Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Weighted-Average Shares Outstanding

The following is a calculation of basic and diluted earnings per share under the two-class method:

	Three Months Ended  September 30,				Nine Months Ended  September 30,
(In millions, except per share amounts)	2023		2022		2023		2022
Income (Numerator)
Net income	$	323	$	1,196	$	1,209	$	3,033
Less: dividends attributable to participating securities	(1)		(2)		(4)		(5)
Less: Cimarex redeemable preferred stock dividends	—		—		—		(1)
Net income available to common stockholders	$	322	$	1,194	$	1,205	$	3,027
Shares (Denominator)
Weighted average shares - Basic	753		792		757		801
Dilution effect of stock awards at end of period	5		5		5		4
Weighted average shares - Diluted	758		797		762		805
Earnings per share
Basic	$	0.43	$	1.51	$	1.59	$	3.78
Diluted	$	0.42	$	1.50	$	1.58	$	3.77

Calculation of Weighted-average Shares Excluded from Diluted EPS Due to the Anti-Dilutive Effect

The following is a calculation of weighted-average shares excluded from diluted EPS due to anti-dilutive effect:

	Three Months Ended  September 30,		Nine Months Ended  September 30,
(In millions)	2023	2022	2023	2022
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	1	1	1	1