XML 52 R24.htm IDEA: XBRL DOCUMENT v3.24.0.1
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
202320222021
Issued
Beginning of year2,100,885,134 2,091,562,747 1,798,844,267 
Acquisition of Concho— — 285,928,872 
Distributed under benefit plans2,887,382 9,322,387 6,789,608 
End of year2,103,772,516 2,100,885,134 2,091,562,747 
Held in Treasury
Beginning of year877,029,062 789,319,875 730,802,089 
Repurchase of common stock48,641,899 87,709,187 58,517,786 
End of year925,670,961 877,029,062 789,319,875 
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.