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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Long-term debt | As of December 31, 2022 and 2021, Occidental’s debt consisted of the following:
millions |  | 2022 |  | 2021 |  |  |  |
2.600% senior notes due 2022 |  | — |  |  | 101 |  |  |  |  |
2.700% senior notes due 2023 |  | — |  |  | 442 |  |  |  |  |
8.750% medium-term notes due 2023 (a) |  | 22 |  |  | 22 |  |  |  |  |
2.900% senior notes due 2024 |  | 654 |  |  | 949 |  |  |  |  |
6.950% senior notes due 2024 |  | 291 |  |  | 650 |  |  |  |  |
3.450% senior notes due 2024 |  | 111 |  |  | 127 |  |  |  |  |
8.000% senior notes due 2025 |  | — |  |  | 500 |  |  |  |  |
5.875% senior notes due 2025 |  | 606 |  |  | 900 |  |  |  |  |
3.500% senior notes due 2025 |  | 137 |  |  | 326 |  |  |  |  |
5.500% senior notes due 2025 |  | 465 |  |  | 750 |  |  |  |  |
5.550% senior notes due 2026 |  | 870 |  |  | 1,100 |  |  |  |  |
3.200% senior notes due 2026 |  | 182 |  |  | 797 |  |  |  |  |
3.400% senior notes due 2026 |  | 284 |  |  | 779 |  |  |  |  |
7.500% debentures due 2026 |  | 112 |  |  | 112 |  |  |  |  |
8.500% senior notes due 2027 |  | 489 |  |  | 500 |  |  |  |  |
3.000% senior notes due 2027 |  | 216 |  |  | 634 |  |  |  |  |
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 |  | 232 |  |  | 235 |  |  |  |  |
7.200% senior debentures due 2028 |  | 82 |  |  | 82 |  |  |  |  |
6.375% senior notes due 2028 |  | 578 |  |  | 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 |  | 286 |  |  | 1,477 |  |  |  |  |
Variable rate bonds due 2030 (5.32% and 0.900% as of December 31, 2022 and 2021, respectively) |  | 68 |  |  | 68 |  |  |  |  |
8.875% senior notes due 2030 |  | 1,000 |  |  | 1,000 |  |  |  |  |
6.625% senior notes due 2030 |  | 1,449 |  |  | 1,500 |  |  |  |  |
6.125% senior notes due 2031 |  | 1,143 |  |  | 1,250 |  |  |  |  |
7.500% senior notes due 2031 |  | 900 |  |  | 900 |  |  |  |  |
7.875% senior notes due 2031 |  | 500 |  |  | 500 |  |  |  |  |
6.450% senior notes due 2036 |  | 1,727 |  |  | 1,750 |  |  |  |  |
Zero Coupon senior notes due 2036 |  | 673 |  |  | 2,269 |  |  |  |  |
4.300% senior notes due 2039 |  | 247 |  |  | 693 |  |  |  |  |
7.950% senior notes due 2039 |  | 325 |  |  | 325 |  |  |  |  |
6.200% senior notes due 2040 |  | 737 |  |  | 750 |  |  |  |  |
4.500% senior notes due 2044 |  | 191 |  |  | 608 |  |  |  |  |
4.625% senior notes due 2045 |  | 296 |  |  | 634 |  |  |  |  |
6.600% senior notes due 2046 |  | 1,117 |  |  | 1,157 |  |  |  |  |
4.400% senior notes due 2046 |  | 424 |  |  | 976 |  |  |  |  |
4.100% senior notes due 2047 |  | 258 |  |  | 663 |  |  |  |  |
(continued on next page) |  |  |  |  |  |  |  |
millions (continued) |  | 2022 |  | 2021 |  |  |  |
4.200% senior notes due 2048 |  | 304 |  |  | 961 |  |  |  |  |
4.400% senior notes due 2049 |  | 280 |  |  | 704 |  |  |  |  |
7.730% debentures due 2096 |  | 58 |  |  | 58 |  |  |  |  |
7.500% debentures due 2096 |  | 60 |  |  | 60 |  |  |  |  |
7.250% debentures due 2096 |  | 5 |  |  | 5 |  |  |  |  |
Total borrowings at face value |  | $ | 17,958 |  |  | $ | 28,493 |  |  |  |  |
Adjustments to book value: |  |  |  |  |  |  |  |
Unamortized premium, net |  | 1,261 |  |  | 670 |  |  |  |  |
Debt issuance costs |  | (73) |  |  | (135) |  |  |  |  |
Net book value of debt |  | $ | 19,146 |  |  | $ | 29,028 |  |  |  |  |
Long-term finance leases |  | 546 |  |  | 504 |  |  |  |  |
Current finance leases |  | 143 |  |  | 85 |  |  |  |  |
Total debt and finance leases |  | $ | 19,835 |  |  | $ | 29,617 |  |  |  |  |
Less current maturities of financing leases |  | (143) |  |  | (85) |  |  |  |  |
Less current maturities of long-term debt |  | (22) |  |  | (101) |  |  |  |  |
Long-term debt, net |  | $ | 19,670 |  |  | $ | 29,431 |  |  |  |  |
(a) The 8.750% senior notes due 2023 were repaid in January 2023. DEBT ACTIVITY - 2022 The following table summarizes Occidental’s debt activity for the year ended December 31, 2022:
millions |  | Borrowings at face value
Total borrowings at face value as of December 31, 2021 |  | $ | 28,493 |
Repayments: |  |
2.600% senior notes due 2022 |  | $ | (101) |
2.700% senior notes due 2023 |  | (442) |
6.950% senior notes due 2024 |  | (359) |
3.450% senior notes due 2024 |  | (16) |
2.900% senior notes due 2024 |  | (295) |
3.500% senior notes due 2025 |  | (189) |
8.000% senior notes due 2025 |  | (500) |
5.875% senior notes due 2025 |  | (294) |
5.500% senior notes due 2025 |  | (285) |
5.550% senior notes due 2026 |  | (230) |
3.200% senior notes due 2026 |  | (615) |
3.400% senior notes due 2026 |  | (495) |
3.000% senior notes due 2027 |  | (418) |
8.500% senior notes due 2027 |  | (11) |
7.150% debentures due 2028 |  | (3) |
6.375% senior notes due 2028 |  | (22) |
3.500% senior notes due 2029 |  | (1,191) |
6.625% senior notes due 2030 |  | (51) |
6.125% senior notes due 2031 |  | (107) |
6.450% senior notes due 2036 |  | (23) |
Zero Coupon senior notes due 2036 |  | (1,596) |
4.300% senior notes due 2039 |  | (446) |
6.200% senior notes due 2040 |  | (13) |
4.500% senior notes due 2044 |  | (417) |
4.625% senior notes due 2045 |  | (338) |
6.600% senior notes due 2046 |  | (40) |
4.400% senior notes due 2046 |  | (552) |
4.100% senior notes due 2047 |  | (405) |
4.200% senior notes due 2048 |  | (657) |
4.400% senior notes due 2049 |  | (424) |
Total borrowings at face value as of December 31, 2022 |  | $ | 17,958 |
DEBT ACTIVITY - 2021 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 |
Activity: |  |
4.850% senior notes due 2021 |  | $ | (147) |
Variable rate bonds due 2021 |  | (27) |
2.600% senior notes due 2021 |  | (224) |
3.125% senior notes due 2022 |  | (276) |
2.700% senior notes due 2022 |  | (629) |
Floating interest rate notes due August 2022 |  | (1,052) |
2.700% senior notes due 2023 |  | (484) |
3.450% senior notes due 2024 |  | (121) |
2.900% senior notes due 2024 |  | (2,051) |
3.500% senior notes due 2025 |  | (424) |
3.400% senior notes due 2026 |  | (371) |
3.200% senior notes due 2026 |  | (203) |
3.000% senior notes due 2027 |  | (116) |
3.500% senior notes due 2029 |  | (23) |
4.300% senior notes due 2039 |  | (57) |
4.500% senior notes due 2044 |  | (17) |
4.625% senior notes due 2045 |  | (116) |
6.600% senior notes due 2046 |  | 57 |
4.400% senior notes due 2046 |  | (224) |
4.100% senior notes due 2047 |  | (87) |
4.200% senior notes due 2048 |  | (39) |
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) |
Total borrowings at face value as of December 31, 2021 |  | $ | 28,493 |

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