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Equity | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
Equity | Note 14—Equity Common Stock The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were:
| Shares
| 2023 | 2022 | 2021
Issued |  |  |
Beginning of year | 2,100,885,134 |  | 2,091,562,747 |  | 1,798,844,267 |
Acquisition of Concho | — |  | — |  | 285,928,872 |
Distributed under benefit plans | 2,887,382 |  | 9,322,387 |  | 6,789,608 |
End of year | 2,103,772,516 |  | 2,100,885,134 |  | 2,091,562,747 |
Held in Treasury |  |  |
Beginning of year | 877,029,062 |  | 789,319,875 |  | 730,802,089 |
Repurchase of common stock | 48,641,899 |  | 87,709,187 |  | 58,517,786 |
End of year | 925,670,961 |  | 877,029,062 |  | 789,319,875 |
Preferred Stock We have authorized 500 million shares of preferred stock, par value $0.01 per share, none of which was issued or outstanding at December 31, 2023 or 2022. Repurchase of Common Stock In late 2016, we initiated our current share repurchase program. In October 2022, our Board of Directors approved an increase to our authorization from $25 billion to $45 billion of our common stock to support our plan for future share repurchases. Share repurchases since inception of our current program totaled 383 million shares at a cost of $29 billion through the end of December 2023. In May 2021, we began a paced monetization of our CVE common shares, the proceeds of which have been applied to share repurchases. During the first quarter of 2022, we sold our remaining 91 million CVE common shares.

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