Capital Stock

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Capital Stock

Capital Stock

Issuance of Common Stock

Upon the closing of the acquisition of the FME Interests in January 2025, the Company issued 28,190,682 shares of its common stock to the sellers of the FME Interests. The shares were valued at $785 million based on the closing price of the stock on the date of issuance. The shares are unregistered and subject to a registration rights agreement that requires the Company to file a registration statement with the SEC no later than 120 days after closing of the transaction.

Dividends

Common Stock

In February 2025, the Company’s Board of Directors approved an increase in its base quarterly dividend from $0.21 per share to $0.22 per share beginning in the first quarter of 2025.

The following table summarizes the dividends the Company has paid on its common stock during the three months ended March 31, 2025 and 2024:

	Base Rate Per Share (1)		Total Dividends Paid (In millions)
2025
First quarter	$	0.22	$	170
	$	0.22	$	170
2024
First quarter	$	0.21	$	160
	$	0.21	$	160

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(1)    Increases to the Company’s base dividends were previously approved by the Company’s Board of Directors in the February meeting of the respective year presented.

Treasury Stock

During the three months ended March 31, 2025 and 2024, the Company repurchased and retired 1 million shares for $24 million and 6 million shares for $157 million, respectively. As of March 31, 2025, the Company had $1.1 billion remaining under its current share repurchase program.