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Equity | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Equity | Note 12—Equity Common Stock The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were:
| Shares
| 2025 | 2024 | 2023
Issued |  |  |
Beginning of year | 2,250,672,734 |  | 2,103,772,516 |  | 2,100,885,134 |
Acquisition of Marathon Oil | — |  | 142,941,624 |  | — |
Distributed under benefit plans | 2,845,548 |  | 3,958,594 |  | 2,887,382 |
End of year | 2,253,518,282 |  | 2,250,672,734 |  | 2,103,772,516 |
Held in Treasury |  |  |
Beginning of year | 974,806,010 |  | 925,670,961 |  | 877,029,062 |
Repurchase of common stock | 53,544,176 |  | 49,135,049 |  | 48,641,899 |
End of year | 1,028,350,186 |  | 974,806,010 |  | 925,670,961 |
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, 2025 or 2024. 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 486 million shares at a cost of $39.3 billion through the end of December 2025.

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