v3.25.2
EARNINGS PER SHARE AND EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
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 amounts2025202420252024
Income from continuing operations $468 $1,170 $1,413 $1,876 
Discontinued operations, net of taxes (a)
— — — 182 
Net income$468 $1,170 $1,413 $2,058 
Less: Income attributable to noncontrolling interest(10)(8)(19)(8)
Less: Preferred stock dividends(170)(170)(340)(340)
Net income attributable to common stock$288 $992 $1,054 $1,710 
Less: Incremental fair value for warrants inducement(25)— (25)— 
Less: Net income allocated to participating securities(2)(7)(7)(10)
Net income, net of participating securities$261 $985 $1,022 $1,700 
Weighted-average number of basic shares985.1893.8963.5889.2
Basic income per common share$0.27 $1.10 $1.06 $1.91 
Net income attributable to common stock$288 $992 $1,054 $1,710 
Less: Incremental fair value for warrants inducement(25)— (25)— 
Less: Net income allocated to participating securities(2)(7)(7)(10)
Net income, net of participating securities$261 $985 $1,022 $1,700 
Weighted-average number of basic shares985.1 893.8 963.5 889.2 
Dilutive securities25.3 65.1 33.5 64.9 
Dilutive effect of potentially dilutive securities1,010.4 958.9 997.0 954.1 
Diluted income per common share$0.26 $1.03 $1.03 $1.78 
(a) In 2024, an arbitration was settled related to discontinued operations in Ecuador which resulted in a gain of $182 million, net of taxes.
Schedule of Repurchase Agreements
The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2025:

Period
Exercise of Warrants (a)
Other (b)
Common Stock Outstanding
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 
Total42,049,761 3,908,421 984,416,165 
(a) $896 million of cash was received in the first six months of 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.

As of June 30, 2025, Occidental had 32.0 million outstanding warrants with a strike of $22.00 per share and 83.9 million of Berkshire warrants with a strike of $59.59 per share.