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EARNINGS PER SHARE AND EQUITY | 6 Months Ended
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Jun. 30, 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 June 30, | Six months ended June 30,
millions except per-share amounts | 2025 | 2024 | 2025 | 2024
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 shares | 985.1 | 893.8 | 963.5 | 889.2
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 shares | 985.1 |  | 893.8 |  | 963.5 |  | 889.2 |
Dilutive securities | 25.3 |  | 65.1 |  | 33.5 |  | 64.9 |
Dilutive effect of potentially dilutive securities | 1,010.4 |  | 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. For the three months ended June 30, 2025, options and warrants for 84.2 million shares were excluded from diluted shares as their effect would have been anti-dilutive. For the six months ended June 30, 2025, warrants for 83.9 million shares were excluded from diluted shares as their effect would have been anti-dilutive. For the three and six months ended June 30, 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, 2024 |  |  |  |  | 938,457,983 |
First Quarter 2025 | 123,673 |  |  | 3,468,265 |  |  | 942,049,921 |
Second Quarter 2025 | 41,926,088 |  |  | 440,156 |  |  | 984,416,165 |
Total | 42,049,761 |  |  | 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. 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 was recognized as an equity issuance cost. The proceeds from the warrant exercise were used to repay near-term debt maturities (See Note 4 - Long Term Debt).

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