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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-term debt | At December 31, 2020 and 2019, Occidental’s long-term debt consisted of the following:
millions |  | 2020 |  | 2019 |  |  |  |
4.850% senior notes due 2021 |  | $ | 147 |  |  | $ | 677 |  |  |  |  |
2.600% senior notes due 2021 |  | 224 |  |  | 1,500 |  |  |  |  |
4.100% senior note due 2021 |  | — |  |  | 1,249 |  |  |  |  |
Variable rate bonds due 2021 (1.193% and 2.854% as of December 31, 2020 and 2019, respectively) |  | 27 |  |  | 500 |  |  |  |  |
Variable rate bonds due 2021 (3.151% as of December 31, 2019) |  | — |  |  | 500 |  |  |  |  |
2-year variable rate Term Loan due 2021 (3.111% as of December 31, 2019) |  | — |  |  | 1,956 |  |  |  |  |
2.700% senior notes due 2022 |  | 629 |  |  | 2,000 |  |  |  |  |
3.125% senior notes due 2022 |  | 276 |  |  | 814 |  |  |  |  |
2.600% senior notes due 2022 |  | 101 |  |  | 400 |  |  |  |  |
Variable rate bonds due 2022 (1.730% and 3.360% as of December 31, 2020 and 2019, respectively) |  | 1,052 |  |  | 1,500 |  |  |  |  |
2.700% senior notes due 2023 |  | 927 |  |  | 1,191 |  |  |  |  |
8.750% medium-term notes due 2023 |  | 22 |  |  | 22 |  |  |  |  |
2.900% senior notes due 2024 |  | 3,000 |  |  | 3,000 |  |  |  |  |
6.950% senior notes due 2024 |  | 650 |  |  | 650 |  |  |  |  |
3.450% senior notes due 2024 |  | 248 |  |  | 248 |  |  |  |  |
8.000% senior notes due 2025 |  | 500 |  |  | — |  |  |  |  |
5.875% senior notes due 2025 |  | 900 |  |  | — |  |  |  |  |
3.500% senior notes due 2025 |  | 750 |  |  | 750 |  |  |  |  |
5.500% senior notes due 2025 |  | 750 |  |  | — |  |  |  |  |
5.550% senior notes due 2026 |  | 1,100 |  |  | 1,100 |  |  |  |  |
3.200% senior notes due 2026 |  | 1,000 |  |  | 1,000 |  |  |  |  |
3.400% senior notes due 2026 |  | 1,150 |  |  | 1,150 |  |  |  |  |
7.500% debentures due 2026 |  | 112 |  |  | 112 |  |  |  |  |
8.500% senior notes due 2027 |  | 500 |  |  | — |  |  |  |  |
3.000% senior notes due 2027 |  | 750 |  |  | 750 |  |  |  |  |
7.125% debentures due 2027 |  | 150 |  |  | 150 |  |  |  |  |
7.000% debentures due 2027 |  | 48 |  |  | 48 |  |  |  |  |
6.625% debentures due 2028 |  | 14 |  |  | 14 |  |  |  |  |
7.150% debentures due 2028 |  | 235 |  |  | 235 |  |  |  |  |
7.200% senior debentures due 2028 |  | 82 |  |  | 82 |  |  |  |  |
6.375% senior notes due 2028 |  | 600 |  |  | — |  |  |  |  |
7.200% debentures due 2029 |  | 135 |  |  | 135 |  |  |  |  |
7.950% debentures due 2029 |  | 116 |  |  | 116 |  |  |  |  |
8.450% senior debentures due 2029 |  | 116 |  |  | 116 |  |  |  |  |
3.500% senior notes due 2029 |  | 1,500 |  |  | 1,500 |  |  |  |  |
Variable rate bonds due 2030 (4.210% and 1.705% as of December 31, 2020 and 2019, respectively) |  | 68 |  |  | 68 |  |  |  |  |
8.875% senior notes due 2030 |  | 1,000 |  |  | — |  |  |  |  |
6.625% senior notes due 2030 |  | 1,500 |  |  | — |  |  |  |  |
6.125% senior notes due 2031 |  | 1,250 |  |  | — |  |  |  |  |
7.500% senior notes due 2031 |  | 900 |  |  | 900 |  |  |  |  |
7.875% senior notes due 2031 |  | 500 |  |  | 500 |  |  |  |  |
6.450% senior notes due 2036 |  | 1,750 |  |  | 1,750 |  |  |  |  |
Zero Coupon senior notes due 2036 |  | 2,269 |  |  | 2,271 |  |  |  |  |
6.500% note payable to WES due 2038 |  | — |  |  | 260 |  |  |  |  |
4.300% senior notes due 2039 |  | 750 |  |  | 750 |  |  |  |  |
7.950% senior notes due 2039 |  | 325 |  |  | 325 |  |  |  |  |
6.200% senior notes due 2040 |  | 750 |  |  | 750 |  |  |  |  |
4.500% senior notes due 2044 |  | 625 |  |  | 625 |  |  |  |  |
4.625% senior notes due 2045 |  | 750 |  |  | 750 |  |  |  |  |
6.600% senior notes due 2046 |  | 1,100 |  |  | 1,100 |  |  |  |  |
4.400% senior notes due 2046 |  | 1,200 |  |  | 1,200 |  |  |  |  |
4.100% senior notes due 2047 |  | 750 |  |  | 750 |  |  |  |  |
4.200% senior notes due 2048 |  | 1,000 |  |  | 1,000 |  |  |  |  |
4.400% senior notes due 2049 |  | 750 |  |  | 750 |  |  |  |  |
7.730% debentures due 2096 |  | 60 |  |  | 60 |  |  |  |  |
7.500% debentures due 2096 |  | 78 |  |  | 78 |  |  |  |  |
7.250% debentures due 2096 |  | 49 |  |  | 49 |  |  |  |  |
Total borrowings at face value |  | $ | 35,235 |  |  | $ | 37,401 |  |  |  |  |
Adjustments to book value: |  |  |  |  |  |  |  |
Unamortized premium, net |  | 748 |  |  | 914 |  |  |  |  |
Debt issuance costs |  | (156) |  |  | (125) |  |  |  |  |
Long-term finance leases |  | 316 |  |  | 347 |  |  |  |  |
Current finance leases |  | 42 |  |  | 51 |  |  |  |  |
Total debt and finance leases |  | $ | 36,185 |  |  | $ | 38,588 |  |  |  |  |
Less current maturities of financing leases |  | (42) |  |  | (51) |  |  |  |  |
Less current maturities of long-term debt |  | (398) |  |  | — |  |  |  |  |
Long-term Debt, net |  | $ | 35,745 |  |  | $ | 38,537 |  |  |  |  |
The following table summarizes Occidental’s debt issuances, repurchases, repayments and exchanges for the twelve months ended December 31, 2020:
millions |  | Borrowings at face value
Total borrowings at face value as of December 31, 2019 |  | $ | 37,401 |
Issuance of July 2020 notes: |  |
8.000% senior notes due 2025 |  | 500 |
8.500% senior notes due 2027 |  | 500 |
8.875% senior notes due 2030 |  | 1,000 |
July tender and purchase: |  |
4.100% senior notes due February 2021 |  | (943) |
Variable rate bonds due February 2021 |  | (473) |
4.850% senior notes due March 2021 |  | (530) |
2.600% senior notes due August 2021 |  | (51) |
Issuance of August 2020 notes: |  |
5.875% senior notes due 2025 |  | 900 |
6.375% senior notes due 2028 |  | 600 |
6.625% senior notes due 2030 |  | 1,500 |
August and September tender and purchase: |  |
4.100% senior notes due February 2021 |  | (139) |
Variable rate bonds due August 2021 |  | (123) |
2.600% senior notes due August 2021 |  | (1,099) |
Variable rate bonds due August 2022 |  | (448) |
2.600% senior notes due April 2022 |  | (171) |
2.700% senior notes due August 2022 |  | (102) |
2.700% senior notes due February 2023 |  | (52) |
August WES exchange: |  |
6.500% note payable to WES due 2038 |  | (260) |
September Term Loan repayment: |  |
2-year variable rate term loan due 2021 |  | (500) |
October Term Loan and note repayment: |  |
2-year variable rate bonds due August 2021 |  | (377) |
0.00% senior notes due October 2036 |  | (2) |
2-year variable rate term loan due September 2021 |  | (1,010) |
November Term Loan repayment: |  |
2-year variable rate term loan due September 2021 |  | (232) |
Issuance of December 2020 notes: |  |
5.500% senior notes due 2025 |  | 750 |
6.125% senior notes due 2031 |  | 1,250 |
December tender and purchase: |  |
2.600% senior notes due August 2021 |  | (126) |
3.125% senior notes due February 2022 |  | (538) |
2.600% senior notes due April 2022 |  | (128) |
2.700% senior notes due August 2022 |  | (1,269) |
2.700% senior notes due February 2023 |  | (212) |
December Term Loan and note repayment: |  |
2-year variable rate term loan due September 2021 |  | (214) |
4.100% senior notes due February 2021 |  | (167) |
Total borrowings at face value as of December 31, 2020 |  | $ | 35,235 |

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