The Company maintains long-term incentive plans, adopted by the Board of Directors (“Board”) and approved by the Company’s stockholders, which allows for granting stock-based compensation awards of Company Common Stock to directors, employees, officers, and consultants or advisers who render services to the Company or its subsidiaries, including stock options, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), market-based performance stock units (“MSUs”), stock appreciation rights, and other stock-based awards or dividend equivalents. Forfeitures are recognized in the period in which they occur.

Stock-based compensation expense in the accompanying Statements of Operations totaled $23 million and $24 million during the three months ended June 30, 2026 and 2025, respectively, and $47 million and $50 million during the six months ended June 30, 2026 and 2025, respectively. These amounts are included in Corporate expense in the Company’s Statements of Operations.

During the six months ended June 30, 2026, as part of the annual incentive program, the Company granted 3.1 million RSUs to eligible participants with an aggregate fair value of $72 million, which generally vest ratably on each anniversary over three years from the grant date. Each RSU represents the right to receive payment in respect of one share of the Company’s Common Stock.

During the six months ended June 30, 2026, the Company also granted 291 thousand PSUs to eligible participants with an aggregate fair value of $9 million that are primarily scheduled to cliff vest after three years from the grant date. On the vesting date, recipients will receive between 0% and 200% of the target number of PSUs granted, in the form of Company Common Stock, based on the achievement of specified performance and service conditions and terms of the underlying award granted. The fair value of the PSUs is based on the market price of our common stock when a mutual understanding of the key terms and conditions of the awards between the Company and recipient is achieved. The awards are remeasured each period until such an understanding is reached.

In addition, during the six months ended June 30, 2026, the Company granted 436 thousand MSUs to eligible participants with an aggregate fair value of $14 million that are primarily scheduled to cliff vest after three years from the grant date. On the vesting date, recipients will receive between 0% and 200% of the target number of MSUs granted, in the form of Company Common Stock, based on the achievement of specified market and service conditions and terms of the underlying award granted. The grant date fair value of the MSUs was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model are the risk-free interest rate, expected volatility, expected dividends and correlation coefficient. The effect of market conditions is considered in determining the grant date fair value, which is not subsequently revised based on actual performance.


	June 30, 2026			December 31, 2025
	Quantity	Wtd-Avg (a)		Quantity	Wtd-Avg (a)

Restricted stock units	4,776,747	$	28.77	3,568,478	$	38.58
Performance stock units	635,218	30.18		518,034	23.39
Market-based stock units	1,162,392	44.98		1,049,454	61.04

(a)Represents the weighted-average grant date fair value for RSUs, weighted-average grant date fair value for PSUs where the grant date has been achieved, the price of CEI common stock as of the balance sheet date for PSUs where a grant date has not been achieved, and the grant date fair value of the MSUs determined using the Monte-Carlo simulation model.


(In millions)	Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2024	$	96
Foreign currency and other	—

Balance as of March 31, 2025	96
Foreign currency and other	2

Balance as of June 30, 2025	$	98






Balance as of December 31, 2025	$	98
Foreign currency and other	(2)

Balance as of March 31, 2026	96
Foreign currency and other	(1)

Balance as of June 30, 2026	$	95

On October 2, 2024, the Company announced that its Board authorized a $500 million common stock repurchase program (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company may, from time to time, repurchase shares of common stock on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The 2024 Share Repurchase Program has no time limit and may be suspended or discontinued at any time without notice. There is no minimum number of shares of common stock that the Company is required to repurchase under the 2024 Share Repurchase Program. There were no share repurchases made during the three and six months ended June 30, 2026. During the second quarter of 2025, the Company repurchased 4,188,466 shares of common stock at an aggregate value of $100 million, at an average of $23.84 per share, excluding commissions or applicable excise tax. Under the 2024 Share Repurchase Program, as of June 30, 2026, the Company has authorization to repurchase up to $221 million more of our outstanding common stock. All share repurchases under the 2024 Share Repurchase Program are retired upon repurchase.