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STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of repurchase agreements | The following table presents Occidental's common share activity, including exercises of options and warrants, other transactions in Occidental's common stock in 2023 and treasury stock purchased both under its $3.0 billion share repurchase program announced in February 2023 and from the trustee of Occidental's defined contribution savings plan:
Period |  | Exercise of Warrants and Options | (a) | Other | (b) | Treasury Stock Purchases | (c) | Common Stock Outstanding | (d)
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 |  |
Third Quarter 2023 |  | 2,468,799 |  |  | 19,248 |  |  | (9,468,451) |  |  | 877,701,484 |  |
Fourth Quarter 2023 |  | 1,901,994 |  |  | 46,192 |  |  | (186,567) |  |  | 879,463,103 |  |
Total 2023 |  | 4,844,795 |  |  | 4,159,079 |  |  | (29,399,715) |  |  | 879,463,103 |  |
(a) Approximately $112 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consisted of issuances for the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs. (d) As of December 31, 2023, Occidental had 99.5 million outstanding warrants with a strike price of $22 per share and 83.9 million of warrants with a strike price of $59.62 per share.
Schedule of obligated preferred stock redemptions | The following table presents preferred stock redemption activity for 2023:
shares of Preferred stock |
Preferred stock, as of December 31, 2022 | 100,000 |
Less: Preferred redemptions | (15,103) |
Preferred stock, as of December 31, 2023 | 84,897 |
Components of preferred stock dividends and redemptions | The following presents the components of preferred stock dividends and redemptions:
millions |  | Year ended December 31, 2023
Preferred dividends |  | $ | 736 |
Redemption premium |  | 151 |
Redemption value in excess of carrying value |  | 36 |
Preferred dividend and redemption premiums |  | $ | 923 |
Calculation of basic and diluted EPS | The following table presents the calculation of basic and diluted EPS for the years ended December 31:
millions except per share amounts | 2023 | 2022 | 2021
Income from continuing operations | $ | 4,696 |  | $ | 13,304 |  | $ | 2,790 |
Loss from discontinued operations | — |  | — |  | (468) |
Net income | $ | 4,696 |  | $ | 13,304 |  | $ | 2,322 |
Less: Preferred stock dividends | (923) |  | (800) |  | (800) |
Net income attributable to common stock | $ | 3,773 |  | $ | 12,504 |  | $ | 1,522 |
Less: Net income allocated to participating securities | (23) |  | (83) |  | (10) |
Net income, net of participating securities | $ | 3,750 |  | $ | 12,421 |  | $ | 1,512 |
Weighted-average number of basic shares | 889.2 |  | 926.2 |  | 935.0 |
Basic earnings per common share | $ | 4.22 |  | $ | 13.41 |  | $ | 1.62 |
Net income attributable to common stock | $ | 3,773 |  | $ | 12,504 |  | $ | 1,522 |
Less: Net income allocated to participating securities | (21) |  | (77) |  | (10) |
Net income, net of participating securities | $ | 3,752 |  | $ | 12,427 |  | $ | 1,512 |
Weighted-average number of basic shares | 889.2 |  | 926.2 |  | 935.0 |
Dilutive securities | 71.7 |  | 75.8 |  | 23.8 |
Total diluted weighted-average common shares | 960.9 |  | 1,002.0 |  | 958.8 |
Diluted earnings per common share | $ | 3.90 |  | $ | 12.40 |  | $ | 1.58 |
Components of accumulated other comprehensive income (loss) | Accumulated OCI (loss) consisted of the following after-tax amounts as of December 31:
millions | 2023 | 2022
Foreign currency translation adjustments | $ | (4) |  | $ | (5) |
Derivatives | 20 |  | (25) |
Pension and postretirement adjustments (a) | 259 |  | 225 |
Total | $ | 275 |  | $ | 195 |
(a)See Note 11 - Retirement and Postretirement Benefit Plans for further information.

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