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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans
Note 16—Employee Benefit Plans
Pension and Postretirement Plans
An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows:
Millions of Dollars
Pension BenefitsOther Benefits
2023202220232022
U.S.Int’l.U.S.Int’l.
Change in Benefit Obligation
Benefit obligation at January 1$1,478 2,776 1,924 4,124 102 137 
Service cost51 38 58 47 1 1 
Interest cost77 113 62 77 5 4 
Plan participant contributions— — — — 14 16 
Plan amendments— — — — — 9 
Actuarial (gain) loss40 11 (325)(847)22 (27)
Benefits paid(121)(124)(241)(144)(37)(38)
Divestiture— — — (56)— — 
Foreign currency exchange rate change— 52 — (425)— — 
Benefit obligation at December 31*
$1,525 2,866 1,478 2,776 107 102 
*Accumulated benefit obligation portion of above at December 31:
$1,414 2,642 1,384 2,542 
Change in Fair Value of Plan Assets
Fair value of plan assets at January 1$1,179 2,879 1,664 4,812 — — 
Actual return on plan assets129 199 (319)(1,372)— — 
Company contributions119 58 75 96 23 22 
Plan participant contributions— — — 1 14 16 
Benefits paid(121)(124)(241)(144)(37)(38)
Divestiture— — — (46)— — 
Foreign currency exchange rate change— 73 — (468)— — 
Fair value of plan assets at December 31
$1,306 3,085 1,179 2,879 — — 
Funded Status$(219)219 (299)103 (107)(102)
Millions of Dollars
Pension BenefitsOther Benefits
2023202220232022
U.S.Int’l.U.S.Int’l.
Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets$— 491 — 373 — — 
Current liabilities(16)(9)(28)(10)(24)(32)
Noncurrent liabilities(203)(263)(271)(260)(83)(70)
Total recognized$(219)219 (299)103 (107)(102)
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate5.35 %4.10 5.65 4.20 5.30 5.65 
Rate of compensation increase5.00 3.65 5.00 3.65 
Interest crediting rate for applicable benefits4.20 3.55 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate5.65 %4.20 3.85 2.15 5.65 2.65 
Expected return on plan assets5.30 5.20 3.90 2.85 
Rate of compensation increase5.00 3.65 4.00 3.40 
Interest crediting rate for applicable benefits3.55 2.50 
For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets.
During 2023, the actuarial losses related to the benefit obligations for U.S. and international plans were primarily related to a decrease in the discount rates. During 2022 and 2021, the actuarial gains related to the benefit obligations for U.S. and international plans were primarily related to an increase in the discount rates.
The following tables summarize information related to the Company's pension plans with projected and accumulated benefit obligations in excess of the fair value of the plans' assets:
Millions of Dollars
Pension Benefits
20232022
U.S.Int’l.U.S.Int’l.
Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation$1,525 279 1,478 277 
Fair value of plan assets1,306 6 1,179 6 
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation$165 243 1,384 239 
Fair value of plan assets— 6 1,179 6 
Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost:
Millions of Dollars
Pension BenefitsOther Benefits
2023202220232022
U.S.Int’l.U.S.Int’l.
Unrecognized net actuarial loss (gain)$123 585 172 681 3 (28)
Unrecognized prior service cost (credit)— 1 — 1 (60)(98)
Millions of Dollars
Pension BenefitsOther Benefits
2023202220232022
U.S.Int’l.U.S.Int’l.
Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period$30 29 (44)(606)(22)27 
Amortization of actuarial loss included in income (loss)*18 67 61 11 (3)— 
Net change during the period$48 96 17 (595)(25)27 
Prior service credit (cost) arising during the period$— — — (1)— (9)
Amortization of prior service (credit) included in income (loss)— — — (1)(38)(38)
Net change during the period$— — — (2)(38)(47)
*Includes settlement (gains) losses recognized in 2023 and 2022.
The components of net periodic benefit cost of all defined benefit plans are presented in the following table:
Millions of Dollars
Pension BenefitsOther Benefits
202320222021202320222021
U.S.Int’l.U.S.Int’l.U.S.Int’l.
Components of Net Periodic Benefit Cost
Service cost$51 38 58 47 73 61 1 1 2 
Interest cost77 113 62 77 53 79 5 4 4 
Expected return on plan assets(58)(148)(50)(124)(80)(120)— — — 
Amortization of prior service credit— — — (1)— (1)(38)(38)(37)
Recognized net actuarial loss (gain)12 67 24 11 43 33 (3)— — 
Settlements loss (gain)6 — 37 — 102 — — — — 
Curtailment loss (gain)— — — — 12 — — — — 
Net periodic benefit cost$88 70 131 10 203 52 (35)(33)(31)
The components of net periodic benefit cost, other than the service cost component, are included in the “Other expenses” line item on our consolidated income statement.
We recognized pension settlement losses of $6 million in 2023, $37 million in 2022, and $102 million in 2021 as lump-sum benefit payments from certain U.S. and international pension plans exceeded the sum of service and interest costs for those plans and led to recognition of settlement losses.
In determining net pension and other postretirement benefit costs, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year.
We have multiple non-pension postretirement benefit plans for health and life insurance. The health care plans are contributory and subject to various cost sharing features, most with participant and company contributions adjusted annually; the life insurance plans are noncontributory. The measurement of the U.S. pre-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 7 percent in 2024 that declines to 5 percent by 2031. The measurement of the U.S. post-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.5 percent in 2024 that increases to 5 percent by 2030.
Plan Assets
We follow a policy of broadly diversifying pension plan assets across asset classes and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include U.S. equities, non-U.S. equities, U.S. fixed income, non-U.S. fixed income, real estate and private equity investments. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets, aggregated across U.S. and international plans, are 24 percent equity securities, 72 percent debt securities, and 4 percent real estate. Generally, the plan investments are publicly traded, therefore minimizing liquidity risk in the portfolio.
The following is a description of the valuation methodologies used for the pension plan assets. There have been no changes in the methodologies used at December 31, 2023 and 2022.
•Fair values of equity securities and government debt securities categorized in Level 1 are primarily based on quoted market prices in active markets for identical assets and liabilities.
•Fair values of corporate debt securities, agency and mortgage-backed securities and government debt securities categorized in Level 2 are estimated using recently executed transactions and quoted market prices for similar assets and liabilities in active markets and for identical assets and liabilities in markets that are not active. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. When observable quoted market prices are not available, fair value is based on pricing models that use something other than actual market prices (e.g., observable inputs such as benchmark yields, reported trades and issuer spreads for similar securities), and these securities are categorized in Level 3 of the fair value hierarchy.
•Fair values of investments in common/collective trusts are determined by the issuer of each fund based on the fair value of the underlying assets.
•Fair values of mutual funds are based on quoted market prices, which represent the net asset value of shares held.
•Time deposits are valued at cost, which approximates fair value.
•Cash is valued at cost, which approximates fair value. Fair values of international cash equivalents categorized in Level 2 are valued using observable yield curves, discounting and interest rates. U.S. cash balances held in the form of short-term fund units that are redeemable at the measurement date are categorized as Level 2.
•Fair values of exchange-traded derivatives classified in Level 1 are based on quoted market prices. For other derivatives classified in Level 2, the values are generally calculated from pricing models with market input parameters from third-party sources.
•Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants.
•Fair values of real estate investments are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available.
•A portion of U.S. pension plan assets is held as a participating interest in an insurance annuity contract, which is calculated as the market value of investments held under this contract, less the accumulated benefit obligation covered by the contract. The participating interest is classified as Level 3 in the fair value hierarchy as the fair value is determined via a combination of quoted market prices, recently executed transactions, and an actuarial present value computation for contract obligations. At December 31, 2023, the participating interest in the annuity contract was valued at $46 million and consisted of $130 million in debt securities, less $84 million for the accumulated benefit obligation covered by the contract. At December 31, 2022, the participating interest in the annuity contract was valued at $55 million and consisted of $144 million in debt securities, less $89 million for the accumulated benefit obligation covered by the contract. The participating interest is not available for meeting general pension benefit obligations in the near term. No future company contributions are required and no new benefits are being accrued under this insurance annuity contract.
The fair values of our pension plan assets at December 31, by asset class were as follows: 
Millions of Dollars
U.S.International
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2023
Equity securities
U.S.$6 — — 6 — — — — 
International35 — — 35 — — — — 
Mutual funds15 — — 15 244 276 — 520 
Debt securities
Corporate— 1 — 1 — — — — 
Mutual funds— — — — 421 — — 421 
Cash and cash equivalents— — — — 25 — — 25 
Real estate— — — — — — 126 126 
Total in fair value hierarchy$56 1 — 57 690 276 126 1,092 
Investments measured at net asset value*
Equity securities
Common/collective trusts300 198 
Debt securities
Common/collective trusts868 1,791 
Cash and cash equivalents6 — 
Real estate28 — 
Total**$56 1 — 1,259 690 276 126 3,081 
*In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets.
**Excludes the participating interest in the insurance annuity contract with a net asset of $46 million and net receivables related to security transactions of $5 million.
The fair values of our pension plan assets at December 31, by asset class were as follows: 
Millions of Dollars
U.S.International
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
2022
Equity securities
U.S.$4 — — 4 — — — — 
International36 — — 36 — — — — 
Mutual funds14 — — 14 201 298 — 499 
Debt securities
Corporate— 1 — 1 — — — — 
Mutual funds— — — — 365 — — 365 
Cash and cash equivalents— — — — 36 — — 36 
Derivatives
Real estate— — — — — — 146 146 
Total in fair value hierarchy$54 1 — 55 602 298 146 1,046 
Investments measured at net asset value*
Equity securities
Common/collective trusts265 192 
Debt securities
Common/collective trusts759 1,637 
Cash and cash equivalents10 — 
Real estate34 — 
Total**$54 1 — 1,123 602 298 146 2,875 
    *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets.
**Excludes the participating interest in the insurance annuity contract with a net asset of $55 million and net receivables related to security transactions of $5 million.
Level 3 activity was not material for all periods.
Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to foreign plans are dependent upon local laws and tax regulations. In 2024, we expect to contribute approximately $125 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $75 million to our international qualified and nonqualified pension and postretirement benefit plans.
The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid:
Millions of Dollars
Pension
Benefits		Other
Benefits
U.S.Int’l.
2024$205 128 16 
2025191 130 14 
2026175 133 14 
2027170 136 12 
2028162 141 11 
2029–2033664 778 45 
The following table summarizes our severance accrual activity:
Millions of Dollars
202320222021
Balance at January 1$31 78 24 
Accruals1 1 170 
Benefit payments(20)(48)(116)
Balance at December 31
$12 31 78 
Accruals include severance costs associated with our company-wide restructuring program. Of the remaining balance at December 31, 2023, $3 million is classified as short-term.
Defined Contribution Plans
Most U.S. employees are eligible to participate in the ConocoPhillips Savings Plan (CPSP). Employees can contribute up to 75 percent of their eligible pay, subject to statutory limits, in the CPSP to a choice of 17 investment options. Employees who participate in the CPSP and contribute 1 percent of their eligible pay receive a 6 percent company cash match with a potential company discretionary cash contribution of up to 6 percent. Effective January 1, 2019, new employees, rehires and employees that elected to opt out of Title II of the ConocoPhillips Retirement Plan are eligible to receive a Company Retirement Contribution (CRC) of 6 percent of eligible pay into their CPSP. After three years of service with the company, the employee is 100 percent vested in any CRC. Company contributions charged to expense for the CPSP and predecessor plans were $151 million in 2023, $140 million in 2022 and $93 million in 2021.
We have several defined contribution plans for our international employees, each with its own terms and eligibility depending on location. Total compensation expense recognized for these international plans was approximately $23 million in 2023, $24 million in 2022 and $26 million in 2021.
Share-Based Compensation Plans
The 2023 Omnibus Stock and Performance Incentive Plan of ConocoPhillips (Omnibus Plan) was approved by shareholders in May 2023, replacing similar prior plans and providing that no new awards shall be granted under the prior plans. Over its 10-year life, the Omnibus Plan allows the issuance of up to 36 million shares of our common stock for compensation to our employees and directors, but the available shares (i) are reduced by awards granted under the prior plan between the board adoption date (February 15, 2023) and the shareholder approval date (May 16, 2023) and (ii) are increased by any shares of common stock represented by awards granted under the Omnibus Plan or the prior plans that are forfeited, expire or are cancelled without delivery of shares of common stock or which result in the forfeiture of shares of common stock back to the company, excluding shares surrendered in payment of the exercise of a stock option or stock appreciation right, shares not issued in connection with the stock settlement of a stock appreciation right, or shares reacquired by the company using cash proceeds from the exercise of a stock option. The Human Resources and Compensation Committee of our Board of Directors is authorized to determine the types, terms, conditions and limitations of awards granted. Awards may be granted in the form of, but not limited to, stock options, restricted stock units and performance share units to employees and non-employee directors who contribute to the company’s continued success and profitability.
Total share-based compensation expense is measured using the grant date fair value for our equity-classified awards and the settlement date fair value for our liability-classified awards. We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or, for awards that provide for retirement-based vesting, the period beginning at the start of the service period and ending upon the later to occur of the date when an employee first becomes eligible for retirement or the date that is six months after the grant date (generally the minimum period of time required for an award to not be subject to forfeiture). Other than certain retention awards, our share-based compensation programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time of their retirement. Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). We recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting.
Compensation Expense—Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were:
Millions of Dollars
202320222021
Compensation cost$334 377 304 
Tax benefit84 95 76 
Stock Options—Stock options granted under the provisions of the Omnibus Plan and prior plans permit purchase of our common stock at exercise prices equivalent to the average fair market value of ConocoPhillips common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date following the date of grant. Options awarded to certain employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. Beginning in 2018, stock option grants were discontinued and replaced with three-year, time-vested restricted stock units which generally were cash-settled for 2018 and 2019 awards and will be stock-settled beginning with 2020 awards.
The following summarizes our stock option activity for the year ended December 31, 2023:
Millions of Dollars
OptionsWeighted-Average
Exercise Price		Aggregate
Intrinsic Value
Outstanding at December 31, 2022
4,303,575 $55.28 $266 
Exercised(1,038,900)63.87 58 
Expired or cancelled— — 
Outstanding at December 31, 2023
3,264,675 $52.55 $209 
Vested at December 31, 2023
3,264,675 $52.55 $209 
Exercisable at December 31, 2023
3,264,675 $52.55 $209 
The weighted-average remaining contractual term of outstanding options, vested options and exercisable options at December 31, 2023, were all 1.98 years. The aggregate intrinsic value of options exercised was $308 million in 2022 and $68 million in 2021.
During 2023, we received $66 million in cash and realized a tax benefit of $12 million from the exercise of options. At December 31, 2023, all outstanding stock options were fully vested and there was no remaining compensation cost to be recorded.
Stock Unit Programs—Restricted stock units (RSU) granted annually under the provisions of the Omnibus Plan and the general and executive RSU programs vest in one installment on the third anniversary of the grant date. RSUs granted under the Omnibus Plan for a variable long-term incentive retention program vest ratably in three equal annual installments beginning on the first anniversary of the grant date. Restricted stock units are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these restricted stock units vest vary by award.
Stock-Settled
Upon vesting, these restricted stock units are settled by issuing one share of ConocoPhillips common stock per unit. Units awarded to retirement eligible employees under the general and executive RSU programs vest six months from the grant date; however, those units are not settled through the issuance of common stock until the earlier of separation from the company or the end of the regularly scheduled vesting period. Until issued as stock, most recipients of the RSUs receive a cash payment of a dividend equivalent or an accrued reinvested dividend equivalent that is charged to retained earnings. The grant date fair market value of these RSUs is deemed equal to the average ConocoPhillips stock price on the grant date. The grant date fair market value of RSUs that do not receive a dividend equivalent while unvested is deemed equal to the average ConocoPhillips stock price on the grant date, less the net present value of the estimated dividends that will not be received.
The following summarizes our stock-settled stock RSU activity for the year ended December 31, 2023:
Stock UnitsWeighted-Average
Grant Date Fair Value		Millions of Dollars
Total Fair Value
Outstanding at December 31, 2022
7,578,193 $61.20 
Granted2,178,117 110.91 
Forfeited(144,021)88.54 
Issued(2,518,599)58.77 $284 
Outstanding at December 31, 2023
7,093,690 $76.78 
Not Vested at December 31, 2023
4,791,110 $78.20 
At December 31, 2023, the remaining unrecognized compensation cost from the unvested stock-settled RSUs was $166 million, which will be recognized over a weighted-average period of 1.70 years, the longest period being 2.58 years. The weighted-average grant date fair value of stock-settled RSUs granted during 2022 and 2021 was $90.57 and $46.56, respectively. The total fair value of stock-settled RSUs issued during 2022 and 2021 was $193 million and $144 million, respectively.
Cash-Settled
Cash-settled executive RSUs granted in 2018 and 2019 replaced the stock option program. These RSUs, subject to elections to defer, were settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. Executive RSUs awarded to retirement eligible employees vest six months from the grant date; however, those units were not settled until the earlier of separation from the company or the end of the regularly scheduled vesting period. Compensation expense was initially measured using the average fair market value of ConocoPhillips common stock and was subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the settlement date. Recipients received an accrued reinvested dividend equivalent that was charged to compensation expense. The accrued reinvested dividend was paid at the time of settlement, subject to the terms and conditions of the award. Beginning with executive RSUs granted in 2020, awards will be settled in stock.
There was no cash-settled stock unit activity and no remaining unrecognized compensation cost to be recorded for the unvested cash-settled units for the year ended December 31, 2023. The total fair value of cash-settled executive RSUs issued during 2022 and 2021 were $21 million and $20 million, respectively.
Performance Share Program—Under the Omnibus Plan, we also annually grant restricted performance share units (PSUs) to senior management. These PSUs are authorized three years prior to their effective grant date (the performance period). Compensation expense is initially measured using the average fair market value of ConocoPhillips common stock and is subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the grant date for stock-settled awards and the settlement date for cash-settled awards.
Stock-Settled
Stock-settled PSUs are settled by issuing one share of ConocoPhillips common stock per unit. For performance periods beginning before 2009, PSUs do not vest until the employee becomes eligible for retirement by reaching age 55 with five years of service, and restrictions do not lapse until the employee separates from the company. With respect to awards for performance periods beginning in 2009 through 2012, PSUs do not vest until the earlier of the date the employee becomes eligible for retirement by reaching age 55 with five years of service or five years after the grant date of the award, and restrictions do not lapse until the earlier of the employee’s separation from the company or five years after the grant date (although recipients can elect to defer the lapsing of restrictions until separation). We recognize compensation expense for these awards beginning on the grant date and ending on the date the PSUs are scheduled to vest. Because these awards are authorized three years prior to the effective grant date, for employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Until issued as stock, recipients of the stock-settled PSUs issued prior to 2013 receive a cash payment of a dividend equivalent that is charged to retained earnings. Beginning in 2013, stock-settled PSUs authorized for future grants will vest, absent employee election to defer, upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending on the conclusion of the performance period. Until issued as stock, recipients of these PSUs receive an accrued reinvested dividend equivalent that is charged to compensation expense.

The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2023:
Weighted-Average
Grant Date Fair Value		Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2022
1,231,615 $50.68 
Granted3,797 112.50 
Forfeited(72)55.13 
Issued(272,522)51.15 $29 
Outstanding at December 31, 2023
962,818 $50.79 
At December 31, 2023, there was no remaining unrecognized compensation cost to be recorded on the unvested stock-settled performance shares. The weighted-average grant date fair value of stock-settled PSUs granted during 2022 was $91.58; however, there were no stock-settled PSUs granted during 2021. The total fair value of stock-settled PSUs issued during 2022 and 2021 were $21 million and $18 million, respectively.
Cash-Settled
In connection with and immediately following the separation of our Downstream businesses in 2012, grants of new cash-settled PSUs, subject to a shortened performance period, were authorized. Once granted, these PSUs vest, absent employee election to defer, on the earlier of five years after the grant date of the award or the date the employee becomes eligible for retirement. For employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Otherwise, we recognize compensation expense beginning on the grant date and ending on the date the PSUs are scheduled to vest. These PSUs are settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and thus are classified as liabilities on the balance sheet. Until settlement occurs, recipients of the PSUs receive a cash payment of a dividend equivalent that is charged to compensation expense.
Beginning in 2013, cash-settled PSUs authorized for future grants will vest upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending at the conclusion of the performance period. These PSUs will be settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. For performance periods beginning before 2018, during the performance period, recipients of the PSUs do not receive a cash payment of a dividend equivalent, but after the performance period ends, until settlement in cash occurs, recipients of the PSUs receive a cash payment of a dividend equivalent that is charged to compensation expense. For the performance periods beginning in 2018 or later, recipients of the PSUs receive an accrued reinvested dividend equivalent that is charged to compensation expense. The accrued reinvested dividend is paid at the time of settlement, subject to the terms and conditions of the award.
The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2023:
Weighted-Average
Grant Date Fair Value		Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2022
109,823 $117.11 
Granted1,044,251 112.50 
Settled(1,053,204)104.94 $111 
Outstanding at December 31, 2023
100,870 $116.68 
At December 31, 2023, all outstanding cash-settled performance awards were fully vested and there was no remaining compensation cost to be recorded. The weighted-average grant date fair value of cash-settled PSUs granted during 2022 and 2021 was $91.58 and $46.65, respectively. The total fair value of cash-settled performance share awards settled during 2022 and 2021 was $88 million and $52 million, respectively.
From inception of the Performance Share Program through 2013, approved PSU awards were granted after the conclusion of performance periods. Beginning in February 2014, initial target PSU awards are issued near the beginning of new performance periods. These initial target PSU awards will terminate at the end of the performance periods and will be settled after the performance periods have ended. Also in 2014, initial target PSU awards were issued for open performance periods that began in prior years. For the open performance period beginning in 2012, the initial target PSU awards terminated at the end of the three-year performance period and were replaced with approved PSU awards. For the open performance period beginning in 2013, the initial target PSU awards terminated at the end of the three-year performance period and were settled after the performance period ended. There is no effect on recognition of compensation expense.
Other—In addition to the above active programs, we have outstanding shares of restricted stock and restricted stock units that were either issued as part of our non-employee director compensation program for current and former members of the company’s Board of Directors or as part of an executive compensation program that has been discontinued or acquired as a result of an acquisition. Generally, the recipients of the restricted shares or units receive a dividend or dividend equivalent.
The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2023:
Weighted-Average
Grant Date Fair Value		Millions of Dollars
Stock UnitsTotal Fair Value
Outstanding at December 31, 2022
1,239,759 $49.78 
Granted54,141 115.88 
Cancelled(6,904)45.90 
Issued(392,728)47.64 $46 
Outstanding at December 31, 2023
894,268 $54.76 
Not Vested at December 31, 2023
149,270 $45.90 
At December 31, 2023, the remaining compensation cost from the unvested restricted stock was negligible, which will be recognized over a weighted-average period of 0.01 years. The weighted-average grant date fair value of awards granted during 2022 and 2021 was $96.20 and $46.43, respectively. The total fair value of awards issued during 2022 and 2021 was $40 million and $8 million, respectively.