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Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity
Note 13—Equity
Common Stock
The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were:
Shares
202420232022
Issued
Beginning of year2,103,772,516 2,100,885,134 2,091,562,747 
Acquisition of Marathon Oil142,941,624 — — 
Distributed under benefit plans3,958,594 2,887,382 9,322,387 
End of year2,250,672,734 2,103,772,516 2,100,885,134 
Held in Treasury
Beginning of year925,670,961 877,029,062 789,319,875 
Repurchase of common stock49,135,049 48,641,899 87,709,187 
End of year974,806,010 925,670,961 877,029,062 
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, 2024 or 2023.
Repurchase of Common Stock
In late 2016, we initiated our current share repurchase program. In October 2024, our Board of Directors approved an increase from our prior authorization of $45 billion by a total of the lesser of $20 billion or the number of shares issued in our acquisition of Marathon Oil, such that the company is not to exceed $65 billion in aggregate purchases. Since inception of our current program, shares repurchased totaled 433 million shares at a cost of $34.3 billion through the end of December 2024.
In 2021, we began a paced monetization of our CVE common shares, the proceeds of which have been applied to share repurchases. In 2022, we sold our remaining 91 million CVE common shares.