Share Repurchase Authorization—In May 2025, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 23, 2026 (“2025 Share Repurchase Authorization”), which superseded any prior repurchase authorizations. The timing and amount of these repurchases, which are determined based on our evaluation of market conditions and other factors, may be executed from time to time through open market or privately negotiated transactions. The repurchased shares, which are recorded at cost, are classified as Treasury stock and may be retired or used for general corporate purposes, including for various employee benefit and compensation plans.


Millions of dollars, except shares and per share amounts	Shares Repurchased	Average Purchase Price Per Share		Total Purchase Price, Including Commissions and Fees
For the six months ended June 30, 2025:

2024 Share Repurchase Authorization	3,037,987	$	66.01	$	201



For the six months ended June 30, 2024:

2024 Share Repurchase Authorization	784,505	$	95.62	$	75


	Six Months Ended June 30,
	2025	2024
Ordinary shares outstanding:
Beginning balance	323,889,832	324,483,402
Share-based compensation	491,005	1,203,741

Employee stock purchase plan	284,760	176,046
Purchase of ordinary shares	(3,037,987)	(784,505)
Ending balance	321,627,610	325,078,684


	Six Months Ended June 30,
	2025	2024
Ordinary shares held as treasury shares:
Beginning balance	16,532,666	15,939,096
Share-based compensation	(491,005)	(1,203,741)

Employee stock purchase plan	(284,760)	(176,046)
Purchase of ordinary shares	3,037,987	784,505

Ending balance	18,794,888	15,343,814

Accumulated Other Comprehensive Loss—The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the six months ended June 30, 2025 and 2024 are presented in the following tables.

Foreign Currency Translation Adjustments below include currency translation adjustments as well as gains (losses) on net investment hedges; the associated tax benefits or expenses are calculated separately for each component.


Millions of dollars	Financial Derivatives		Defined Benefit Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustments		Total
December 31, 2024	$	(111)	$	(281)	$	(1,140)	$	(1,532)
Other comprehensive income (loss) before reclassifications	(47)		(3)		96		46
Tax benefit before reclassifications	12		1		93		106
Amounts reclassified from accumulated other comprehensive loss	39		(1)		—		38
Tax expense	(10)		(1)		—		(11)
Net other comprehensive income (loss)	(6)		(4)		189		179
Balance – June 30, 2025	$	(117)	$	(285)	$	(951)	$	(1,353)


Millions of dollars	Financial Derivatives		Defined Benefit Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2023	$	(226)	$	(279)	$	(971)	$	(1,476)
Other comprehensive income (loss) before reclassifications	17		—		(79)		(62)
Tax expense before reclassifications	(5)		—		(25)		(30)
Amounts reclassified from accumulated other comprehensive loss	50		8		—		58
Tax expense	(12)		(1)		—		(13)
Net other comprehensive income (loss)	50		7		(104)		(47)
Balance – June 30, 2024	$	(176)	$	(272)	$	(1,075)	$	(1,523)


	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item on the Consolidated Statements of Income
Millions of dollars	2025		2024		2025		2024
Reclassification adjustments for:
Financial derivatives:
Commodities	$	—	$	1	$	—	$	2	Sales and other operating revenues
Commodities	4		35		2		73		Cost of sales
Foreign currency	24		1		35		(27)		Interest expense
Interest rates	1		1		2		2		Interest expense
Income tax expense	(7)		(11)		(10)		(12)		Provision for income taxes
Financial derivatives, net of tax	22		27		29		38

Amortization of defined pension items:

Actuarial loss	3		4		6		7		Other income, net
Prior service cost	1		—		2		1		Other income, net
Curtailment gain	—		—		(9)		—		Income from discontinued operations, net of tax
Income tax expense	(2)		—		(1)		(1)		Provision for income taxes
Defined pension items, net of tax	2		4		(2)		7

Total reclassifications, before tax	33		42		38		58
Income tax expense	(9)		(11)		(11)		(13)		Provision for income taxes
Total reclassifications, after tax	$	24	$	31	$	27	$	45	Amount included in net income

Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by a consolidated subsidiary. As of June 30, 2025 and December 31, 2024, we had 113,053 shares of redeemable non-controlling interest stock outstanding. These shares may be redeemed at any time at the discretion of the holders.

In January and May 2025, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2025 and April 15, 2025. These dividends totaled $3 million for each of the six month periods ended June 30, 2025 and 2024.