Occidental Petroleum Corp. said Friday that its board approved the repurchase of 20 million more shares of the company's common stock, bringing the total authorized shares to 95 million.
Occidental began the repurchase program in 2005. Under the program, the company already repurchased about 59.5 million shares through the end of the second quarter 2008.
Occidental has 820.7 million shares outstanding, according to its most recent quarterly report.
Shares of Occidental are trading at a significant discount to its intrinsic value, the company said.
The stock closed Thursday at $75.10. Shares have ranged from $50.66 to $100.04 in the past 52 weeks.
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