Occidental bought back some stock warrants.

The Los Angeles-based oil company said it purchased 3.5 million common share warrants from Drexel Burnham Lambert for about $50 million, or $14.25 a warrant, to avoid dilution of its per-share earnings. Five warrants could be exchanged for two shares of common stock in January, 1986. Occidental Petroleum’s common closed at $32.375, up $1.125, on the New York Stock Exchange. Its warrants closed at $13.875, up 12.5 cents.