From OXY press release
The preferred stock to be issued to Berkshire Hathaway will be redeemable for cash (in whole or in part) at the option of Occidental commencing on the tenth anniversary of issuance at a redemption price equal to 105% of the liquidation preference plus accumulated and unpaid dividends, if any. The preferred stock will also be mandatorily redeemable for cash (in whole or in part) upon certain specified capital return events. Dividends will be paid in cash or, at Occidental’s option, in shares of Occidental common stock. The warrant to be issued with the preferred stock may be exercised in whole or in part and from time to time, until one year after the redemption of the preferred stock.
So far the preferred stock is earning its interest and getting 8% in ZIRP world is awesome. Now the icing is, oxy options. While OXY share price has recovered from the depths of pandemic sell-off, it still has some ways to go before the options are in money. However, the key is, these options have at the minimum 10+1 year life from issue date.
It is a pretty good deal, where they are guaranteed 8% return and possibly higher depending on OXY share price.