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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 13 - STOCKHOLDERS’ EQUITY

The following table presents Occidental’s common share activity, including exercises of warrants, and other transactions in Occidental’s common stock in 2025:

PeriodExercise of Common Stock Warrants
(a)
Other
(b)
Common Stock Outstanding
(c)
December 31, 2024938,457,983 
First Quarter 2025123,673 3,468,265 942,049,921 
Second Quarter 202541,926,088 440,156 984,416,165 
Third Quarter 2025726,741 32,123 985,175,029 
Fourth Quarter 2025819,165 32,222 986,026,416 
Total 202543,595,667 3,972,766 986,026,416 
(a)$930 million of cash was received in 2025 from the exercise of common stock warrants.
(b)Consists of issuances under the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan.
(c)As of December 31, 2025, the Company had 30.4 million of outstanding warrants with a strike price of $22 per share and 83.9 million of warrants with a strike price of $59.59 per share.

TREASURY STOCK
As of December 31, 2025, 2024 and 2023, treasury stock shares numbered 228.3 million, 228.3 million and 228.1 million, respectively.

PREFERRED STOCK
In 2019, Occidental issued 100,000 shares of Occidental series A preferred stock, with a face value of $100,000 per share and a liquidation preference of $105,000 per share plus unpaid accrued dividends to Berkshire Hathaway. Prior to August 2029, a mandatory redemption provision obligates Occidental to redeem preferred stock at a 10% premium to face value on a dollar-for-dollar basis for every dollar distributed to common shareholders (either via common stock dividends or share repurchases) above $4.00 per share, on a trailing 12-month basis. Preferred redemptions can settle between 30 and 60 days from the date Berkshire Hathaway is notified of the redemption obligation and accrued unpaid dividends are paid up to but not including the redemption date. Occidental cannot voluntarily redeem preferred stock before August 2029. After August 2029, Occidental can voluntarily redeem preferred stock at a 5% premium to face value.
Dividends on the preferred stock accrue on the face value at a rate per annum of 8%, but will be paid only when, as and if declared by the Company’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 $679 million in preferred stock dividends in 2025.
Occidental did not redeem preferred stock in 2025. To the extent Occidental’s trailing 12-month distributions to common shareholders is above $4.00 per share, Occidental is required to match any common shareholder distributions with preferred stock redemptions. As of the date of this filing, approximately $8.5 billion face value of the preferred stock remains outstanding.

BERKSHIRE WARRANT
In connection with the preferred stock issuance, Occidental also issued the Berkshire Warrant. The Berkshire Warrant is exercisable at the holder’s option, in whole or in part, until the first anniversary of the date on which no shares of preferred stock remain outstanding, at which time the Berkshire Warrant expires. The holder of the Berkshire 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. As of December 31, 2025, the Berkshire Warrant would result in the issuance of 83.9 million shares of Occidental common stock, if exercised in full for its current strike price of $59.59 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. The Common Stock Warrants have an exercise price of $22.00 per share and will expire on August 3, 2027. As of December 31, 2025, Occidental had 30.4 million outstanding warrants.
EARNINGS PER SHARE
Occidental’s instruments containing rights to nonforfeitable dividends granted in stock-based awards are considered participating securities prior to vesting and, therefore, have been deducted from earnings in computing basic and diluted EPS under the two-class method.
Basic EPS was computed by dividing net income attributable to common stock, net of income allocated to participating securities, by the weighted-average number of common shares outstanding during each period, including vested but unissued shares and share units. The computation of diluted EPS reflects the additional dilutive effect of stock options, warrants and unvested stock awards.
The following table presents the calculation of basic and diluted EPS for the years ended December 31:

millions except per share amounts202520242023
Income from continuing operations
$2,107 $2,866 $3,332 
Income from discontinued operations, net of tax262 212 1,364 
Net income
$2,369 $3,078 $4,696 
Less: Net income attributable to noncontrolling interest(43)(22)— 
Less: Preferred stock dividends(679)(679)(923)
Net income attributable to common stock
$1,647 $2,377 $3,773 
Less: Incremental fair value for warrants inducement (25)— — 
Less: Net income allocated to participating securities(10)(13)(23)
Net income, net of participating securities
$1,612 $2,364 $3,750 
Weighted-average number of basic shares975.5 911.8 889.2 
Basic earnings per common share
$1.65 $2.59 $4.22 
Net income attributable to common stock$1,647 $2,377 $3,773 
Less: Incremental fair value for warrants inducement(25)— — 
Less: Net income allocated to participating securities(10)(13)(21)
Net income, net of participating securities
$1,612 $2,364 $3,752 
Weighted-average number of basic shares975.5 911.8 889.2 
Dilutive securities24.6 55.3 71.7 
Total diluted weighted-average common shares1,000.1 967.1 960.9 
Diluted earnings per common share
$1.61 $2.44 $3.90 

For the year ended December 31, 2025, there were 84.2 million warrants/options consisting primarily of Berkshire warrants excluded from diluted shares. For the years ended December 31, 2024 and 2023, there were no Occidental common stock warrants nor options that were excluded from diluted shares.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated OCI (loss) consisted of the following after-tax amounts as of December 31, 2025 and 2024:

millions20252024
Foreign currency translation adjustments$(6)$(6)
Derivatives— 15 
Pension and postretirement adjustments (a)
208 170 
Total$202 $179