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, 2025, 2024, and 2023. 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	2025		2024	2023

Basic earnings per share

Net income (loss)	$	7,988	9,245	10,957
Less: Dividends and undistributed earnings
allocated to participating securities	27		27	35
Net income (loss) available to common shareholders	$	7,961	9,218	10,922
Weighted-average common shares outstanding (in millions)	1,252		1,179	1,203
Net income (loss) per share of common stock	$	6.36	7.82	9.08

Diluted earnings per share

Net income (loss) available to common shareholders	$	7,961	9,218	10,922
Weighted-average common shares outstanding (in millions)	1,252		1,179	1,203
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs	1		2	3
Weighted-average diluted shares outstanding (in millions)	1,253		1,181	1,206
Net income (loss) per share of common stock	$	6.35	7.81	9.06