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EARNINGS PER SHARE AND EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2025
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 | 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.
Schedule of Repurchase Agreements | 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.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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