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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of long-term debt | As of December 31, 2024 and 2023, Occidental’s debt consisted of the following:
millions | 2024 | 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 |  |  |  |  |
5.875% senior notes due 2025 | 536 |  | 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 |  |  |  |  |
Two-year term loan due 2026 (6.249% as of December 31, 2024) | 2,700 |  | — |  |  |  |  |
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 debentures 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 (5.710% and 5.750% as of December 31, 2024 and 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 (CAD denominated) | 18 |  | 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 |  |  |  |  |
(continued on next page) |  |  |  |  |  |
millions (continued) | 2024 | 2023 |  |  |  |
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 | $ | 24,391 |  | $ | 17,955 |  |  |  |  |
Adjustments to book value: |  |  |  |  |  |
Unamortized premium, net | 1,037 |  | 1,152 |  |  |  |  |
Debt issuance costs | (105) |  | (106) |  |  |  |  |
Net book value of debt | $ | 25,323 |  | $ | 19,001 |  |  |  |  |
Long-term finance leases | 658 |  | 591 |  |  |  |  |
Current finance leases | 135 |  | 146 |  |  |  |  |
Total debt and finance leases | $ | 26,116 |  | $ | 19,738 |  |  |  |  |
Less current maturities of finance leases | (135) |  | (146) |  |  |  |  |
Less current maturities of long-term debt | (1,003) |  | (1,056) |  |  |  |  |
Long-term debt, net | $ | 24,978 |  | $ | 18,536 |  |  |  |  |
The following table summarizes Occidental’s debt activity in 2024:
millions | Borrowings at face value
Total borrowings at face value as of 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 |
6.950% senior notes due 2024 | $ | (291) |
3.450% senior notes due 2024 | (111) |
2.900% senior notes due 2024 | (654) |
364-day term loan due 2025 | (2,000) |
5.625% senior notes due 2025 | (868) |
5.875% senior notes due 2025 | (70) |
3.500% senior notes due 2025 | (137) |
5.000% senior notes due 2029 | (376) |
Total repayments | $ | (4,507) |
Foreign currency revaluation on CAD denominated debt | $ | (1) |
Total borrowings at face value as of December 31, 2024 | $ | 24,391 |

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