Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Weighted-Average Shares Outstanding

The following is a calculation of basic and diluted earnings per share under the two-class method:

	Three Months Ended  March 31,
(In millions, except per share amounts)	2023		2022
Income (Numerator)
Net income	$	677	$	608
Less: dividends attributable to participating securities	(2)		(2)
Less: Cimarex redeemable preferred stock dividends	—		(1)
Net income available to common stockholders	$	675	$	605
Shares (Denominator)
Weighted average shares - Basic	764		810
Dilution effect of stock awards at end of period	4		4
Weighted average shares - Diluted	768		814
Earnings per share:
Basic	$	0.88	$	0.75
Diluted	$	0.88	$	0.74

Calculation of Weighted-average Shares Excluded from Diluted EPS Due to the Anti-Dilutive Effect

The following is a calculation of weighted-average shares excluded from diluted EPS due to anti-dilutive effect:

	Three Months Ended  March 31,
(In millions)	2023	2022
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	—	1