Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 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  June 30,				Six Months Ended  June 30,
(In millions, except per share amounts)	2023		2022		2023		2022
Income (Numerator)
Net income	$	209	$	1,229	$	886	$	1,837
Less: dividends attributable to participating securities	(1)		(1)		(3)		(3)
Less: Cimarex redeemable preferred stock dividends	—		—		—		(1)
Net income available to common stockholders	$	208	$	1,228	$	883	$	1,833
Shares (Denominator)
Weighted average shares - Basic	755		803		760		806
Dilution effect of stock awards at end of period	5		5		4		3
Weighted average shares - Diluted	760		808		764		809
Earnings per share:
Basic	$	0.28	$	1.53	$	1.16	$	2.28
Diluted	$	0.27	$	1.52	$	1.16	$	2.27

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  June 30,		Six Months Ended  June 30,
(In millions)	2023	2022	2023	2022
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	—	—	1	1