| | 2012 | | 2013 |
| | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
$ Millions | | | | | | | | | | | | |
CASH FLOW INFORMATION | | | | | | | | | | | |
| | | | | | | | | | | | |
Cash Flows from Operating Activities | | | | | | | | | | | |
Net income | 2,955 | | 2,289 | | 1,813 | | 1,441 | | 8,498 | | | 2,153 | | | | | 2,153 | |
Depreciation, depletion and amortization | 1,571 | | 1,580 | | 1,650 | | 1,779 | | 6,580 | | | 1,807 | | | | | 1,807 | |
Impairments | 214 | | 82 | | - | | 384 | | 680 | | | 2 | | | | | 2 | |
Dry hole costs and leasehold impairments | 518 | | 116 | | 69 | | 171 | | 874 | | | 36 | | | | | 36 | |
Accretion on discounted liabilities | 105 | | 103 | | 100 | | 86 | | 394 | | | 106 | | | | | 106 | |
Deferred taxes | 131 | | 284 | | 396 | | 586 | | 1,397 | | | 241 | | | | | 241 | |
Undistributed equity earnings | (77 | ) | (179 | ) | (153 | ) | (187 | ) | (596 | ) | | (29 | ) | | | | (29 | ) |
Gain on dispositions | (940 | ) | (583 | ) | (118 | ) | (16 | ) | (1,657 | ) | | (58 | ) | | | | (58 | ) |
Income from discontinued operations | (776 | ) | (569 | ) | (73 | ) | 401 | | (1,017 | ) | | (129 | ) | | | | (129 | ) |
Other | | 173 | | (279 | ) | 53 | | (403 | ) | (456 | ) | | (503 | ) | | | | (503 | ) |
Net working capital changes | 196 | | (766 | ) | (297 | ) | (372 | ) | (1,239 | ) | | 982 | | | | | 982 | |
Net cash provided by continuing operations | 4,070 | | 2,078 | | 3,440 | | 3,870 | | 13,458 | | | 4,608 | | | | | 4,608 | |
Net cash provided by (used in) discontinued operations | 112 | | 272 | | 80 | | - | | 464 | | | 122 | | | | | 122 | |
Net Cash Provided by Operating Activities | 4,182 | | 2,350 | | 3,520 | | 3,870 | | 13,922 | | | 4,730 | | | | | 4,730 | |
| | | | | | | | | | | | |
Cash Flows from Investing Activities | | | | | | | | | | | |
Capital expenditures and investments | (3,818 | ) | (3,623 | ) | (3,279 | ) | (3,452 | ) | (14,172 | ) | | (3,391 | ) | | | | (3,391 | ) |
Proceeds from asset dispositions | 1,102 | | 464 | | 522 | | 44 | | 2,132 | | | 1,134 | | | | | 1,134 | |
Net sales (purchases) of short-term investments | 92 | | 505 | | - | | - | | 597 | | | (23 | ) | | | | (23 | ) |
Long-term collections from related parties | | | | | | | | | | |
and other investments | 45 | | 23 | | 207 | | 660 | | 935 | | | 36 | | | | | 36 | |
Net cash used in continuing operations | (2,579 | ) | (2,631 | ) | (2,550 | ) | (2,748 | ) | (10,508 | ) | | (2,244 | ) | | | | (2,244 | ) |
Net cash provided by (used in) discontinued operations | (431 | ) | (284 | ) | (223 | ) | (181 | ) | (1,119 | ) | | (189 | ) | | | | (189 | ) |
Net Cash Provided by (Used in) Investing Activities | (3,010 | ) | (2,915 | ) | (2,773 | ) | (2,929 | ) | (11,627 | ) | | (2,433 | ) | | | | (2,433 | ) |
| | | | | | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | | | | |
Net issuance (repayment) of debt | (47 | ) | 831 | | (1,967 | ) | 614 | | (569 | ) | | (48 | ) | | | | (48 | ) |
Special cash distribution from Phillips 66 | - | | 7,818 | | - | | - | | 7,818 | | | - | | | | | - | |
Change in restricted cash | - | | (5,000 | ) | 2,532 | | 1,720 | | (748 | ) | | 748 | | | | | 748 | |
Issuance of company common stock | 36 | | 9 | | 38 | | 55 | | 138 | | | (10 | ) | | | | (10 | ) |
Repurchase of company common stock | (1,899 | ) | (3,050 | ) | (149 | ) | - | | (5,098 | ) | | - | | | | | - | |
Dividends paid | (843 | ) | (818 | ) | (808 | ) | (809 | ) | (3,278 | ) | | (815 | ) | | | | (815 | ) |
Other | | (199 | ) | (170 | ) | (178 | ) | (178 | ) | (725 | ) | | (205 | ) | | | | (205 | ) |
Net cash used in continuing operations | (2,952 | ) | (380 | ) | (532 | ) | 1,402 | | (2,462 | ) | | (330 | ) | | | | (330 | ) |
Net cash used in discontinued operations | (318 | ) | (1,701 | ) | - | | - | | (2,019 | ) | | - | | | | | - | |
Net Cash Used in Financing Activities | (3,270 | ) | (2,081 | ) | (532 | ) | 1,402 | | (4,481 | ) | | (330 | ) | | | | (330 | ) |
| | | | | | | | | | | | |
Effect of Exchange Rate Changes | 25 | | (17 | ) | 9 | | 7 | | 24 | | | (163 | ) | | | | (163 | ) |
| | | | | | | | | | | | |
Net Change in Cash and Cash Equivalents | (2,073 | ) | (2,663 | ) | 224 | | 2,350 | | (2,162 | ) | | 1,804 | | | | | 1,804 | |
Cash and cash equivalents at beginning of period | 5,780 | | 3,707 | | 1,044 | | 1,268 | | 5,780 | | | 3,618 | | | | | 3,618 | |
Cash and Cash Equivalents at End of Period | 3,707 | | 1,044 | | 1,268 | | 3,618 | | 3,618 | | | 5,422 | | | | | 5,422 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
CAPITAL PROGRAM | | | | | | | | | | | |
| | | | | | | | | | | | |
Capital expenditures and investments | | | | | | | | | | |
Alaska | | 186 | | 202 | | 208 | | 232 | | 828 | | | 262 | | | | | 262 | |
| | | | | | | | | | | | |
Lower 48 and Latin America | 1,267 | | 1,288 | | 1,339 | | 1,357 | | 5,251 | | | 1,280 | | | | | 1,280 | |
| | | | | | | | | | | | |
Canada | | 629 | | 428 | | 493 | | 634 | | 2,184 | | | 675 | | | | | 675 | |
| | | | | | | | | | | | |
Europe | | 622 | | 735 | | 738 | | 765 | | 2,860 | | | 791 | | | | | 791 | |
| | | | | | | | | | | | |
Asia Pacific and Middle East | 699 | | 886 | | 468 | | 377 | | 2,430 | | | 337 | | | | | 337 | |
| | | | | | | | | | | | |
Other International | 354 | | 34 | | 11 | | 16 | | 415 | | | 19 | | | | | 19 | |
| | | | | | | | | | | | |
Corporate and Other | 61 | | 50 | | 22 | | 71 | | 204 | | | 27 | | | | | 27 | |
Total capital expenditures and investments | 3,818 | | 3,623 | | 3,279 | | 3,452 | | 14,172 | | | 3,391 | | | | | 3,391 | |
| | | | | | | | | | | | |
Joint venture acquisition obligation (principal) - Canada | 180 | | 183 | | 183 | | 187 | | 733 | | | 189 | | | | | 189 | |
Total Capital Program | 3,998 | | 3,806 | | 3,462 | | 3,639 | | 14,905 | | | 3,580 | | | | | 3,580 | |
Capital Program for Algeria, Nigeria and Kashagan was $189 million and $817 million for the first-quarter 2013 and full-year 2012, respectively. |