Capital Stock

6 Months Ended

Jun. 30, 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.

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 six months ended June 30, 2025 and 2024:

	Base Rate Per Share (1)		Total Dividends Paid (In millions)
2025
First quarter	$	0.22	$	170
Second quarter	0.22		170
	$	0.44	$	340
2024
First quarter	$	0.21	$	160
Second quarter	0.21		158
	$	0.42	$	318

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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 six months ended June 30, 2025 and 2024, the Company repurchased and retired 2 million shares for $47 million and 11 million shares for $296 million, respectively. As of June 30, 2025, the Company had $1.1 billion remaining under its current share repurchase program.