XML 51 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2023, was $20,307. The company’s long-term debt outstanding at year-end 2023 and 2022 was as follows:
|  |  |  |  | At December 31
|  |  |  |  | 2023 |  |  | 2022
| Weighted Average Interest Rate (%)1 |  | Range of Interest Rates (%)2 |  | Principal |  |  | Principal
Notes due 2024 | 3.291 |  | 2.895 - 3.900 |  | $ | 1,650 |  |  |  | $ | 1,650 |
Notes due 2025 | 1.724 |  | 0.687 - 3.326 |  | 4,000 |  |  |  | 4,000 |
Notes due 2026 |  |  | 2.954 |  | 2,250 |  |  |  | 2,250 |
Notes due 2027 | 2.379 |  | 1.018 - 8.000 |  | 2,000 |  |  |  | 2,000 |
Notes due 2028 |  |  | 3.850 |  | 600 |  |  |  | 600 |
Notes due 2029 |  |  | 3.250 |  | 500 |  |  |  | 500 |
Notes due 2030 |  |  | 2.236 |  | 1,500 |  |  |  | 1,500 |
Debentures due 2031 |  |  | 8.625 |  | 102 |  |  |  | 102 |
Debentures due 2032 | 8.416 |  | 8.000 - 8.625 |  | 183 |  |  |  | 183 |
Notes due 2040 |  |  | 2.978 |  | 293 |  |  |  | 293 |
Notes due 2041 |  |  | 6.000 |  | 397 |  |  |  | 397 |
Notes due 2043 |  |  | 5.250 |  | 330 |  |  |  | 330 |
Notes due 2044 |  |  | 5.050 |  | 222 |  |  |  | 222 |
Notes due 2047 |  |  | 4.950 |  | 187 |  |  |  | 187 |
Notes due 2049 |  |  | 4.200 |  | 237 |  |  |  | 237 |
Notes due 2050 | 2.763 |  | 2.343 - 3.078 |  | 1,750 |  |  |  | 1,750 |
Debentures due 2097 |  |  | 7.250 |  | 60 |  |  |  | 60 |
Bank loans due 2023 |  |  | - |  | — |  |  |  | 91 |
Medium-term notes, maturing from 2023 to 2038 | 6.599 |  | 5.331 - 7.840 |  | 20 |  |  |  | 23 |
Notes due 2023 |  |  |  |  | — |  |  |  | 2,600 |
Total including debt due within one year |  |  |  |  | 16,281 |  |  |  | 18,975 |
Debt due within one year |  |  |  |  | (1,650) |  |  |  | (2,694) |
Fair market value adjustment for debt acquired in the Noble acquisition |  | 578 |  |  |  | 664 |
Reclassified from short-term debt |  |  |  |  | 4,543 |  |  |  | 4,050 |
Unamortized discounts and debt issuance costs |  |  |  |  | (19) |  |  |  | (23) |
Finance lease liabilities 3 |  |  |  |  | 574 |  |  |  | 403 |
Total long-term debt |  |  |  |  | $ | 20,307 |  |  |  | $ | 21,375 |
1 Weighted-average interest rate at December 31, 2023. |  |  |  |  |  |  |  |
2 Range of interest rates at December 31, 2023. |  |  |  |  |  |  |  |
3 For details on finance lease liabilities, see Note 5 Lease Commitments. |  |  |  |  |  |  |
Long-term debt excluding finance lease liabilities with a principal balance of $16,281 matures as follows: 2024 – $1,650; 2025 – $4,000; 2026 – $2,250; 2027 – $2,000; 2028 – $600; and after 2028 – $5,781. During the third quarter of 2023, the company assumed $1.5 billion of debt in conjunction with the PDC acquisition, including balances outstanding under the revolving credit facility, PDC’s 6.125% notes due 2024 (2024 notes) and PDC’s 5.75% notes due 2026 (2026 notes). The outstanding balances under the revolving credit facility and the 2024 notes were repaid during third quarter 2023. The company also irrevocably deposited sufficient U.S. Treasury securities with U.S. Bank Trust Company, N.A., as trustee, to fund the redemption of the 2026 notes, resulting in the indenture being satisfied and discharged. See Note 9 Fair Value Measurements for information concerning the fair value of the company’s long-term debt.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration