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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
LONG-TERM DEBT |
NOTE 4 - LONG-TERM DEBT
As of March 31, 2025 and December 31, 2024, Occidental’s debt consisted of the following:
millions | March 31, 2025 | December 31, 2024 |  |  |  |
5.500% senior notes due 2025 | $ | — |  | $ | 465 |  |  |  |  |
5.875% senior notes due 2025 | 536 |  | 536 |  |  |  |  |
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 (6.039% and 6.249% as of March 31, 2025 and December 31, 2024, respectively) | 2,650 |  | 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 |  | 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 |  | 1,200 |  |  |  |  |
Variable rate bonds due 2030 (4.890% and 5.710% as of March 31, 2025 and December 31, 2024, 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 |  | 1,000 |  |  |  |  |
5.550% senior notes due 2034 | 1,200 |  | 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) | 17 |  | 18 |  |  |  |  |
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 |  |  |  |  |
(continued on next page) |  |  |  |  |  |
millions (continued) | March 31, 2025 | December 31, 2024 |  |  |  |
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 |  | 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 | $ | 23,875 |  | $ | 24,391 |  |  |  |  |
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
millions | March 31, 2025 | December 31, 2024
Total borrowings at face value | $ | 23,875 |  | $ | 24,391 |
Adjustments to book value: |  |
Unamortized premium, net | 1,012 |  | 1,037 |
Debt issuance costs | (100) |  | (105) |
Net book value of debt | $ | 24,787 |  | $ | 25,323 |
Long-term finance leases | 658 |  | 658 |
Current finance leases | 149 |  | 135 |
Total debt and finance leases | $ | 25,594 |  | $ | 26,116 |
Less: current finance leases | (149) |  | (135) |
Less: current maturities of long-term debt | (1,408) |  | (1,003) |
Long-term debt, net | $ | 24,037 |  | $ | 24,978 |
DEBT ACTIVITY In the three months ended March 31, 2025, Occidental used cash on hand and proceeds from asset sales to redeem $465 million of senior notes due 2025 and repaid $50 million of the two-year term loan due 2026. Subsequent to March 31, 2025, but before the date of this filing, Occidental used proceeds from asset sales and the warrant exercise to pay all remaining current maturities of $1.4 billion and long-term maturities of $350 million, leaving principal debt outstanding of $22.1 billion. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of March 31, 2025 and December 31, 2024, the majority of which was classified as Level 1, was $23.6 billion and $24.0 billion, respectively.

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