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EARNINGS PER SHARE AND EQUITY
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
EARNINGS PER SHARE AND EQUITY
NOTE 10 - 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 amounts20252024
Income from continuing operations $945 $706 
Discontinued operations, net of taxes (a)
— 182 
Net income$945 $888 
Less: Income attributable to noncontrolling interest(9)— 
Less: Preferred stock dividends(170)(170)
Net income attributable to common stock$766 $718 
Less: Net income allocated to participating securities(5)(4)
Net income, net of participating securities$761 $714 
Weighted-average number of basic shares941.3884.1
Basic income per common share$0.81 $0.81 
Net income attributable to common stock$766 $718 
Less: Net income allocated to participating securities(5)(4)
Net income, net of participating securities$761 $714 
Weighted-average number of basic shares941.3 884.1 
Dilutive securities41.6 64.5 
Dilutive effect of potentially dilutive securities982.9 948.6 
Diluted income per common share$0.77 $0.75 
(a) The Andes Arbitration was settled in 2024 and resulted in a gain of $182 million, net of taxes, in discontinued operations.

For the three months ended March 31, 2025, warrants for 83.9 million shares of Occidental common stock were excluded from diluted shares as their effect would have been anti-dilutive. For the three months ended March 31, 2024, there were no Occidental common stock warrants nor options that were excluded from diluted shares.
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 
Total123,673 3,468,265 942,049,921 
(a)    $2 million of cash was received in the first three 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 March 31, 2025, Occidental had 73.9 million outstanding warrants with a strike of $22.00 per share and 83.9 million of Berkshire warrants with a strike of $59.62 per share.
On March 3, 2025, Occidental announced an offer to exercise its outstanding publicly traded 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 warrants related to the change in exercise price will be recognized as an equity issuance cost in the second quarter of 2025. The proceeds from the warrant exercise were used to repay near-term debt maturities (See Note 4 - Long Term Debt).