Consolidated Statements of Cash Flows
| Year Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||||||
| (In millions) | |||||||||
| Cash flows from operating activities: Net earnings |
$ | 3,606 | 2,846 | 2,930 | |||||
| Earnings from discontinued operations, net of tax | (460 | ) | (212 | ) | (33 | ) | |||
| Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities: Depreciation, depletion and amortization |
2,858 | 2,231 | 1,924 | ||||||
| Deferred income tax expense | 578 | 408 | 448 | ||||||
| Net gain on sales of non-oil and gas property and equipment | (1 | ) | (5 | ) | (150 | ) | |||
| Reduction of carrying value of oil and gas properties | — | 36 | 42 | ||||||
| Other noncash charges | 177 | 269 | 127 | ||||||
| (Increase) decrease in assets: Accounts receivable |
(329 | ) | 91 | (151 | ) | ||||
| Other current assets | (38 | ) | (33 | ) | (16 | ) | |||
| Long-term other assets | (92 | ) | (58 | ) | 35 | ||||
| Increase (decrease) in liabilities: Accounts payable |
119 | (175 | ) | 247 | |||||
| Income taxes payable | (28 | ) | (245 | ) | 70 | ||||
| Debt, including current maturities | — | — | (67 | ) | |||||
| Other current liabilities | (223 | ) | 80 | (36 | ) | ||||
| Long-term other liabilities | (5 | ) | 141 | (73 | ) | ||||
| Cash provided by operating activities — continuing operations | 6,162 | 5,374 | 5,297 | ||||||
| Cash provided by operating activities — discontinued operations | 489 | 619 | 315 | ||||||
| Net cash provided by operating activities | 6,651 | 5,993 | 5,612 | ||||||
| Cash flows from investing activities: Proceeds from sales of property and equipment |
76 | 40 | 2,151 | ||||||
| Capital expenditures, including acquisition of business | (6,158 | ) | (7,346 | ) | (3,813 | ) | |||
| Purchases of short-term investments | (934 | ) | (2,395 | ) | (4,020 | ) | |||
| Sales of short-term investments | 1,136 | 2,501 | 4,307 | ||||||
| Cash used in investing activities — continuing operations | (5,880 | ) | (7,200 | ) | (1,375 | ) | |||
| Cash (provided by) used in investing activities — discontinued operations | 166 | (249 | ) | (277 | ) | ||||
| Net cash used in investing activities | (5,714 | ) | (7,449 | ) | (1,652 | ) | |||
Cash flows from financing activities: Net senior credit facility borrowings, net of issuance costs |
1,450 | — | — | ||||||
| Net commercial paper (repayments) borrowings, net of issuance costs | (804 | ) | 1,808 | — | |||||
| Principal payments on debt, including current maturities | (567 | ) | (862 | ) | (1,258 | ) | |||
| Proceeds from stock option exercises | 91 | 73 | 124 | ||||||
| Repurchases of common stock | (326 | ) | (253 | ) | (2,263 | ) | |||
| Dividends paid on common and preferred stock | (259 | ) | (209 | ) | (146 | ) | |||
| Excess tax benefits related to share-based compensation | 44 | 36 | — | ||||||
| Net cash (used in) provided by financing activities | (371 | ) | 593 | (3,543 | ) | ||||
| Effect of exchange rate changes on cash | 51 | 13 | 37 | ||||||
| Net increase (decrease) in cash and cash equivalents | 617 | (850 | ) | 454 | |||||
| Cash and cash equivalents at beginning of year (including cash related to assets held for sale) |
756 | 1,606 | 1,152 | ||||||
| Cash and cash equivalents at end of year (including cash related to assets held for sale) |
$ | 1,373 | 756 | 1,606 | |||||
Supplementary cash flow data: Interest paid (net of capitalized interest) |
$ | 406 | 384 | 593 | |||||
| Income taxes paid (continuing and discontinued operations) | $ | 588 | 960 | 1,092 | |||||
See accompanying notes to consolidated financial statements.