Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Note 14—Equity

Common Stock

The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were:

Shares

2021

2020

2019

Issued

Beginning of year

1,798,844,267

1,795,652,203

1,791,637,434

Acquisition of Concho

285,928,872

-

-

Distributed under benefit plans

6,789,608

3,192,064

4,014,769

End of year

2,091,562,747

1,798,844,267

1,795,652,203

Held in Treasury

Beginning of year

730,802,089

710,783,814

653,288,213

Repurchase of common stock

58,517,786

20,018,275

57,495,601

End of year

789,319,875

730,802,089

710,783,814

Preferred Stock

We have authorized

500

 million shares of preferred stock, par value $

0.01

 per share,

none

 of which was issued or

outstanding at December 31, 2021 or 2020.

Noncontrolling Interests

In the second quarter of 2020, we completed the divestiture of our subsidiaries that held our Australia -West assets

and operations. These assets included the Darwin LNG and Bayu-Darwin Pipeline operating joint ventures in which

there was a noncontrolling interest. As a result, as of December 31, 2021 and 2020, we had no noncontrolling

interests. 

Repurchase of Common Stock

In late 2016, we initiated our current share repurchase program, which has a current total program authorization

of $

25

 billion of our common stock. In May 2021, we began a paced monetization of our CVE common shares, the

proceeds of which have been applied to share repurchases. Share repurchases since inception of our current

program totaled

247

 million shares at a cost of $

14

 billion through the end of December 2021.