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EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six months ended June 30,
millions except per-share amounts2023202220232022
Net income$860 $3,755 $2,123 $8,631 
Less: Preferred stock dividends and redemption premiums(255)(200)(535)(400)
Net income attributable to common stock$605 $3,555 $1,588 $8,231 
Less: Net income allocated to participating securities(4)(28)(10)(59)
Net income, net of participating securities$601 $3,527 $1,578 $8,172 
Weighted-average number of basic shares889.3939.2895.6938.3
Basic income per common share$0.68 $3.76 $1.76 $8.71 
Net income attributable to common stock$605 $3,555 $1,588 $8,231 
Less: Net income allocated to participating securities(4)(26)(10)(56)
Net income, net of participating securities$601 $3,529 $1,578 $8,175 
Weighted-average number of basic shares889.3 939.2 895.6 938.3 
Dilutive securities69.5 79.1 71.8 69.2 
Dilutive effect of potentially dilutive securities958.8 1,018.3 967.4 1,007.5 
Diluted income per common share$0.63 $3.47 $1.63 $8.11 
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 2023:

Period
Exercise of Warrants and Options (a)
Other (b)
Treasury Stock Purchases
Common Stock Outstanding (c)
December 31, 2022899,858,944 
First Quarter 2023268,371 3,935,166 (12,511,237)891,551,244 
Second Quarter 2023205,631 158,473 (7,233,460)884,681,888 
Total 2023474,002 4,093,639 (19,744,697)884,681,888 
(a)    Approximately $16 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 June 30, 2023, Occidental has 103.8 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 preferred stock redemption activity for the six months ended June 30, 2023:

shares of preferred stock
Preferred stock, as of December 31, 2022100,000 
Less: Obligated redemptions(6,468)
Preferred stock, as of March 31, 202393,532 
Less: Obligated redemptions(5,220)
Preferred stock, as of June 30, 202388,312 
Components of Preferred Stock Dividends and Redemptions The following presents the components of preferred stock dividends and redemptions:
millionsThree months ended June 30, 2023Six months ended June 30, 2023
Preferred dividends$190 $390 
Redemption premium52 117 
Redemption value in excess of carrying value13 28 
Preferred dividend and redemption premiums$255 $535