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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 14 - STOCKHOLDERS’ EQUITY

The following is a summary of common stock issuances:

Shares in thousandsCommon Stock
Balance, December 31, 2018895,116 
Issued3,188 
Issued as part of the Acquisition (a)
146,131 
Balance, December 31, 20191,044,435 
Issued36,130 
Balance, December 31, 20201,080,565 
Issued2,522 
Options exercised and other, net336 
Balance, December 31, 20211,083,423 
(a)Included approximately two million shares of common stock issued to a benefits trust for former Anadarko employees treated as treasury stock as of December 31, 2019. These shares were sold from the trust in the first quarter of 2020.

TREASURY STOCK
The total number of shares authorized for Occidental’s share repurchase program is 185 million shares of which 44.2 million may yet be purchased under the repurchase program. However, the program does not obligate Occidental to acquire any specific number of shares and may be discontinued at any time. In 2021 and 2020, no shares were purchased under the program. In 2019, 2.7 million shares were purchased at an average price of $66.94. Additionally, Occidental purchased shares from the trustee of its defined contribution savings plan in 2021 and 2020. As of December 31, 2021, 2020 and 2019, treasury stock shares numbered 149.3 million, 149.1 million and 150.3 million, respectively.

PREFERRED STOCK
In connection with the Acquisition, Occidental issued 100,000 shares of series A preferred stock, having a face value of $100,000 per share and a liquidation preference of $105,000 per share plus unpaid accrued dividends. In connection with the preferred stock issuance, Occidental also issued the Warrant. The holder of the Warrant and the preferred stock may redeem the preferred stock as payment for the exercise price of the Warrant in lieu of cash payment upon exercise. The preferred stock is redeemable at Occidental’s option after the 10th anniversary of issuance. Dividends on the preferred stock will accrue on the face value at a rate per annum of 8%, but will be paid only when, as and if declared by Occidental’s Board of Directors. At any time, when such dividends have not been paid in full, the unpaid amounts will accrue dividends, compounded quarterly, at a rate per annum of 9%. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum. If preferred dividends are not paid in full, Occidental is prohibited from paying dividends on common stock. Occidental paid $200 million in preferred stock dividends in each quarter of 2021.
As of December 31, 2021 and 2020, Occidental had 100,000 shares of preferred stock issued and outstanding, and none were outstanding in 2019.

COMMON STOCK WARRANTS
On June 26, 2020, the Board of Directors declared a distribution of warrants to holders of Occidental common stock, at a rate of 0.125 warrants per share of Occidental common stock (Common Stock Warrants). Occidental issued approximately 116 million Common Stock Warrants on August 3, 2020 to holders of record of outstanding shares of Occidental’s common stock as of the close of business on July 6, 2020, and pursuant to Occidental’s outstanding equity-based incentive awards in connection with anti-dilution adjustments resulting from such distribution. The Common Stock Warrants have an exercise price of $22.00 per share and will expire on August 3, 2027. The Common Stock Warrants are listed on the NYSE and trade under the symbol "OXY WS".
The Common Stock Warrants were measured at fair value on the declaration date using the Black-Scholes option model and were classified as equity in "Additional paid-in capital". The following level 2 inputs were used in the Black-Scholes option model: the expected life of the Common Stock Warrants, a volatility factor and the exercise price. The expected life is based on the estimated term of the Common Stock Warrants, the volatility factor is based on historical
volatilities of Occidental common stock and the exercise of $22.00 per share of Occidental common stock. As of the declaration date, the fair value of the Common Stock Warrants was determined to be $767 million.

EARNINGS PER SHARE
The following table presents the calculation of basic and diluted EPS for the years ended December 31:

millions except per share amounts202120202019
Income (loss) from continuing operations$2,790 $(13,533)$(507)
Loss from discontinued operations(468)(1,298)(15)
Net income (loss)$2,322 $(14,831)$(522)
Less: Net income attributable to noncontrolling interest— — (145)
Less: Preferred stock dividends(800)(844)(318)
Net income (loss) attributable to common stock$1,522 $(15,675)$(985)
Less: Net income allocated to participating securities(10)— — 
Net income (loss), net of participating securities$1,512 $(15,675)$(985)
Weighted-average number of basic shares935.0 918.7 809.5 
Basic earnings (loss) per common share$1.62 $(17.06)$(1.22)
Net income (loss), net of participating securities$1,512 $(15,675)$(985)
Weighted-average number of basic shares935.0 918.7 809.5 
Dilutive securities23.8 — — 
Total diluted weighted-average common shares958.8 918.7 809.5 
Diluted earnings (loss) per common share $1.58 $(17.06)$(1.22)

As of December 31, 2021, warrants and options covering 87 million shares of Occidental common stock were excluded from the diluted shares as their effect would have been anti-dilutive. As of December 31, 2020, warrants and options covering 203 million shares of Occidental common stock were excluded from the diluted shares as their effect would have been anti-dilutive.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated OCI (loss) consisted of the following after-tax amounts as of December 31:

millions20212020
Foreign currency translation adjustments$(8)$(6)
Losses on derivatives(104)(119)
Pension and postretirement adjustments (a)
(96)(163)
Total$(208)$(288)