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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Long-term debt | As of December 31, 2021 and 2020, Occidental’s debt consisted of the following:
millions |  | 2021 |  | 2020 |  |  |  |
4.850% senior notes due 2021 |  | $ | — |  |  | $ | 147 |  |  |  |  |
2.600% senior notes due 2021 |  | — |  |  | 224 |  |  |  |  |
Variable rate bonds due 2021 (1.193% as of December 31, 2020) |  | — |  |  | 27 |  |  |  |  |
2.700% senior notes due 2022 |  | — |  |  | 629 |  |  |  |  |
3.125% senior notes due 2022 |  | — |  |  | 276 |  |  |  |  |
2.600% senior notes due 2022 |  | 101 |  |  | 101 |  |  |  |  |
Variable rate bonds due 2022 (1.730% as of December 31, 2020) |  | — |  |  | 1,052 |  |  |  |  |
2.700% senior notes due 2023 |  | 442 |  |  | 927 |  |  |  |  |
8.750% medium-term notes due 2023 |  | 22 |  |  | 22 |  |  |  |  |
2.900% senior notes due 2024 |  | 949 |  |  | 3,000 |  |  |  |  |
6.950% senior notes due 2024 |  | 650 |  |  | 650 |  |  |  |  |
3.450% senior notes due 2024 |  | 127 |  |  | 248 |  |  |  |  |
8.000% senior notes due 2025 |  | 500 |  |  | 500 |  |  |  |  |
5.875% senior notes due 2025 |  | 900 |  |  | 900 |  |  |  |  |
3.500% senior notes due 2025 |  | 326 |  |  | 750 |  |  |  |  |
5.500% senior notes due 2025 |  | 750 |  |  | 750 |  |  |  |  |
5.550% senior notes due 2026 |  | 1,100 |  |  | 1,100 |  |  |  |  |
3.200% senior notes due 2026 |  | 797 |  |  | 1,000 |  |  |  |  |
3.400% senior notes due 2026 |  | 779 |  |  | 1,150 |  |  |  |  |
7.500% debentures due 2026 |  | 112 |  |  | 112 |  |  |  |  |
8.500% senior notes due 2027 |  | 500 |  |  | 500 |  |  |  |  |
3.000% senior notes due 2027 |  | 634 |  |  | 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 |  |  | 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 |  | 1,477 |  |  | 1,500 |  |  |  |  |
Variable rate bonds due 2030 (0.900% and 2.700% as of December 31, 2021 and 2020, respectively) |  | 68 |  |  | 68 |  |  |  |  |
8.875% senior notes due 2030 |  | 1,000 |  |  | 1,000 |  |  |  |  |
6.625% senior notes due 2030 |  | 1,500 |  |  | 1,500 |  |  |  |  |
6.125% senior notes due 2031 |  | 1,250 |  |  | 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 |  |  | 2,269 |  |  |  |  |
4.300% senior notes due 2039 |  | 693 |  |  | 750 |  |  |  |  |
7.950% senior notes due 2039 |  | 325 |  |  | 325 |  |  |  |  |
6.200% senior notes due 2040 |  | 750 |  |  | 750 |  |  |  |  |
4.500% senior notes due 2044 |  | 608 |  |  | 625 |  |  |  |  |
(continued on next page) |  |  |  |  |  |  |  |
millions (continued) |  | 2021 |  | 2020 |  |  |  |
4.625% senior notes due 2045 |  | 634 |  |  | 750 |  |  |  |  |
6.600% senior notes due 2046 (a) |  | 1,157 |  |  | 1,100 |  |  |  |  |
4.400% senior notes due 2046 |  | 976 |  |  | 1,200 |  |  |  |  |
4.100% senior notes due 2047 |  | 663 |  |  | 750 |  |  |  |  |
4.200% senior notes due 2048 |  | 961 |  |  | 1,000 |  |  |  |  |
4.400% senior notes due 2049 |  | 704 |  |  | 750 |  |  |  |  |
7.730% debentures due 2096 |  | 58 |  |  | 60 |  |  |  |  |
7.500% debentures due 2096 |  | 60 |  |  | 78 |  |  |  |  |
7.250% debentures due 2096 |  | 5 |  |  | 49 |  |  |  |  |
Total borrowings at face value |  | $ | 28,493 |  |  | $ | 35,235 |  |  |  |  |
Adjustments to book value: |  |  |  |  |  |  |  |
Unamortized premium, net |  | 670 |  |  | 748 |  |  |  |  |
Debt issuance costs |  | (135) |  |  | (156) |  |  |  |  |
Net book value of debt |  | $ | 29,028 |  |  | $ | 35,827 |  |  |  |  |
Long-term finance leases |  | 504 |  |  | 316 |  |  |  |  |
Current finance leases |  | 85 |  |  | 42 |  |  |  |  |
Total debt and finance leases |  | $ | 29,617 |  |  | $ | 36,185 |  |  |  |  |
Less current maturities of financing leases |  | (85) |  |  | (42) |  |  |  |  |
Less current maturities of long-term debt |  | (101) |  |  | (398) |  |  |  |  |
Long-term debt, net |  | $ | 29,431 |  |  | $ | 35,745 |  |  |  |  |
(a) Occidental entered into an exchange agreement, dated as of October 20, 2021, among Occidental and certain holders of its subsidiary Anadarko’s 7.250% debentures due 2096, its subsidiary Anadarko Holding Company’s 7.500% debentures due 2096 and its subsidiary Anadarko’s 7.730% debentures due 2096 (such notes, the 2096 Notes), pursuant to which Occidental issued approximately $57.2 million of 6.600% senior notes due 2046 as additional securities under the Indenture, dated as of August 8, 2019, between Occidental and The Bank of New York Mellon Trust Company, N.A., as trustee (the 2019 Indenture), in exchange for the cancellation of approximately $64.8 million of the 2096 notes. The additional securities have identical terms and conditions as Occidental’s previously issued 6.600% senior notes due 2046 (the Initial Securities), other than the issue date and the date from which interest will accrue, are restricted securities with a related legend and initially have a different CUSIP number and ISIN number from the Initial Securities and for all purposes are treated as a single class with the outstanding Initial Securities under the 2019 Indenture. The following table summarizes Occidental’s debt activity for the year ended December 31, 2021:
millions |  | Borrowings at face value
Total borrowings at face value as of December 31, 2020 |  | $ | 35,235 |
First quarter: |  |
4.850% senior notes due 2021 |  | $ | (147) |
Variable rate bonds due 2021 |  | (27) |
Third quarter: |  |
2.700% senior notes due 2022 |  | $ | (278) |
2.700% senior notes due 2023 |  | (484) |
3.450% senior notes due 2024 |  | (81) |
2.900% senior notes due 2024 |  | (1,620) |
3.500% senior notes due 2025 |  | (229) |
3.400% senior notes due 2026 |  | (224) |
3.200% senior notes due 2026 |  | (110) |
2.600% senior notes due 2021 |  | (224) |
Floating interest rate notes due August 2022 |  | (1,051) |
Fourth quarter: |  |
4.400% senior notes due 2046 |  | $ | (224) |
4.400% senior notes due 2049 |  | (46) |
7.730% debentures due 2096 |  | (3) |
7.500% debentures due 2096 |  | (18) |
7.250% debentures due 2096 |  | (44) |
6.600% senior notes due 2046 |  | 57 |
3.450% senior notes due 2024 |  | (40) |
2.900% senior notes due 2024 |  | (431) |
3.500% senior notes due 2025 |  | (195) |
3.400% senior notes due 2026 |  | (148) |
3.200% senior notes due 2026 |  | (93) |
3.000% senior notes due 2027 |  | (116) |
3.500% senior notes due 2029 |  | (23) |
4.100% senior notes due 2047 |  | (87) |
4.200% senior notes due 2048 |  | (39) |
4.300% senior notes due 2039 |  | (57) |
4.500% senior notes due 2044 |  | (17) |
4.625% senior notes due 2045 |  | (116) |
3.125% senior notes due 2022 |  | (276) |
2.700% senior notes due 2022 |  | (351) |
Total borrowings at face value as of December 31, 2021 |  | $ | 28,493 |
DEBT ACTIVITY - 2020 The following table summarizes Occidental’s debt issuances, repurchases, repayments and exchanges for the year 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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