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EARNINGS PER SHARE AND EQUITY
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
millions except per-share amounts2025202420252024
Income from continuing operations $842 $1,140 $2,255 $3,016 
Discontinued operations, net of taxes (a)
— — — 182 
Net income$842 $1,140 $2,255 $3,198 
Less: Income attributable to noncontrolling interest(12)(7)(31)(15)
Less: Preferred stock dividends(169)(169)(509)(509)
Net income attributable to common stock$661 $964 $1,715 $2,674 
Less: Incremental fair value for warrants inducement— — (25)— 
Less: Net income allocated to participating securities(4)(5)(11)(15)
Net income, net of participating securities$657 $959 $1,679 $2,659 
Weighted-average number of basic shares986.4927.5971.2902.1
Basic income per common share$0.67 $1.03 $1.73 $2.95 
Net income attributable to common stock$661 $964 $1,715 $2,674 
Less: Incremental fair value for warrants inducement— — (25)— 
Less: Net income allocated to participating securities(4)(4)(10)(14)
Net income, net of participating securities$657 $960 $1,680 $2,660 
Weighted-average number of basic shares986.4 927.5 971.2 902.1 
Dilutive securities16.7 48.2 27.9 59.3 
Dilutive effect of potentially dilutive securities1,003.1 975.7 999.1 961.4 
Diluted income per common share$0.65 $0.98 $1.68 $2.77 
(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 and nine months ended September 30, 2025, warrants held by Berkshire Hathaway for 83.9 million shares were excluded from diluted shares as their effect would have been anti-dilutive. For the three months ended September 30, 2024, warrants held by Berkshire Hathaway for 83.9 million shares were excluded from diluted shares as their effect would have been anti-dilutive. For the nine months ended September 30, 2024, there were no shares 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 
Second Quarter 202541,926,088 440,156 984,416,165 
Third Quarter 2025726,741 32,123 985,175,029 
Total42,776,502 3,940,544 985,175,029 
(a) $912 million of cash was received in the first nine 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 September 30, 2025, Occidental had 31.3 million outstanding warrants with a strike of $22.00 per share and 83.9 million warrants held by Berkshire Hathaway 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).