EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS attributable to common stockholders:

	Three months ended March 31,
millions except per-share amounts	2023		2022
Net income	$	1,263	$	4,876
Less: Preferred stock dividends and redemption premiums	(280)		(200)
Net income attributable to common stock	$	983	$	4,676
Less: Net income allocated to participating securities	(6)		(34)
Net income, net of participating securities	$	977	$	4,642
Weighted-average number of basic shares	901.2		936.7
Basic income per common share	$	1.08	$	4.96
Net income attributable to common stock	$	983	$	4,676
Less: Net income allocated to participating securities	(6)		(34)
Net income, net of participating securities	977		4,642
Weighted-average number of basic shares	901.2		936.7
Dilutive securities	74.1		61.0
Dilutive effect of potentially dilutive securities	975.3		997.7
Diluted income per common share	$	1.00	$	4.65

Schedule of Repurchase Agreements

The following table presents Occidental's common share activity, including its $3.0 billion stock repurchase plan announced in February 2023, exercises of options and warrants, and other transactions in Occidental's common stock in the first quarter of 2023:

Period	Exercise of Warrants and Options (a)	Other (b)	Treasury Stock Purchases	Common Stock Outstanding (c)
December 31, 2022				899,858,944
First Quarter 2023	268,371	3,935,166	(12,511,237)	891,551,244

(a)    Approximately $9 million of cash was received as a result of the exercise of common stock warrants and options.

(b)    Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan.

(c)    As of March 31, 2023, Occidental has 103.9 million outstanding warrants with a strike of $22.00 per share and 83.9 million of warrants with a strike of $59.62 per share.

Schedule of Obligated Preferred Stock Redemptions

The following table presents the number of shares of preferred stock which were obligated to be redeemed as of March 31, 2023.

shares of Preferred stock	Three months ended March 31, 2023
Preferred stock, as of December 31, 2022	100,000
Less: Obligated redemptions	(6,468)
Preferred stock, as of March 31, 2023	93,532

Components of Preferred Stock Dividends and Redemptions

The following presents the components of preferred stock dividends and redemptions:

millions	March 31, 2023
Preferred dividends	$	200
Redemption premium	65
Redemption value in excess of carrying value	15
Preferred dividend and redemption premiums	$	280