v3.26.1
EARNINGS PER SHARE AND EQUITY
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
EARNINGS PER SHARE AND EQUITY
NOTE 9 - 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 amounts20262025
Income from continuing operations $236 $830 
Discontinued operations, net of taxes3,123 115 
Net income$3,359 $945 
Less: Income attributable to noncontrolling interest(14)(9)
Less: Preferred stock dividends(170)(170)
Net income attributable to common stock$3,175 $766 
Less: Net income allocated to participating securities(20)(5)
Net income, net of participating securities$3,155 $761 
Weighted-average number of basic shares989.8941.3
Basic income per common share$3.19 $0.81 
Net income attributable to common stock$3,175 $766 
Less: Net income allocated to participating securities(19)(5)
Net income, net of participating securities$3,156 $761 
Weighted-average number of basic shares989.8 941.3 
Dilutive securities17.1 41.6 
Dilutive effect of potentially dilutive securities1,006.9 982.9 
Diluted income per common share$3.13 $0.77 
Anti-dilutive securities excluded from diluted shares (millions)83.9 83.9 

The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2026:

Period
Exercise of Warrants (a)
Other (b)
Treasury Stock Purchases (c)
Common Stock Outstanding
December 31, 2025986,026,416 
First Quarter 20263,609,243 2,939,668 (1,382,767)991,192,560 
Total3,609,243 2,939,668 (1,382,767)991,192,560 
(a) $79 million of cash was received in the first three months of 2026 from the exercise of common stock warrants.
(b) Includes issuances under the 2015 long-term incentive plan and the OPC savings plan.
(c) Includes purchases from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs.

As of March 31, 2026, Occidental had 26.8 million Common Stock Warrants with a strike of $22.00 per share and 83.9 million Berkshire Warrants held by Berkshire Hathaway with a strike of $59.59 per share.
On March 3, 2025, Occidental announced an offer to exercise its Common Stock Warrants, each exercisable at $22.00, at a temporarily reduced price of $21.30 per share with an expiration date of March 31, 2025. In April 2025, Occidental issued 41.9 million shares of stock in return for proceeds of approximately $890 million. The incremental fair value of the Common Stock Warrants related to the change in exercise price was recognized as an equity issuance cost. The proceeds from the warrant exercise were used to repay near-term debt maturities (See Note 3 - Long-Term Debt).