Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Stockholders' Equity

v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
2023 Dividends
2024 Dividends
2025 Dividends
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
NCI
Redeemable NCI
Common Stock, Shares, Outstanding, Beginning of Period at Dec. 31, 2022         245,500          
Treasury Stock, Shares, Beginning of Period at Dec. 31, 2022           31,200        
Stockholders' Equity, Beginning of Period at Dec. 31, 2022 $ (171)       $ 1 $ (2,342) $ 4,314 $ (4,942) $ 2,798  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2022 [1]                   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 12,059             9,881 2,178  
Dividends declared $ (393)             (393)    
Shares repurchased, at cost and inclusive of excise taxes, shares 9,540       (9,500) 9,500        
Shares repurchased, at cost and inclusive of excise taxes $ (1,496)         $ (1,496)        
Distributions to NCI (1,016)               (1,016)  
Contributions from redeemable NCI 0                  
Vesting of share-based compensation awards, shares         1,200          
Share-based compensation 100           100      
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation         (200)          
Issued shares withheld from employees related to share-based compensation, at cost, shares, treasury shares           200        
Issued shares withheld from employees related to share-based compensation, at cost (63)         $ (26) (37)      
Common Stock, Shares, Outstanding, End of Period at Dec. 31, 2023         237,000          
Treasury Stock, Shares, End of Period at Dec. 31, 2023           40,900        
Stockholders' Equity, End of Period at Dec. 31, 2023 9,020       $ 1 $ (3,864) 4,377 4,546 3,960  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2023 [1]                   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common Stock, Dividends, Per Share, Declared   $ 1.62                
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 4,492             3,252 1,240  
Dividends declared $ (415)             (415)    
Shares repurchased, at cost and inclusive of excise taxes, shares 13,750       (13,800) 13,800        
Shares repurchased, at cost and inclusive of excise taxes $ (2,272)         $ (2,272)        
Accretion of redeemable non-controlling interest, net of tax [2] (1)             (1)   1 [1]
Distributions to NCI (846)               (846)  
Contributions from redeemable NCI 6                 6 [1]
Vesting of share-based compensation awards, shares         800          
Share-based compensation 121           121      
Issued shares withheld from employees related to share-based compensation, at cost $ (46)           (46)      
Common Stock, Shares, Outstanding, End of Period at Dec. 31, 2024         224,000          
Treasury Stock, Shares, End of Period at Dec. 31, 2024 54,700         54,700        
Stockholders' Equity, End of Period at Dec. 31, 2024 $ 10,053       $ 1 $ (6,136) 4,452 7,382 4,354  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2024 7                 7 [1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common Stock, Dividends, Per Share, Declared     $ 1.805              
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 6,806             5,330 1,476  
Net Income (Loss) Attributable to Redeemable NCI [1]                   (12)
Dividends declared $ (454)             (454)    
Shares repurchased, at cost and inclusive of excise taxes, shares 12,140       (12,100) 12,100        
Shares repurchased, at cost and inclusive of excise taxes $ (2,716)         $ (2,716)        
Accretion of redeemable non-controlling interest, net of tax [2] (15)             (15)   19 [1]
Distributions to NCI (803)               (803)  
Contributions from redeemable NCI 122                 122 [1]
Vesting of share-based compensation awards, shares         500          
Share-based compensation 122           122      
Issued shares withheld from employees related to share-based compensation, at cost $ (51)           (51)      
Common Stock, Shares, Outstanding, End of Period at Dec. 31, 2025         212,400          
Treasury Stock, Shares, End of Period at Dec. 31, 2025 66,800         66,800        
Stockholders' Equity, End of Period at Dec. 31, 2025 $ 12,942       $ 1 $ (8,852) $ 4,523 $ 12,243 $ 5,027  
Redeemable NCI, Equity, Carrying Amount at Dec. 31, 2025 $ 136                 $ 136 [1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common Stock, Dividends, Per Share, Declared       $ 2.055            
[1] Redeemable NCI represents the economic interest held by a third party in one of our consolidated VIEs that is redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest is not a component of permanent equity on our Consolidated Balance Sheets. In January 2026, we redeemed the remaining redeemable NCI in our consolidated VIE that owns the Gregory Power Plant, a natural gas-fired combined cycle facility located immediately proximal to the Corpus Christi LNG Terminal, at a price that approximated our carrying value.
[2] Amount in retained earnings presented net of tax.