EARNINGS PER SHARE AND EQUITY

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

EARNINGS PER SHARE AND EQUITY

NOTE 10 - EARNINGS PER SHARE AND EQUITY

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	2024		2023
Income from continuing operations	$	706	$	1,263
Discontinued operations, net of taxes (a)	182		—
Net income	$	888	$	1,263
Less: Preferred stock dividends and redemption premiums	(170)		(280)
Net income attributable to common stock	$	718	$	983
Less: Net income allocated to participating securities	(4)		(6)
Net income, net of participating securities	$	714	$	977
Weighted-average number of basic shares	884.1		901.2
Basic income per common share	$	0.81	$	1.08
Net income attributable to common stock	$	718	$	983
Less: Net income allocated to participating securities	(4)		(6)
Net income, net of participating securities	$	714	$	977
Weighted-average number of basic shares	884.1		901.2
Dilutive securities	64.5		74.1
Dilutive effect of potentially dilutive securities	948.6		975.3
Diluted income per common share	$	0.75	$	1.00

(a) See Note 9 - Lawsuits, Claims, Commitments and Contingencies

For the three months ended March 31, 2024 and 2023, there were no Occidental common stock warrants nor options that were excluded from diluted shares.

The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2024:

Period	Exercise of Warrants (a)	Other (b)	Common Stock Outstanding (c)
December 31, 2023			879,463,103
First Quarter 2024	3,277,628	3,978,999	886,719,730

(a)    Approximately $72 million of cash was received as a result of the exercise of common stock warrants.

(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, 2024, Occidental has 96.2 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.

PREFERRED STOCK

Occidental paid $170 million in preferred stock dividends in the first quarter of 2024. Occidental did not redeem any preferred stock in the three months ended March 31, 2024. As of the date of this filing, approximately $8.5 billion face value of preferred stock, or 84,897 shares, remains outstanding.