v3.25.4
Equity
 12 Months Ended
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
202520242023
Issued
Beginning of year2,250,672,734 2,103,772,516 2,100,885,134 
Acquisition of Marathon Oil— 142,941,624 — 
Distributed under benefit plans2,845,548 3,958,594 2,887,382 
End of year2,253,518,282 2,250,672,734 2,103,772,516 
Held in Treasury
Beginning of year974,806,010 925,670,961 877,029,062 
Repurchase of common stock53,544,176 49,135,049 48,641,899 
End of year1,028,350,186 974,806,010 925,670,961 
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.