Earnings Per Share

9 Months Ended

Sep. 30, 2023

Note 18—Earnings Per Share

The following table presents the calculation of net income available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive.


	Millions of Dollars (except per share amounts)
	Three Months Ended September 30			Nine Months Ended September 30
	2023		2022	2023	2022
Basic earnings per share

Net Income	$	2,798	4,527	7,950	15,431
Less: Dividends and undistributed earnings
allocated to participating securities	9		16	26	47
Net Income available to common shareholders	$	2,789	4,511	7,924	15,384
Average common shares outstanding (in Millions)	1,197		1,266	1,208	1,286

Net Income Per Share of Common Stock	$	2.33	3.56	6.56	11.96

Diluted earnings per share

Net Income available to common shareholders	$	2,789	4,511	7,924	15,384
Average common shares outstanding (in Millions)	1,197		1,266	1,208	1,286
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in Millions)	3		3	3	4
Average diluted shares outstanding (in Millions)	1,200		1,269	1,211	1,290

Net Income Per Share of Common Stock	$	2.32	3.55	6.54	11.93