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EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 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 June 30, | Six months ended June 30,
millions except per-share amounts | 2023 | 2022 | 2023 |  | 2022
Net income | $ | 860 |  | $ | 3,755 |  | $ | 2,123 |  |  | $ | 8,631 |
Less: Preferred stock dividends and redemption premiums | (255) |  | (200) |  | (535) |  |  | (400) |
Net income attributable to common stock | $ | 605 |  | $ | 3,555 |  | $ | 1,588 |  |  | $ | 8,231 |
Less: Net income allocated to participating securities | (4) |  | (28) |  | (10) |  |  | (59) |
Net income, net of participating securities | $ | 601 |  | $ | 3,527 |  | $ | 1,578 |  |  | $ | 8,172 |
Weighted-average number of basic shares | 889.3 | 939.2 | 895.6 |  | 938.3
Basic income per common share | $ | 0.68 |  | $ | 3.76 |  | $ | 1.76 |  |  | $ | 8.71 |
Net income attributable to common stock | $ | 605 |  | $ | 3,555 |  | $ | 1,588 |  |  | $ | 8,231 |
Less: Net income allocated to participating securities | (4) |  | (26) |  | (10) |  |  | (56) |
Net income, net of participating securities | $ | 601 |  | $ | 3,529 |  | $ | 1,578 |  |  | $ | 8,175 |
Weighted-average number of basic shares | 889.3 |  | 939.2 |  | 895.6 |  |  | 938.3 |
Dilutive securities | 69.5 |  | 79.1 |  | 71.8 |  |  | 69.2 |
Dilutive effect of potentially dilutive securities | 958.8 |  | 1,018.3 |  | 967.4 |  |  | 1,007.5 |
Diluted income per common share | $ | 0.63 |  | $ | 3.47 |  | $ | 1.63 |  |  | $ | 8.11 |
Schedule of Repurchase Agreements | The following table presents Occidental's common share activity, including its $3.0 billion stock repurchase plan announced in February 2023, exercises of options and warrants, and other transactions in Occidental's common stock in 2023:
Period | Exercise of Warrants and Options (a) | Other (b) | Treasury Stock Purchases | Common Stock Outstanding (c)
December 31, 2022 |  |  |  | 899,858,944 |
First Quarter 2023 | 268,371 |  | 3,935,166 |  | (12,511,237) |  | 891,551,244 |
Second Quarter 2023 | 205,631 |  | 158,473 |  | (7,233,460) |  | 884,681,888 |
Total 2023 | 474,002 |  | 4,093,639 |  | (19,744,697) |  | 884,681,888 |
(a) Approximately $16 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 June 30, 2023, Occidental has 103.8 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 six months ended June 30, 2023:
shares of preferred stock |
Preferred stock, as of December 31, 2022 | 100,000 |
Less: Obligated redemptions | (6,468) |
Preferred stock, as of March 31, 2023 | 93,532 |
Less: Obligated redemptions | (5,220) |
Preferred stock, as of June 30, 2023 | 88,312 |
Components of Preferred Stock Dividends and Redemptions | The following presents the components of preferred stock dividends and redemptions:
millions | Three months ended June 30, 2023 | Six months ended June 30, 2023
Preferred dividends | $ | 190 |  | $ | 390 |
Redemption premium | 52 |  | 117 |
Redemption value in excess of carrying value | 13 |  | 28 |
Preferred dividend and redemption premiums | $ | 255 |  | $ | 535 |

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