Document
Exhibit 99.2
UNAUDITED PRO FORMA CONDENSED FINANCIAL STATEMENTS
On January 2, 2026, Occidental Petroleum Corporation (“Occidental”) completed the divestiture of Occidental Chemical Corporation (“OxyChem”) for cash consideration of approximately $9.7 billion (“the divestiture”), inclusive of and subject to certain working capital and other customary purchase price adjustments. In connection with the divestiture, the historical results of OxyChem will be reported in Occidental’s consolidated financial statements as discontinued operations beginning in the fourth quarter of 2025.
The unaudited pro forma condensed consolidated financial statements (the “pro forma financial statements”) presented below have been prepared from the historical consolidated financial statements of Occidental and have been adjusted to reflect the (i) completion of the divestiture and (ii) the redemption of $6.5 billion of Occidental’s aggregate outstanding principal debt (the “redemption” and, together with the divestiture, the “transactions”). The unaudited pro forma condensed consolidated balance sheet (the “pro forma balance sheet”) is presented as if the transactions had been completed on September 30, 2025. The unaudited pro forma condensed consolidated statements of operations (the “pro forma statements of operations”) for the year ended December 31, 2024, and for the nine months ended September 30, 2025, are presented as if the transactions had been completed on January 1, 2024. The unaudited pro forma condensed consolidated statements of operations for the years ended December 31, 2022 and 2023 contain the required adjustments to reflect the divestiture as discontinued operations in accordance with generally accepted accounting principles in the United States. The amounts related to discontinued operations in Occidental’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Annual Report”) have been excluded from the pro forma statements of operations.
The unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2024 also includes adjustments to reflect the completion of the acquisition of CrownRock, L.P. (“CrownRock”) on August 1, 2024. The pro forma financial statements have been prepared from (i) the audited consolidated financial statements of Occidental contained in its 2024 Annual Report, and (ii) the unaudited condensed consolidated financial statements of CrownRock as of and for the six months ended June 30, 2024 included as Exhibit 99.1 to Occidental’s Form 8-K filed on August 12, 2024, as well as CrownRock’s unaudited financial records covering the period from July 1, 2024 through the closing of the CrownRock acquisition. Certain of CrownRock’s historical financial information has been reclassified to conform to Occidental’s financial statement presentation.
The pro forma financial statements have been prepared from, and should be read in conjunction with Occidental’s historical consolidated financial statements and accompanying notes.
The pro forma financial statements have been prepared to reflect adjustments to Occidental’s historical consolidated financial information that are (i) directly attributable to the transactions, (ii) factually supportable and (iii) with respect to the pro forma statements of operations only, expected to have a continuing impact on Occidental’s financial results.
The pro forma financial statements reflect the following pro forma adjustments, based on available information and certain assumptions that Occidental believes are reasonable:
•the divestiture of OxyChem;
•the redemption of $6.5 billion of Occidental’s aggregate debt; and
•expenses related to the transactions
The pro forma financial statements are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial position of Occidental would have been had the transactions occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations or consolidated financial position.
1
OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2025
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2025
| Occidental Historical | Divestiture of OxyChem | Transaction Adjustments | Occidental Pro Forma | ||||||||||||||||||||
| in millions | |||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||
| Cash and cash equivalents | 2,159 | (18) | 7,750 | (a) | 3,354 | ||||||||||||||||||
| (6,537) | (a) | ||||||||||||||||||||||
| Trade receivables, net | 3,169 | (680) | — | 2,489 | |||||||||||||||||||
| Joint interest receivables, net | 667 | — | — | 667 | |||||||||||||||||||
| Inventories | 2,117 | (398) | — | 1,719 | |||||||||||||||||||
| Other current assets | 700 | (111) | — | 589 | |||||||||||||||||||
| Total current assets | 8,812 | (1,207) | 1,213 | 8,818 | |||||||||||||||||||
| Investments in unconsolidated entities | 2,989 | (484) | — | 2,505 | |||||||||||||||||||
| Property, plant and equipment | |||||||||||||||||||||||
| Oil and gas | 125,378 | — | — | 125,378 | |||||||||||||||||||
| Chemical | 9,487 | (9,487) | — | — | |||||||||||||||||||
| Midstream and marketing | 9,836 | (729) | — | 9,107 | |||||||||||||||||||
| Corporate | 1,069 | (97) | — | 972 | |||||||||||||||||||
| Gross property, plant and equipment | 145,770 | (10,313) | — | 135,457 | |||||||||||||||||||
| Accumulated depreciation, depletion and amortization | (78,333) | 6,204 | — | (72,129) | |||||||||||||||||||
| Net property, plant, and equipment | 67,437 | (4,109) | — | 63,328 | |||||||||||||||||||
| Operating lease assets | 1,170 | (218) | — | 952 | |||||||||||||||||||
| Other long-term assets | 3,064 | (216) | — | 2,848 | |||||||||||||||||||
| TOTAL ASSETS | 83,472 | (6,234) | 1,213 | 78,451 | |||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
2
OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2025
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2025
| Occidental Historical | Divestiture of OxyChem | Transaction Adjustments | Occidental Pro Forma | ||||||||||||||||||||
| in millions | |||||||||||||||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||
| Current maturities of long-term debt | 1,616 | (3) | (1,462) | (a) | 151 | ||||||||||||||||||
| Current operating lease liabilities | 414 | (53) | — | 361 | |||||||||||||||||||
| Accounts payable | 3,532 | (332) | — | 3,200 | |||||||||||||||||||
| Accrued liabilities | 3,859 | (342) | (166) | (f) | 3,351 | ||||||||||||||||||
| Total current liabilities | 9,421 | (730) | (1,628) | 7,063 | |||||||||||||||||||
| Long-term debt, net | 20,846 | (21) | (4,925) | (a) | 15,900 | ||||||||||||||||||
| Deferred credits and other liabilities | |||||||||||||||||||||||
| Deferred income taxes, net | 5,402 | (2) | (490) | (f) | 4,910 | ||||||||||||||||||
| Asset retirement obligations | 3,856 | (124) | — | 3,732 | |||||||||||||||||||
| Other deferred credits and liabilities | 7,181 | (307) | — | 6,874 | |||||||||||||||||||
| Total deferred credits and other liabilities | 16,439 | (433) | (490) | 15,516 | |||||||||||||||||||
| Equity | |||||||||||||||||||||||
| Preferred stock, at par value | 8,287 | — | — | 8,287 | |||||||||||||||||||
| Common stock, at par value | 243 | — | — | 243 | |||||||||||||||||||
| Treasury stock | (15,597) | — | — | (15,597) | |||||||||||||||||||
| Additional paid-in capital | 20,926 | — | — | 20,926 | |||||||||||||||||||
| Retained earnings | 22,198 | (4,958) | 8,406 | (g) | 25,496 | ||||||||||||||||||
| (150) | (a) | ||||||||||||||||||||||
| Accumulated other comprehensive income | 204 | (92) | — | 112 | |||||||||||||||||||
| Total stockholders’ equity | 36,261 | (5,050) | 8,256 | 39,467 | |||||||||||||||||||
| Non-controlling interest | 505 | — | 505 | ||||||||||||||||||||
| Total equity | 36,766 | (5,050) | 8,256 | 39,972 | |||||||||||||||||||
| TOTAL LIABILITIES AND EQUITY | 83,472 | (6,234) | 1,213 | 78,451 | |||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
3
OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2025
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2025
| in millions except per-share amounts | Occidental Historical | Divestiture of OxyChem | Debt Redemption | Occidental Pro Forma | |||||||||||||||||||
| Revenues and other income | |||||||||||||||||||||||
| Net sales | 19,841 | (3,360) | — | 16,481 | |||||||||||||||||||
| Interest, dividends and other income | 162 | (5) | — | 157 | |||||||||||||||||||
| Gains on sales of assets and other, net | 13 | (3) | — | 10 | |||||||||||||||||||
| Total | 20,016 | (3,368) | — | 16,648 | |||||||||||||||||||
| Costs and other deductions | |||||||||||||||||||||||
| Oil and gas lease operating expense | 3,526 | — | — | 3,526 | |||||||||||||||||||
| Transportation and gathering expense | 1,238 | — | — | 1,238 | |||||||||||||||||||
| Chemical and midstream cost of sales | 2,460 | (2,326) | — | 134 | |||||||||||||||||||
| Purchased commodities | — | — | — | — | |||||||||||||||||||
| Selling, general and administrative expenses | 828 | (87) | — | 741 | |||||||||||||||||||
| Other operating and non-operating expense | 1,285 | (158) | — | 1,127 | |||||||||||||||||||
| Taxes other than on income | 781 | — | — | 781 | |||||||||||||||||||
| Depreciation, depletion and amortization | 5,914 | (340) | — | 5,574 | |||||||||||||||||||
| Asset Impairments and other charges | — | — | — | — | |||||||||||||||||||
| Acquisition-related costs | 13 | — | — | 13 | |||||||||||||||||||
| Exploration expense | 204 | — | — | 204 | |||||||||||||||||||
| Interest and debt expense, net | 864 | (3) | (291) | (b) | 570 | ||||||||||||||||||
| Total | 17,113 | (2,914) | (291) | 13,908 | |||||||||||||||||||
| Income (loss) before income taxes and other items | 2,903 | (454) | 291 | 2,740 | |||||||||||||||||||
| Other items | |||||||||||||||||||||||
| Income from equity investments and other | 333 | (78) | — | 255 | |||||||||||||||||||
| Total | 333 | (78) | — | 255 | |||||||||||||||||||
| Income (loss) before income taxes | 3,236 | (532) | 291 | 2,995 | |||||||||||||||||||
| Income tax expense | (981) | 120 | (63) | (e) | (924) | ||||||||||||||||||
| Income (loss) from continuing operations | 2,255 | (412) | 228 | 2,071 | |||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | (31) | — | — | (31) | |||||||||||||||||||
| Less: Preferred stock dividends | (509) | — | — | (509) | |||||||||||||||||||
| Income (loss) from continuing operations attributable to Common Stockholders | 1,715 | (412) | 228 | 1,531 | |||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—basic | $ | 1.73 | $ | 1.54 | |||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—diluted | $ | 1.68 | $ | 1.50 | |||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
4
OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2024
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2024
| in millions except per-share amounts | Occidental Historical | Divestiture of OxyChem | Debt Redemption | Occidental Continuing Operations Before CrownRock | CrownRock Pro Forma Adjustments (c) | Occidental Pro Forma | |||||||||||||||||||||||
| Revenues and other income | |||||||||||||||||||||||||||||
| Net sales | 26,725 | (4,707) | — | 22,018 | 1,459 | 23,477 | |||||||||||||||||||||||
| Interest, dividends and other income | 171 | 12 | — | 183 | 8 | 191 | |||||||||||||||||||||||
| Gains (losses) on sales of assets and other, net | (16) | — | — | (16) | — | (16) | |||||||||||||||||||||||
| Total | 26,880 | (4,695) | — | 22,185 | 1,467 | 23,652 | |||||||||||||||||||||||
| Costs and other deductions | |||||||||||||||||||||||||||||
| Oil and gas lease operating expense | 4,738 | — | — | 4,738 | 233 | 4,971 | |||||||||||||||||||||||
| Transportation and gathering expense | 1,608 | — | — | 1,608 | — | 1,608 | |||||||||||||||||||||||
| Chemical and midstream cost of sales | 3,121 | (3,036) | — | 85 | — | 85 | |||||||||||||||||||||||
| Purchased commodities | 337 | — | — | 337 | — | 337 | |||||||||||||||||||||||
| Selling, general and administrative expenses | 1,062 | (103) | — | 959 | 11 | 970 | |||||||||||||||||||||||
| Other operating and non-operating expense | 1,581 | (261) | — | 1,320 | — | 1,320 | |||||||||||||||||||||||
| Taxes other than on income | 1,039 | — | — | 1,039 | 76 | 1,115 | |||||||||||||||||||||||
| Depreciation, depletion and amortization | 7,371 | (420) | — | 6,951 | 492 | 7,443 | |||||||||||||||||||||||
| Asset impairments and other charges | 1,281 | (925) | — | 356 | — | 356 | |||||||||||||||||||||||
| Acquisition-related costs | 84 | — | — | 84 | — | 84 | |||||||||||||||||||||||
| Exploration expense | 275 | — | — | 275 | — | 275 | |||||||||||||||||||||||
| Interest and debt expense, net | 1,175 | 30 | (388) | (b) | 817 | 375 | 1,192 | ||||||||||||||||||||||
| Total | 23,672 | (4,715) | (388) | 18,569 | 1,187 | 19,756 | |||||||||||||||||||||||
| Income before income taxes and other items | 3,208 | 20 | 388 | 3,616 | 280 | 3,896 | |||||||||||||||||||||||
| Other items | |||||||||||||||||||||||||||||
| Income from equity investments and other | 862 | (103) | — | 759 | — | 759 | |||||||||||||||||||||||
| Total | 862 | (103) | — | 759 | — | 759 | |||||||||||||||||||||||
| Income from continuing operations before income taxes | 4,070 | (83) | 388 | 4,375 | 280 | 4,655 | |||||||||||||||||||||||
| Income tax expense | (1,174) | 27 | (83) | (e) | (1,230) | (62) | (1,292) | ||||||||||||||||||||||
| Income from continuing operations | 2,896 | (56) | 305 | 3,145 | 218 | 3,363 | |||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interest | (22) | — | — | (22) | — | (22) | |||||||||||||||||||||||
| Less: Preferred stock dividends | (679) | — | — | (679) | — | (679) | |||||||||||||||||||||||
| Income from continuing operations attributable to Common Stockholders | 2,195 | (56) | 305 | 2,444 | 218 | 2,662 | |||||||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—basic | $ | 2.39 | $ | 2.67 | $ | 2.85 | |||||||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—diluted | $ | 2.26 | $ | 2.51 | $ | 2.69 | |||||||||||||||||||||||
| Weighted-average number of common shares (d) | 911.8 | 17.2 | 929.0 | ||||||||||||||||||||||||||
| Diluted weighted-average common shares (d) | 967.1 | 17.2 | 984.3 | ||||||||||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
5
OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2023
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2023
| in millions except per-share amounts | Occidental Historical | Divestiture of OxyChem | Occidental Continuing Operations | ||||||||||||||||||||
| Revenues and other income | |||||||||||||||||||||||
| Net sales | 28,257 | (5,101) | 23,156 | ||||||||||||||||||||
| Interest, dividends and other income | 139 | (26) | 113 | ||||||||||||||||||||
| Gains on sales of assets and other, net | 522 | — | 522 | ||||||||||||||||||||
| Total | 28,918 | (5,127) | 23,791 | ||||||||||||||||||||
| Costs and other deductions | |||||||||||||||||||||||
| Oil and gas lease operating expense | 4,677 | — | 4,677 | ||||||||||||||||||||
| Transportation and gathering expense | 1,481 | — | 1,481 | ||||||||||||||||||||
| Chemical and midstream cost of sales | 3,116 | (3,048) | 68 | ||||||||||||||||||||
| Purchased commodities | 2,009 | — | 2,009 | ||||||||||||||||||||
| Selling, general and administrative expenses | 1,083 | (97) | 986 | ||||||||||||||||||||
| Other operating and non-operating expense | 1,084 | 81 | 1,165 | ||||||||||||||||||||
| Taxes other than on income | 1,087 | — | 1,087 | ||||||||||||||||||||
| Depreciation, depletion and amortization | 6,865 | (416) | 6,449 | ||||||||||||||||||||
| Asset impairments and other charges | 209 | — | 209 | ||||||||||||||||||||
| Acquisition-related costs | 26 | — | 26 | ||||||||||||||||||||
| Exploration expense | 441 | — | 441 | ||||||||||||||||||||
| Interest and debt expense, net | 945 | 12 | 957 | ||||||||||||||||||||
| Total | 23,023 | (3,468) | 19,555 | ||||||||||||||||||||
| Income before income taxes and other items | 5,895 | (1,659) | 4,236 | ||||||||||||||||||||
| Other items | |||||||||||||||||||||||
| Income from equity investments and other | 534 | (108) | 426 | ||||||||||||||||||||
| Total | 534 | (108) | 426 | ||||||||||||||||||||
| Income from continuing operations before income taxes | 6,429 | (1,767) | 4,662 | ||||||||||||||||||||
| Income tax expense | (1,733) | 403 | (1,330) | ||||||||||||||||||||
| Income from continuing operations | 4,696 | (1,364) | 3,332 | ||||||||||||||||||||
| Less: Preferred stock dividends and redemption premiums | (923) | — | (923) | ||||||||||||||||||||
| Income from continuing operations attributable to Common Stockholders | 3,773 | (1,364) | 2,409 | ||||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—basic | $ | 4.22 | $ | 2.69 | |||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—diluted | $ | 3.90 | $ | 2.49 | |||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
6
OCCIDENTAL PETROLEUM CORPORATION
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2022
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2022
| in millions except per-share amounts | Occidental Historical | Divestiture of OxyChem | Occidental Continuing Operations | ||||||||||||||||||||
| Revenues and other income | |||||||||||||||||||||||
| Net sales | 36,634 | (6,225) | 30,409 | ||||||||||||||||||||
| Interest, dividends and other income | 153 | (28) | 125 | ||||||||||||||||||||
| Gains on sales of assets and other, net | 308 | — | 308 | ||||||||||||||||||||
| Total | 37,095 | (6,253) | 30,842 | ||||||||||||||||||||
| Costs and other deductions | |||||||||||||||||||||||
| Oil and gas lease operating expense | 4,028 | — | 4,028 | ||||||||||||||||||||
| Transportation and gathering expense | 1,475 | — | 1,475 | ||||||||||||||||||||
| Chemical and midstream cost of sales | 3,273 | (3,206) | 67 | ||||||||||||||||||||
| Purchased commodities | 3,287 | — | 3,287 | ||||||||||||||||||||
| Selling, general and administrative expenses | 945 | (88) | 857 | ||||||||||||||||||||
| Other operating and non-operating expense | 1,271 | (164) | 1,107 | ||||||||||||||||||||
| Taxes other than on income | 1,548 | — | 1,548 | ||||||||||||||||||||
| Depreciation, depletion and amortization | 6,926 | (433) | 6,493 | ||||||||||||||||||||
| Asset impairments and other charges | — | — | — | ||||||||||||||||||||
| Acquisition-related costs | 89 | — | 89 | ||||||||||||||||||||
| Exploration expense | 216 | — | 216 | ||||||||||||||||||||
| Interest and debt expense, net | 1,030 | 7 | 1,037 | ||||||||||||||||||||
| Total | 24,088 | (3,884) | 20,204 | ||||||||||||||||||||
| Income before income taxes and other items | 13,007 | (2,369) | 10,638 | ||||||||||||||||||||
| Other items | |||||||||||||||||||||||
| Gains on interest rate swaps, net | 317 | — | 317 | ||||||||||||||||||||
| Income from equity investments and other | 793 | (114) | 679 | ||||||||||||||||||||
| Total | 1,110 | (114) | 996 | ||||||||||||||||||||
| Income from continuing operations before income taxes | 14,117 | (2,483) | 11,634 | ||||||||||||||||||||
| Income tax expense | (813) | 565 | (248) | ||||||||||||||||||||
| Income from continuing operations | 13,304 | (1,918) | 11,386 | ||||||||||||||||||||
| Less: Preferred stock dividends | (800) | — | (800) | ||||||||||||||||||||
| Income from continuing operations attributable to Common Stockholders | 12,504 | (1,918) | 10,586 | ||||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—basic | $ | 13.41 | $ | 11.35 | |||||||||||||||||||
| Net income from continuing operations attributable to common stockholders—diluted | $ | 12.40 | $ | 10.50 | |||||||||||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
7
NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
a) Reflects sources of/(uses of) cash upon the completion of the divestiture as follows:
| millions | As of September 30, 2025 | ||||
| Cash portion of preliminary purchase price | $ | 9,700 | |||
Transaction and closing adjustments1 | $ | (206) | |||
| Net cash proceeds | $ | 9,494 | |||
| Cash income tax payments | $ | (1,744) | |||
| Net after-tax proceeds | $ | 7,750 | |||
| Current maturities of long-term debt | $ | (1,462) | |||
| Long-term debt, net of discount and deferred financing costs | (4,925) | ||||
| Book value of discount and deferred financing costs | (113) | ||||
| Face value of Term Loan and Senior Notes redeemed | $ | (6,500) | |||
| Estimated cash premiums paid | (37) | ||||
| Term Loan and Senior Notes Redemption | $ | (6,537) | |||
1 Includes an estimate of transaction costs, including fees related to advisory, legal, investment banking and other professional services, all of which are directly attributable to the divestiture. These are non-recurring charges and have been excluded from the pro forma statements of operations.
b) Represents pro forma adjustments to interest and debt expense related to the repayment of $6.5 billion of aggregate principal debt, using a weighted average interest rate of 5.97% for the year ended December 31, 2024 and the nine months ended September 30, 2025.
c) Represents pro forma adjustments related to the acquisition of CrownRock, which was consummated in August 2024. The adjustments include CrownRock historical financials through August 1, 2024, interest expense related to the assumption of $9.7 billion in new debt, changes to depreciation, depletion, and amortization related to the step up of property, plant, and equipment to estimated fair value, and the estimated income tax effects of the preceding adjustments.
d) Represents the issuance of approximately 29.6 million shares of Occidental common stock to the holders of the CrownRock partnership interests as a portion of the consideration for the acquisition and consolidated activity from the closing of the CrownRock acquisition to the end of the period. The following table reconciles historical and pro forma basic and diluted earnings per share utilizing the two-class method for the periods indicated:
| in millions, except per-share amounts | For year ended December 31, 2024 | |||||||
| Occidental Historical | Occidental Pro Forma | |||||||
| Income from continuing operations attributable to common stock | $ | 2,195 | $ | 2,662 | ||||
| Less: Net income allocated to participating securities | (12) | (15) | ||||||
| Net income, net of participating securities | $ | 2,183 | $ | 2,647 | ||||
| Weighted-average number of common shares | 911.8 | 929.0 | ||||||
| Dilutive securities | 55.3 | 55.3 | ||||||
| Diluted weighted average common shares outstanding | 967.1 | 984.3 | ||||||
| Basic income from continuing ops per common share | $ | 2.39 | $ | 2.85 | ||||
| Diluted income from continuing ops per common share | $ | 2.26 | $ | 2.69 | ||||
e) Reflects the income tax effects of the pro forma adjustments included in the pro forma statements of operations for the nine months ended September 30, 2025 and for the year ended December 31, 2024.
f) Reflects the changes in current and deferred income taxes included in the pro forma balance sheet as of September 30, 2025.
g) Reflects the cumulative effects of the adjustments described in notes (a) and (e) on retained earnings
8