Earnings Per Share

12 Months Ended

Dec. 31, 2023

Note 23—Earnings Per Share

The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS for the years ended December 31, 2023, 2022, and 2021. For each of the periods with net income presented in the table below, diluted EPS calculated under the two-class method was more dilutive.


	Millions of Dollars (except per share amounts)
Years Ended December 31	2023		2022	2021

Basic earnings per share

Net Income (Loss)	$	10,957	18,680	8,079
Less: Dividends and undistributed earnings
allocated to participating securities	35		60	19
Net Income (Loss) available to common shareholders	$	10,922	18,620	8,060
Average common shares outstanding (in Millions)	1,203		1,274	1,324
Net Income (Loss) Per Share of Common Stock	$	9.08	14.62	6.09

Diluted earnings per share

Net Income (Loss) available to common shareholders	$	10,922	18,620	8,060
Average common shares outstanding (in Millions)	1,203		1,274	1,324
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs	3		4	4
Average diluted shares outstanding (in Millions)	1,206		1,278	1,328
Net Income (Loss) Per Share of Common Stock	$	9.06	14.57	6.07