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LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT |
NOTE 4 - LONG-TERM DEBT
As of September 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:
millions | September 30, 2024 | December 31, 2023 |  |  |  |
2.900% senior notes due 2024 | $ | — |  | $ | 654 |  |  |  |  |
6.950% senior notes due 2024 | — |  | 291 |  |  |  |  |
3.450% senior notes due 2024 | — |  | 111 |  |  |  |  |
3.500% senior notes due 2025 | 137 |  | 137 |  |  |  |  |
364-day term loan due 2025 (6.801% as of September 30, 2024) | 300 |  | — |  |  |  |  |
5.875% senior notes due 2025 | 606 |  | 606 |  |  |  |  |
5.500% senior notes due 2025 | 465 |  | 465 |  |  |  |  |
5.550% senior notes due 2026 | 870 |  | 870 |  |  |  |  |
3.400% senior notes due 2026 | 284 |  | 284 |  |  |  |  |
Two-year term loan due 2026 (6.926% as of September 30, 2024) | 2,700 |  | — |  |  |  |  |
3.200% senior notes due 2026 | 182 |  | 182 |  |  |  |  |
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 |  |  |  |  |
5.000% senior notes due 2027 | 600 |  | — |  |  |  |  |
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 |  |  |  |  |
5.200% senior notes due 2029 | 1,200 |  | — |  |  |  |  |
Variable rate bonds due 2030 (5.200% and 5.750% as of September 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 |  |  |  |  |
5.375% senior notes due 2032 | 1,000 |  | — |  |  |  |  |
5.550% senior notes due 2034 | 1,200 |  | — |  |  |  |  |
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 |  |  |  |  |
(continued on next page) |  |  |  |  |  |
millions (continued) | September 30, 2024 | December 31, 2023 |  |  |  |
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 |  |  |  |  |
4.200% senior notes due 2048 | 304 |  | 304 |  |  |  |  |
4.400% senior notes due 2049 | 280 |  | 280 |  |  |  |  |
6.050% senior notes due 2054 | 1,000 |  | — |  |  |  |  |
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 | $ | 24,899 |  | $ | 17,955 |  |  |  |  |
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
millions | September 30, 2024 | December 31, 2023
Total borrowings at face value | $ | 24,899 |  | $ | 17,955 |
Adjustments to book value: |  |
Unamortized premium, net | 1,062 |  | 1,152 |
Debt issuance costs | (111) |  | (106) |
Net book value of debt | $ | 25,850 |  | $ | 19,001 |
Long-term finance leases, included in Long-term debt | 651 |  | 591 |
Current finance leases, included in current maturities of long-term debt | 134 |  | 146 |
Total debt and finance leases | $ | 26,635 |  | $ | 19,738 |
Less: current finance leases, included in current maturities of long-term debt | (134) |  | (146) |
Less: current maturities of long-term debt | (1,045) |  | (1,056) |
Long-term debt, net | $ | 25,456 |  | $ | 18,536 |
DEBT ACTIVITY In February 2024, Occidental entered into the Third Amended and Restated Credit Agreement for the RCF extending its 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 July 2024, Occidental amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027. As of September 30, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The facility and the RCF include pricing adjustments based on specified sustainability thresholds and targets. In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August 2024. In the nine months ended September 30, 2024, Occidental used proceeds from divestitures and cash on hand to repay $4.0 billion of debt, which included the satisfaction and discharge of the 5.000% senior notes due 2029 that were acquired with CrownRock. As of September 30, 2024, Occidental had $1.0 billion of debt maturities due in the next 12 months, excluding the current portion of finance leases. The table below summarizes Occidental's debt activity for the nine months ended September 30, 2024:
millions | Principal
Total Debt December 31, 2023 | $ | 17,955 |
Borrowings |
364-day term loan due 2025 | $ | 2,000 |
Two-year term loan due 2026 | 2,700 |
5.000% senior notes due 2027 | 600 |
5.200% senior notes due 2029 | 1,200 |
5.375% senior notes due 2032 | 1,000 |
5.550% senior notes due 2034 | 1,200 |
6.050% senior notes due 2054 | 1,000 |
Total borrowings | $ | 9,700 |
Debt Assumptions related to CrownRock |
5.625% senior notes due 2025 | $ | 868 |
5.000% senior notes due 2029 | 376 |
Total Debt Assumptions | $ | 1,244 |
Repayments |
364-day term loan due 2025 | $ | (1,700) |
5.625% senior notes due 2025 | (868) |
5.000% senior notes due 2029 | (376) |
6.950% senior notes due 2024 | (291) |
3.450% senior notes due 2024 | (111) |
2.900% senior notes due 2024 | (654) |
Total Repayments | $ | (4,000) |
Total Debt September 30, 2024 | $ | 24,899 |
FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of September 30, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was $25.4 billion and $18.0 billion, respectively.

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