Occidental Petroleum Corp.’s board has approved the repurchase of 20 million more shares of the company’s common stock, bringing the total authorized shares to 95 million, the company said Friday.

Occidental shares, which were priced at $76.57 at midday on the New York Stock Exchange, are trading at a significant discount to their intrinsic value, said Chief Executive Ray Irani in a statement.

Shares have ranged price between about $50 and $100 over the past 52 weeks.

The Los Angeles-based oil and gas exploration and production company, which began its repurchase program in 2005, has repurchased nearly 59.5 million shares as of the end of the second quarter, it said. Occidental has 821 million shares outstanding.

The company plans to announce second-quarter earnings on July 24.