Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Summary of shareholders' equity activity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2026

and June 30, 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
Comprehensive income (loss):
Net income	—	—	—	534	—	4	538
Other comprehensive income (loss)	—	—	—	—	—	—	—
Cash dividends ($0.17 per share)	—	—	—	(143)	—	—	(143)
Stock repurchase program	—	—	(201)	—	—	—	(201)
Stock plans (a)	(1)	(76)	154	(24)	—	—	53
Other	—	(13)	—	—	—	(7)	(20)
Balance at June 30, 2026	$2,658	$4	$(7,031)	$15,722	$(343)	$42	$11,052


(a)	In the first quarter and second 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
Comprehensive income (loss):
Net income	—	—	—	472	—	8	480
Other comprehensive income (loss)	—	—	—	—	3	—	3
Cash dividends ($0.17 per share)	—	—	—	(145)	—	—	(145)
Stock repurchase program	—	—	(252)	—	—	—	(252)
Stock plans (a)	—	(28)	88	—	—	—	60
Other	—	—	—	—	—	(8)	(8)
Balance at June 30, 2025	$2,661	$31	$(6,547)	$14,716	$(356)	$42	$10,547


(a)	In the first quarter and second 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.

Schedule of comprehensive income (loss)

Accumulated other comprehensive loss consisted of the following:


	June 30,	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)