Subject: Re: OXY Repay Preferreds & Buyback Stock
The first $3.6 Billion of capital return can go entirely to common shareholders. Everything above that gets split 50-50 with the pref. redemption (redeemed at a 10% premium to face).
If you think they will return $10 Billion total to shareholders next year, they could redeem something like $2.9 Billion worth of the BRK preferred using $3.2 Billion of cash.

Two comments

(1) Thank you so much for this summary
(2) Memo to self: never sit on the other side of a negotiating table with Mr Buffett

Jim