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EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
millions except per-share amounts2023202220232022
Net income$1,375 $2,746 $3,498 $11,377 
Less: Preferred stock dividends and redemption premiums(219)(200)(754)(600)
Net income attributable to common stock$1,156 $2,546 $2,744 $10,777 
Less: Net income allocated to participating securities(7)(18)(17)(76)
Net income, net of participating securities$1,149 $2,528 $2,727 $10,701 
Weighted-average number of basic shares884.0922.0891.9933.0
Basic income per common share$1.30 $2.74 $3.06 $11.47 
Net income attributable to common stock$1,156 $2,546 $2,744 $10,777 
Less: Net income allocated to participating securities(6)(17)(16)(70)
Net income, net of participating securities$1,150 $2,529 $2,728 $10,707 
Weighted-average number of basic shares884.0 922.0 891.9 933.0 
Dilutive securities74.2 80.5 72.5 72.9 
Dilutive effect of potentially dilutive securities958.2 1,002.5 964.4 1,005.9 
Diluted income per common share$1.20 $2.52 $2.83 $10.64 
Schedule of Repurchase Agreements
The following table presents Occidental's common share activity, including exercises of options and warrants, other transactions in Occidental's common stock in 2023 and treasury stock purchased both under its $3.0 billion stock repurchase plan announced in February 2023 and from the trustee of Occidental's defined contribution savings plan:

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 
Third Quarter 20232,468,799 19,248 (9,468,451)877,701,484 
Total 20232,942,801 4,112,887 (29,213,148)877,701,484 
(a)    Approximately $70 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 September 30, 2023, Occidental has 101.4 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 nine months ended September 30, 2023:

shares of preferred stock
Preferred stock, as of December 31, 2022100,000 
Less: Preferred redemptions(15,103)
Preferred stock, as of September 30, 202384,897 
Components of Preferred Stock Dividends and Redemptions The following presents the components of preferred stock dividends and redemptions:
millionsThree months ended September 30, 2023Nine months ended September 30, 2023
Preferred dividends$177 $567 
Redemption premium34 151 
Redemption value in excess of carrying value8 36 
Preferred dividend and redemption premiums$219 $754