Occidental Petroleum Corp. said late Monday that it sold 11 million shares of Lyondell Chemical Co. for about $300 million, a move that will boost its second-quarter earnings.

L.A.-based Occidental said the sale would increase second quarter net income by about $90 million (22 cents per share) and result in cash proceeds of about $240 million. It said it has no plans to sell its remaining 30.3 million Lyondell shares and warrants to purchase another 5 million shares.

Occidental Chairman and Chief Executive Ray Irani and Chief Financial Officer Stephen Chazen will remain members of Lyondell’s board.