Item 1A. RISK FACTORS

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Item 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in Item 1A of our 2022 Annual Report on Form 10-K and Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

On October 25, 2023, our board of directors approved a $5 billion increase to our share repurchase authorization. Any future share repurchases will be made at the discretion of management and will depend on various factors including our share price, results of operations, financial condition and cash required for future business plans.


					Millions of Dollars
Period	Total Number of Shares Purchased*	Average Price Paid per Share**		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs***	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
July 1-31, 2023	2,314,089	$	103.90	2,314,089	$	3,588
August 1-31, 2023	2,419,069	114.29		2,419,069	3,312
September 1-30, 2023	1,789,987	121.78		1,789,987	3,094
Total	6,523,145	$	112.66	6,523,145
** Includes repurchase of shares of common stock from company employees in connection with the company’s broad-based employee incentive plans, when applicable.*
*** Average price paid per share includes excise tax.*
**** Since July 2012, our board of directors has authorized an aggregate of $25 billion of repurchases of our outstanding common stock. Repurchases pursuant to the current authorizations do not have an expiration date. The share repurchases are expected to be funded primarily through available cash. We are not obligated to repurchase any shares of common stock pursuant to these authorizations and may commence, suspend or terminate repurchases at any time. Shares of stock repurchased are held as treasury shares.*

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