142) (3,561) 884
Share-based compensation 3 9 22 21
Gains on sales of assets (5) (12) (300) (30)
Impairments 0 1 0 8,535
Non-cash reorganization items, net (6,680) 0 0 (213)
Exploration 2 2 14 417
(Gains) losses on purchases, exchanges or extinguishments of debt 0 0 5 (65)
Other 45 46 31 (41)
Changes in assets and liabilities 851 (37) (123) 915
Net cash provided by (used in) operating activities (21) 1,809 4,125 1,164
Cash flows from investing activities:        
Capital expenditures (66) (669) (1,823) (1,142)
Business combination, net 0 (194) (1,967) 0
Contributions to investments 0 0 (18) 0
Proceeds from divestitures of property and equipment 0 13 407 150
Net cash used in investing activities (66) (850) (3,401) (992)
Cash flows from financing activities:        
Proceeds from New Credit Facility 0 0 1,600 0
Payments on New Credit Facility 0 0 (550) 0
Proceeds from Exit Credit Facility 0 30 9,583 0
Payments on Exit Credit Facility (479) (80) (9,804) 0
Proceeds from pre-petition revolving credit facility borrowings 0 0 0 3,656
Payments on pre-petition revolving credit facility borrowings 0 0 0 (3,317)
Proceeds from DIP Facility borrowings 0 0 0 60
Payments on DIP Facility borrowings (1,179) 0 0 (60)
Proceeds from issuance of senior notes, net 1,000 0 0 0
Proceeds from issuance of common stock 600 0 0 0
Proceeds from warrant exercise 0 2 27 0
Debt issuance and other financing costs (8) (3) (17) (109)
Cash paid to repurchase and retire common stock 0 0 (1,073) 0
Cash paid to purchase debt 0 0 0 (94)
Cash paid for common stock dividends 0 (119) (1,212) 0
Cash paid for preferred stock dividends 0 0 0 (22)
Other 0 (1) 0 (13)
Net cash provided by (used in) financing activities (66) (171) (1,446) 101
Net increase (decrease) in cash, cash equivalents and restricted cash (153) 788 (722) 273
Cash, cash equivalents and restricted cash, beginning of period 279 126 914 6
Cash, cash equivalents and restricted cash, end of period 126 914 192 279
Cash and cash equivalents 40 905 130 279
Restricted cash 86 9 62 0
Total cash, cash equivalents and restricted cash 126 914 192 279
Supplemental cash flow information:        
Cash paid for reorganization items, net 66 65 0 140
Interest paid, net of capitalized interest 13 34 146 224
Income taxes paid, net of refunds received 0 (9) 193 0
Supplemental disclosure of significant non-cash investing and financing activities:        
Put option premium on equity backstop agreement 60 0 0 60
Common stock issued for business combination 0 1,232 764 0
Operating lease obligations recognized 0 0 120 32
Change in accrued drilling and completion costs        
Supplemental disclosure of significant non-cash investing and financing activities:        
Change in accrued drilling and completion costs $ (5) $ 30 $ 148 $ (216)