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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Share Repurchase Program

Our Board of Directors authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through December 31, 2025. The total value of shares that may yet be purchased under the Share Repurchase Program totaled $205 million as of June 30, 2025. Refer to Note 16 Subsequent Events for more information on a recent extension to our Share Repurchase Program. The repurchases may be effected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares, and our Board of Directors may modify, suspend or discontinue authorization of the program at any time.

Pursuant to our Share Repurchase Program, we repurchased 5,516,050 shares of common stock during the three months ended June 30, 2025, including 4,950,000 shares from IKAV Impact S.a.r.l. (IKAV) at a price of $46.00 per share in a privately negotiated transaction. For the three months ended June 30, 2025, the aggregate purchase price consideration, inclusive of excise tax, for our shares was $253 million, including $228 million for the repurchase of the shares held by IKAV. We funded our share repurchases with available cash.

Simultaneously with the consummation of the stock repurchase from IKAV, the lock-up restrictions applicable to sales of common stock by IKAV and its affiliates IKAV Energy, Inc. and Simlog Inc. pursuant to a Registration Rights Agreement, dated July 1, 2024, with the sellers party thereto ceased to be effective. This transaction did not impact any other terms of the Aera Merger.

The following is a summary of our share repurchases, for the periods presented:

Total Number of Shares PurchasedTotal Value of Shares PurchasedAverage Price Paid per Share
(number of shares)(in millions)($ per share)
Three months ended June 30, 2024703,839 $35 $49.71 
Three months ended June 30, 20255,516,050 $253 $45.73 
Six months ended June 30, 20241,769,603 $93 $51.85 
Six months ended June 30, 20257,787,969 $354 $45.23 
Note: The total value of shares purchased includes accrued excise taxes, which are generally paid in the year following the share repurchase. Commissions paid on share repurchases were not significant in all periods presented.
Dividends

Our Board of Directors declared the following cash dividends for each of the periods presented.

Total DividendRate Per Share
(in millions)($ per share)
2025
Three months ended March 31, 2025
$35 $0.3875 
Three months ended June 30, 2025
35 $0.3875 
Six months ended June 30, 2025
$70 
2024
Three months ended March 31, 2024
$21 $0.31 
Three months ended June 30, 2024
22 $0.31 
Six months ended June 30, 2024
$43 
In addition to dividends on our common stock shown in the table above, we paid $1 million of dividend equivalents on equity-settled stock-based compensation awards in the six months ended June 30, 2025. We paid $4 million of dividend equivalents in the six months ended June 30, 2024. Future cash dividends, and the establishment of record and payment dates, are subject to final determination by our Board of Directors each quarter after reviewing our financial performance and position. See Note 16 Subsequent Events for information on future cash dividends.