Shareholders' Equity and Redeemable Non-controlling Interests

6 Months Ended

Jun. 30, 2026

Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract]

Shareholders' Equity and Redeemable Non-controlling Interests

Shareholders’ Equity and Redeemable Non-controlling Interests

Shareholders’ Equity

Dividend Distributions—The following table summarizes the quarterly dividends paid in the period presented:


Millions of dollars, except per share amounts	Dividend Per Ordinary Share		Aggregate Dividends Paid		Date of Record
March 2026	$	0.69	$	224	March 2, 2026
June 2026	0.69		224		June 1, 2026

	$	1.38	$	448

Share Repurchase Authorization—In May 2026, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 22, 2027 (“2026 Share Repurchase Authorization”), which superseded any prior repurchase authorizations.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. In September 2025, we amended our Senior Revolving Credit Facility which now restricts share repurchases except to offset dilution. 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. As of July 29, 2026, we had approximately 34.0 million shares remaining under the current authorization.

Total cash paid for share repurchases for the six months ended June 30, 2025 was $201 million. There were no repurchases during the six months ended June 30, 2026.

The following table summarizes our share repurchase activity for the six months ended June 30, 2025:


Millions of dollars, except shares and per share amounts	Shares Repurchased	Average Purchase Price Per Share		Total Purchase Price, Including Commissions and Fees








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

Ordinary Shares—The changes in the outstanding amounts of ordinary shares are as follows:


	Six Months Ended June 30,
	2026	2025
Ordinary shares outstanding:
Beginning balance	322,084,769	323,889,832
Share-based compensation	593,498	491,005

Employee stock purchase plan	325,767	284,760
Purchase of ordinary shares	—	(3,037,987)
Ending balance	323,004,034	321,627,610

Treasury Shares—The changes in the amounts of treasury shares held by the Company are as follows:


	Six Months Ended June 30,
	2026	2025
Ordinary shares held as treasury shares:
Beginning balance	18,337,729	16,532,666
Share-based compensation	(593,498)	(491,005)

Employee stock purchase plan	(325,767)	(284,760)
Purchase of ordinary shares	—	3,037,987

Ending balance	17,418,464	18,794,888

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, 2026 and 2025 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
Balance – December 31, 2025	$	(133)	$	(236)	$	(941)	$	(1,310)
Other comprehensive income (loss) before reclassifications	60		—		(55)		5
Tax expense before reclassifications	(16)		—		(12)		(28)
Amounts reclassified from accumulated other comprehensive loss	(10)		(9)		329		310
Tax (expense) benefit	3		(2)		—		1
Net other comprehensive income (loss)	37		(11)		262		288
Balance – June 30, 2026	$	(96)	$	(247)	$	(679)	$	(1,022)


Millions of dollars	Financial Derivatives		Defined Benefit Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustments		Total
Balance – 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)

The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item on the Consolidated Statements of Income
Millions of dollars	2026		2025		2026		2025
Reclassification adjustments for:
Financial derivatives:
Commodities	$	(4)	$	—	$	(4)	$	—	Sales and other operating revenues
Commodities	3		4		1		2		Cost of sales
Foreign currency	(2)		24		(9)		35		Interest expense
Interest rates	1		1		2		2		Interest expense
Income tax (expense) benefit	1		(7)		3		(10)		Provision for income taxes
Financial derivatives, net of tax	(1)		22		(7)		29

Defined pension:
Amortization of defined pension items:

Actuarial loss	3		3		6		6		Other income, net
Prior service cost	—		1		1		2		Other income, net
Curtailment gain	—		—		—		(9)		Income (loss) from discontinued operations, net of tax
Adjustments realized on divestiture	(16)		—		(16)		—		Loss on sale of business
Income tax (expense) benefit	(1)		(2)		(2)		(1)		Provision for income taxes
Defined pension items, net of tax	(14)		2		(11)		(2)

Foreign currency translation adjustments:
Adjustments realized on divestiture	329		—		329		—		Loss on sale of business



Total reclassifications, before tax	314		33		310		38
Income tax (expense) benefit	—		(9)		1		(11)		Provision for income taxes
Total reclassifications, after tax	$	314	$	24	$	311	$	27	Amount included in net income

Redeemable Non-controlling Interests

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, 2026 and December 31, 2025, we had 112,944 and 112,964 shares of redeemable non-controlling interest stock outstanding, respectively. These shares may be redeemed at any time at the discretion of the holders.

In January and May 2026, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2026 and April 15, 2026. These dividends totaled $3 million for each of the six month periods ended June 30, 2026 and 2025.