Share Repurchase Plan

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Share Repurchase Plan

16.  Share Repurchase Plan

In March 2013, the Corporation announced a board authorized plan to repurchase up to $4.0 billion of outstanding common shares. In May 2014, the Corporation increased the repurchase program to $6.5 billion. For the year ended December 31, 2014, the Corporation purchased approximately 43.4 million shares for a total cost of approximately $3.7 billion, or an average cost of $85.83 per share including transaction fees. From August through December 31, 2013, the Corporation purchased approximately 19.3 million shares for a total cost of approximately $1.5 billion, or an average cost of $79.65 per share including transaction fees. As of December 31, 2014, the Corporation is authorized to purchase up to approximately $1.24 billion of additional common stock under its board approved plan.  Due to the current oil price environment, the Corporation plans to significantly moderate stock repurchases in 2015 compared with 2014.