Shareholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders' EquityThe following tables summarize our shareholders’ equity activity for the three and nine months ended September 30,

2025 and September 30, 2024, respectively:

Millions of dollars	Common Stock	Paid-in Capital in Excess of Par Value	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest in Consolidated Subsidiaries	Total
Balance at December 31, 2024	$2,662	$79	$(6,214)	$14,332	$(353)	$42	$10,548
Comprehensive income (loss):
Net income	—	—	—	204	—	(1)	203
Other comprehensive income (loss)	—	—	—	—	(6)	—	(6)
Cash dividends ($0.17 per share)	—	—	—	(147)	—	—	(147)
Stock repurchase program	—	—	(252)	—	—	—	(252)
Stock plans (a)	(1)	(24)	83	—	—	—	58
Other	—	4	—	—	—	1	5
Balance at March 31, 2025	$2,661	$59	$(6,383)	$14,389	$(359)	$42	$10,409
Comprehensive income (loss):
Net income	—	—	—	472	—	8	480
Other comprehensive income (loss)	—	—	—	—	3	—	3
Cash dividends ($0.17 per share)	—	—	—	(145)	—	—	(145)
Stock repurchase program	—	—	(252)	—	—	—	(252)
Stock plans (a)	—	(28)	88	—	—	—	60
Other	—	—	—	—	—	(8)	(8)
Balance at June 30, 2025	$2,661	$31	$(6,547)	$14,716	$(356)	$42	$10,547
Comprehensive income (loss):
Net income	—	—	—	18	—	2	20
Other comprehensive income (loss)	—	—	—	—	2	—	2
Cash dividends ($0.17 per share)	—	—	—	(144)	—	—	(144)
Stock repurchase program	—	—	(252)	—	—	—	(252)
Stock plans (a)	(2)	43	33	—	—	—	74
Other	—	—	—	—	—	(1)	(1)
Balance at September 30,2025	$2,659	$74	$(6,766)	$14,590	$(354)	$43	$10,246

(a) In the first, second and third quarter of 2025, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan.

Millions of dollars	Common Stock	Paid-in Capital in Excess of Par Value	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest in Consolidated Subsidiaries	Total
Balance at December 31, 2023	$2,663	$63	$(5,540)	$12,536	$(331)	$42	$9,433
Comprehensive income (loss):
Net income	—	—	—	606	—	3	609
Other comprehensive income (loss)	—	—	—	—	(1)	1	—
Cash dividends ($0.17 per share)	—	—	—	(151)	—	—	(151)
Stock repurchase program	—	—	(250)	—	—	—	(250)
Stock plans (a)	(1)	(63)	108	(3)	—	—	41
Other	—	—	—	—	—	—	—
Balance at March 31, 2024	$2,662	$—	$(5,682)	$12,988	$(332)	$46	$9,682
Comprehensive income (loss):
Net income	—	—	—	709	—	4	713
Other comprehensive income (loss)	—	—	—	—	—	—	—
Cash dividends ($0.17 per share)	—	—	—	(151)	—	—	(151)
Stock repurchase program	—	—	(251)	—	—	—	(251)
Stock plans (a)	1	—	152	(96)	—	—	57
Other	—	—	—	—	—	(4)	(4)
Balance at June 30, 2024	$2,663	$—	$(5,781)	$13,450	$(332)	$46	$10,046
Comprehensive income (loss):
Net income	—	—	—	571	—	9	580
Other comprehensive income (loss)	—	—	—	—	3	—	3
Cash dividends ($0.17 per share)	—	—	—	(150)	—	—	(150)
Stock repurchase program	—	—	(198)	—	—	—	(198)
Stock plans (a)	(1)	38	39	(6)	—	—	70
Other	—	—	—	—	—	1	1
Balance at September 30, 2024	$2,662	$38	$(5,940)	$13,865	$(329)	$56	$10,352

(a) In the first, second and third quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero in each quarter, which resulted in a reduction of retained earnings by $3 million in the first quarter of 2024, $96 million in the second quarter of 2024 and $6 million in the third quarter of 2024. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased

11.3 million shares of our common stock under the program during the three months ended September 30, 2025 for $252

million. Approximately $2.3 billion remained authorized for repurchases under the program as of September 30, 2025. From

the inception of this program in February of 2006 through September 30, 2025, we repurchased 317 million shares of our

common stock for a total cost of approximately $11.8 billion. We repurchased 6.2 million shares of our common stock under

the program during the three months ended September 30, 2024 for approximately $198 million.

Accumulated other comprehensive loss consisted of the following:

	September 30,	December 31,
Millions of dollars	2025	2024
Cumulative translation adjustments	$(80)	$(82)
Defined benefit and other postretirement liability adjustments	(237)	(234)
Other	(37)	(37)
Total accumulated other comprehensive loss	$(354)	$(353)