v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Shareholders' EquityThe following tables summarize our shareholders’ equity activity for the three months ended March 31, 2026 and
March 31, 2025, respectively:
Millions of dollars
Common
Stock
Paid-in
Capital in
Excess of
Par Value
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest in
Consolidated
Subsidiaries
Total
Balance at December 31, 2025
$2,659
$112
$(6,983)
$15,036
$(363)
$44
$10,505
Comprehensive income (loss):
Net income
—
—
—
461
—
3
464
Other comprehensive income (loss)
—
—
—
—
20
—
20
Cash dividends ($0.17 per share)
—
—
—
(142)
—
—
(142)
Stock repurchase program
—
—
(100)
—
—
—
(100)
Stock plans (a)
—
(19)
99
—
—
—
80
Other
—
—
—
—
—
(2)
(2)
Balance at March 31, 2026
$2,659
$93
$(6,984)
$15,355
$(343)
$45
$10,825
(a)
In the first quarter of 2026, we issued common stock from treasury shares for stock options exercised, restricted stock grants,
performance shares under our performance unit program, and purchases under our employee stock purchase plan.
Millions of dollars
Common
Stock
Paid-in
Capital in
Excess of
Par Value
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest in
Consolidated
Subsidiaries
Total
Balance at December 31, 2024
$2,662
$79
$(6,214)
$14,332
$(353)
$42
$10,548
Comprehensive income (loss):
Net income
—
—
—
204
—
(1)
203
Other comprehensive income (loss)
—
—
—
—
(6)
—
(6)
Cash dividends ($0.17 per share)
—
—
—
(147)
—
—
(147)
Stock repurchase program
—
—
(252)
—
—
—
(252)
Stock plans (a)
(1)
(24)
83
—
—
—
58
Other
—
4
—
—
—
1
5
Balance at March 31, 2025
$2,661
$59
$(6,383)
$14,389
$(359)
$42
$10,409
(a)
In the first quarter of 2025, we issued common stock from treasury shares for stock options exercised, restricted stock grants,
performance shares under our performance unit program, and purchases under our employee stock purchase plan.
Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased
2.8 million shares of our common stock under the program during the three months ended March 31, 2026 for $100 million.
Approximately $1.9 billion remained authorized for repurchases under the program as of March 31, 2026. From the inception
of this program in February of 2006 through March 31, 2026, we repurchased 329 million shares of our common stock for a
total cost of approximately $12.2 billion. We repurchased 9.6 million shares of our common stock under the program during the
three months ended March 31, 2025 for approximately $252 million.
Accumulated other comprehensive loss consisted of the following:
March 31,
December 31,
Millions of dollars
2026
2025
Cumulative translation adjustments
$(81)
$(81)
Defined benefit and other postretirement liability adjustments
(225)
(245)
Other
(37)
(37)
Total accumulated other comprehensive loss
$(343)
$(363)