Information Relating to the Consolidated Statement of Cash Flows
|
| | | | | | | | | | | | |
| Year ended December 31 | |
| 2013 |
| | | 2012 |
| | 2011 |
|
Net (increase) decrease in operating working capital was composed of the following: | | | | | | |
(Increase) decrease in accounts and
notes receivable | $ | (1,101 | ) | | | $ | 1,153 |
| | $ | (2,156 | ) |
Increase in inventories | (237 | ) | | | (233 | ) | | (404 | ) |
Decrease (increase) in prepaid expenses and other current assets | 834 |
| | | (471 | ) | | (853 | ) |
Increase in accounts payable and accrued liabilities | 160 |
| | | 544 |
| | 3,839 |
|
(Decrease) increase in income and other taxes payable | (987 | ) | | | (630 | ) | | 1,892 |
|
Net (increase) decrease in operating working capital | $ | (1,331 | ) | | | $ | 363 |
| | $ | 2,318 |
|
Net cash provided by operating activities includes the following cash payments for income taxes: | | | | | | |
Income taxes | $ | 12,898 |
| | | $ | 17,334 |
| | $ | 17,374 |
|
Net sales (purchases) of marketable securities consisted of the following gross amounts: | | | | | | |
Marketable securities purchased | $ | (7 | ) | | | $ | (35 | ) | | $ | (112 | ) |
Marketable securities sold | 10 |
| | | 32 |
| | 38 |
|
Net sales (purchases) of marketable securities | $ | 3 |
| | | $ | (3 | ) | | $ | (74 | ) |
Net sales (purchases) of time deposits consisted of the following gross amounts: | | | | | | |
Time deposits purchased | $ | (2,317 | ) | | | $ | (717 | ) | | $ | (6,439 | ) |
Time deposits matured | 3,017 |
| | | 3,967 |
| | 5,335 |
|
Net sales (purchases) of time deposits | $ | 700 |
| | | $ | 3,250 |
| | $ | (1,104 | ) |
The “Net (increase) decrease in operating working capital” includes reductions of $79, $98 and $121 for excess income tax benefits associated with stock options exercised during 2013, 2012 and 2011, respectively. These amounts are offset by an equal amount in “Net purchases of treasury shares.” "Other" includes changes in postretirement benefits obligations and other long-term liabilities.
In February 2011, the company acquired Atlas Energy, Inc. (Atlas) for the aggregate purchase price of approximately $4,500. The purchase price included assumption of debt and certain payments noted below. The “Acquisition of Atlas Energy” reflects the $3,009 cash paid for all the common shares of Atlas. An “Advance to Atlas Energy” of $403 was made to facilitate the purchase of a 49 percent interest in Laurel Mountain Midstream LLC on the day of closing. The “Repayments of long-term debt and other financing obligations” in 2011 includes $761 for repayment of Atlas debt and $271 for payoff of the Atlas revolving credit facility. The “Net (increase) decrease in operating working capital” includes $184 for payments made in connection with Atlas equity awards subsequent to the acquisition. The remaining impacts of the acquisition did not have a material impact on the Consolidated Statement of Cash Flows.
The “Net purchases of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $5,004, $5,004 and $4,262 in 2013, 2012 and 2011, respectively. In 2013, 2012 and 2011, the company purchased 41.6 million, 46.6 million and 42.3 million common shares for $5,000, $5,000 and $4,250 under its ongoing share repurchase program, respectively.
In 2013, 2012 and 2011, “Net sales (purchases) of other short-term investments” generally consisted of restricted cash associated with tax payments, upstream abandonment activities, funds held in escrow for asset acquisitions and capital investment projects that was invested in cash and short-term securities and reclassified from “Cash and cash equivalents” to “Deferred charges and other assets” on the Consolidated Balance Sheet. The company issued $374 in 2011 of tax exempt bonds as a source of funds for U.S. refinery projects, which is included in “Proceeds from issuance of long-term debt.”
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The 2012 period excludes the effects of $800 of proceeds to be received in future periods for the sale of an equity interest in the Wheatstone Project, of which $82 was received in 2013. "Capital expenditures" in the 2012 period excludes a $1,850 increase in "Properties, plant and equipment" related to an upstream asset exchange in Australia. Refer also to Note 24, on page FS-56, for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2013.
The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table:
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| | | | | | | | | | | | |
| Year ended December 31 | |
| 2013 |
| | | 2012 |
| | 2011 |
|
Additions to properties, plant
and equipment * | $ | 36,550 |
| | | $ | 29,526 |
| | $ | 25,440 |
|
Additions to investments | 934 |
| | | 1,042 |
| | 900 |
|
Current-year dry hole expenditures | 594 |
| | | 475 |
| | 332 |
|
Payments for other liabilities
and assets, net | (93 | ) | | | (105 | ) | | (172 | ) |
Capital expenditures | 37,985 |
| | | 30,938 |
| | 26,500 |
|
Expensed exploration expenditures | 1,178 |
| | | 1,173 |
| | 839 |
|
Assets acquired through capital lease obligations and other financing obligations | 16 |
| | | 1 |
| | 32 |
|
Capital and exploratory expenditures, excluding equity affiliates | 39,179 |
| | | 32,112 |
| | 27,371 |
|
Company's share of expenditures by equity affiliates | 2,698 |
| | | 2,117 |
| | 1,695 |
|
Capital and exploratory expenditures, including equity affiliates | $ | 41,877 |
| | | $ | 34,229 |
| | $ | 29,066 |
|
* Excludes noncash additions of $1,661 in 2013, $4,569 in 2012 and $945 in 2011.
