Investments in equity securities as of September 30, 2022 and December 31, 2021 are summarized as follows (in millions).


	Cost Basis		Net Unrealized Gains		Fair Value
September 30, 2022*
Banks, insurance and finance	$	32,148	$	36,817	$	68,965
Consumer products		41,106		116,615		157,721
Commercial, industrial and other		69,056		10,425		79,481
	$	142,310	$	163,857	$	306,167

* Approximately 73% of the aggregate fair value was concentrated in five companies (American Express Company – $20.5 billion; Apple Inc. – $126.5 billion; Bank of America Corporation – $31.2 billion; The Coca-Cola Company – $22.4 billion and Chevron Corporation – $24.4 billion).


	Cost Basis		Net Unrealized Gains		Fair Value
December 31, 2021*
Banks, insurance and finance	$	26,822	$	62,236	$	89,058
Consumer products		36,076		154,945		191,021
Commercial, industrial and other		41,707		28,933		70,640
	$	104,605	$	246,114	$	350,719

* Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

As of September 30, 2022, we owned 151.6 million shares of American Express Company (“American Express”) common stock representing 20.3% of the American Express outstanding common stock. Since 1995, we have been party to an agreement with American Express whereby we agreed to vote a significant portion of our shares in accordance with the recommendations of the American Express Board of Directors and we have agreed to passivity commitments as requested by the Board of Governors of the Federal Reserve System, which collectively, in our judgment, restrict our ability to exercise significant influence over the operating and financial policies of American Express. Accordingly, we have not applied the equity method of accounting to our investment in American Express and continue to record our investment at fair value.

During the first six months of 2022, we acquired approximately 17% of the outstanding common stock of Occidental Petroleum Corporation (“Occidental”) and in the third quarter of 2022, we acquired additional shares such that our aggregate voting interest exceeded 20% on August 4, 2022. We adopted the equity method with respect to our investment in Occidental common stock as of that date and included this investment in equity method investments at September 30, 2022. See Note 5. We continue to report our investments in Occidental Cumulative Perpetual Preferred Stock and Occidental common stock warrants at fair value as equity securities, as such interests are not in-substance common stock under GAAP and are not eligible for the equity method.

Our investment in Occidental preferred stock has an aggregate liquidation value of $10 billion and our investment in Occidental warrants allows us to purchase up to 83.86 million shares of Occidental common stock at an exercise price of $59.62 per share. The preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105% of the liquidation preference, plus any accumulated and unpaid dividends and is mandatorily redeemable under specified events. The warrants are exercisable in whole or in part until one year after the redemption of the preferred stock.