Good looking numbers from the last Q...Also a buyback!
Cash provided by operating activities totaled $21.3 billion for the first six months of 2013, $8.2 billion lower than 2012. The major source of funds was net income including noncontrolling interests of $16.7 billion, a decrease of $10.7 billion from the prior year period. The adjustment for the noncash provision of $8.5 billion for depreciation and depletion increased by $0.8 billion. Changes in operational working capital decreased cash flows by $3.0 billion in 2013, primarily due to an increase in inventory. Changes in operational working capital increased cash flows by $3.4 billion in 2012 primarily due to changes in payable and receivable balances. Net gain on asset sales was $0.4 billion in 2013 and $11.1 billion in 2012. All other items net in 2013 decreased cash by $0.7 billion versus an increase of $2.0 billion in 2012. For additional details, see the Condensed Consolidated Statement of Cash Flows on page 6.
Investing activities for the first six months of 2013 used net cash of $18.5 billion, an increase of $9.4 billion compared to the prior year. Spending for additions to property, plant and equipment of $16.1 billion was flat with 2012. Proceeds from asset sales of $0.7 billion decreased $5.6 billion. Additional investment and advances increased $3.2 billion to $3.5 billion reflecting the impact of the acquisition of Celtic Exploration Ltd.
Cash flow from operations and asset sales in the first six months of 2013 of $21.9 billion, including asset sales of $0.7 billion, decreased $13.8 billion. This reflects the change in cash flows from operating activities described above and the lower proceeds from asset sales, driven by the 2012 Japan restructuring.
Net cash used in financing activities of $7.4 billion in the first six months of 2013 was $7.9 billion lower than 2012, reflecting short-term debt issuance in 2013.
During the second quarter of 2013, The Corporation purchased 45 million shares of its common stock for the treasury at a gross cost of $4.0 billion. These purchases were to reduce the number of shares outstanding. Shares outstanding decreased from 4,446 million at the end of first quarter to 4,402 million at the end of the second quarter 2013. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.
