Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2025 2025 2024 Cash flows from operating activities: Net income $ 711 $ 1,120 $ 1,044 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 293 579 566 Stock-based compensation cost 52 102 101 Change in fair value of equity securities (119 ) 21 (71 ) (Benefit) provision for deferred income taxes 36 (17 ) 33 Working capital (120 ) 98 (36 ) Other operating items, net (343 ) (684 ) (505 ) Net cash flows provided by operating activities 510 1,219 1,132 Cash flows from investing activities: Expenditures for capital assets (301 ) (601 ) (625 ) Proceeds from disposal of assets 30 74 101 Other investing items, net (15 ) (69 ) (6 ) Net cash flows used in investing activities (286 ) (596 ) (530 ) Cash flows from financing activities: Repayment of long-term debt — — (125 ) Dividends paid (227 ) (456 ) (419 ) Repurchase of Class A common stock (196 ) (384 ) (324 ) Other financing items, net (20 ) (105 ) (61 ) Net cash flows used in financing activities (443 ) (945 ) (929 ) Effect of currency exchange rate changes on cash and cash equivalents 29 45 (35 ) Decrease in cash and cash equivalents (190 ) (277 ) (362 ) Cash and cash equivalents, beginning of period 3,277 3,364 2,646 Cash and cash equivalents, end of period $ 3,087 $ 3,087 $ 2,284 Supplemental cash flows disclosures: Income taxes paid, net of refunds $ 211 $ 418 $ 336 Interest paid $ 98 $ 148 $ 150 Economic and political conditions - the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions. Oil and gas market conditions - the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries ("OPEC") policy and the adherence by OPEC nations to their OPEC production quotas.
Author: Baker Hughes Energy Services LLC
Published at: 2025-07-22 21:00:00
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