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LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT |
NOTE 4 - LONG-TERM DEBT
As of June 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:
millions | June 30, 2024 | December 31, 2023 |  |  |  |
2.900% senior notes due 2024 | $ | 654 |  | $ | 654 |  |  |  |  |
6.950% senior notes due 2024 | 291 |  | 291 |  |  |  |  |
3.450% senior notes due 2024 | 111 |  | 111 |  |  |  |  |
3.500% senior notes due 2025 | 137 |  | 137 |  |  |  |  |
5.875% senior notes due 2025 | 606 |  | 606 |  |  |  |  |
5.500% senior notes due 2025 | 465 |  | 465 |  |  |  |  |
5.550% senior notes due 2026 | 870 |  | 870 |  |  |  |  |
3.200% senior notes due 2026 | 182 |  | 182 |  |  |  |  |
3.400% senior notes due 2026 | 284 |  | 284 |  |  |  |  |
7.500% debentures due 2026 | 112 |  | 112 |  |  |  |  |
8.500% senior notes due 2027 | 489 |  | 489 |  |  |  |  |
3.000% senior notes due 2027 | 216 |  | 216 |  |  |  |  |
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 |  | 232 |  |  |  |  |
7.200% senior debentures due 2028 | 82 |  | 82 |  |  |  |  |
6.375% senior notes due 2028 | 578 |  | 578 |  |  |  |  |
7.200% debentures due 2029 | 135 |  | 135 |  |  |  |  |
7.950% debentures due 2029 | 116 |  | 116 |  |  |  |  |
8.450% senior notes due 2029 | 116 |  | 116 |  |  |  |  |
3.500% senior notes due 2029 | 286 |  | 286 |  |  |  |  |
Variable rate bonds due 2030 (5.890% and 5.750% as of June 30, 2024 and December 31, 2023, respectively) | 68 |  | 68 |  |  |  |  |
8.875% senior notes due 2030 | 1,000 |  | 1,000 |  |  |  |  |
6.625% senior notes due 2030 | 1,449 |  | 1,449 |  |  |  |  |
6.125% senior notes due 2031 | 1,143 |  | 1,143 |  |  |  |  |
7.500% senior notes due 2031 | 900 |  | 900 |  |  |  |  |
7.875% senior notes due 2031 | 500 |  | 500 |  |  |  |  |
6.450% senior notes due 2036 | 1,727 |  | 1,727 |  |  |  |  |
Zero Coupon senior notes due 2036 | 673 |  | 673 |  |  |  |  |
0.000% loan due 2039 | 19 |  | 19 |  |  |  |  |
4.300% senior notes due 2039 | 247 |  | 247 |  |  |  |  |
7.950% senior notes due 2039 | 325 |  | 325 |  |  |  |  |
6.200% senior notes due 2040 | 737 |  | 737 |  |  |  |  |
4.500% senior notes due 2044 | 191 |  | 191 |  |  |  |  |
4.625% senior notes due 2045 | 296 |  | 296 |  |  |  |  |
6.600% senior notes due 2046 | 1,117 |  | 1,117 |  |  |  |  |
4.400% senior notes due 2046 | 424 |  | 424 |  |  |  |  |
4.100% senior notes due 2047 | 258 |  | 258 |  |  |  |  |
(continued on next page) |  |  |  |  |  |
millions (continued) | 2024 | 2023 |  |  |  |
4.200% senior notes due 2048 | 304 |  | 304 |  |  |  |  |
4.400% senior notes due 2049 | 280 |  | 280 |  |  |  |  |
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 | $ | 17,955 |  | $ | 17,955 |  |  |  |  |
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
millions | June 30, 2024 | December 31, 2023
Total borrowings at face value | $ | 17,955 |  | $ | 17,955 |
Adjustments to book value: |  |
Unamortized premium, net | 1,099 |  | 1,152 |
Debt issuance costs | (60) |  | (106) |
Net book value of debt | $ | 18,994 |  | $ | 19,001 |
Long-term finance leases, included in Long-term debt | 590 |  | 591 |
Current finance leases, included in Current maturities of long-term debt | 153 |  | 146 |
Total debt and finance leases | $ | 19,737 |  | $ | 19,738 |
Less: current maturities of financing leases | (153) |  | (146) |
Less: current maturities of long-term debt | (1,194) |  | (1,056) |
Long-term debt, net | $ | 18,390 |  | $ | 18,536 |
DEBT ACTIVITY In February 2024, Occidental entered into a Third Amended and Restated Credit Agreement for the RCF extending the maturity date to June 30, 2028. In May 2024, Occidental amended the RCF to add an additional $150 million commitment, increasing the borrowing capacity to $4.15 billion. In the first quarter of 2023, Occidental used cash on hand to repay $22 million of its 8.750% medium-term notes upon maturity. As of June 30, 2024, Occidental had $1.2 billion of debt maturities due in the next 12 months. Subsequent to June 30, 2024, in July 2024, Occidental repaid $402 million of current maturities. In July 2024, Occidental also amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027. As of June 30, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The facility includes adjustments based on the same specified sustainability target thresholds as contained in the RCF. In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024, consisting of $4.7 billion in term loans and $5 billion in unsecured notes. The term loans and notes issued comprised the following tranches:
millions | Principal
364 day term loan due in 2025 | $ | 2,000 |
2 year term loan due in 2026 | 2,700 |
5.000% senior notes due in 2027 | 600 |
5.200% senior notes due in 2029 | 1,200 |
5.375% senior notes due in 2032 | 1,000 |
5.550% senior notes due in 2034 | 1,200 |
6.050% senior notes due in 2054 | 1,000 |
Total borrowings | $ | 9,700 |
See Note 5 - Acquisition s and Divestitures for details on the CrownRock Acquisition. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of June 30, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was approximately $17.8 billion and $18.0 billion, respectively.

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