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LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
LONG-TERM DEBT |
NOTE 4 - LONG-TERM DEBT
As of June 30, 2025 and December 31, 2024, Occidental’s debt consisted of the following:
millions | June 30, 2025 | December 31, 2024 |  |  |  |
5.500% senior notes due 2025 | $ | — |  | $ | 465 |  |  |  |  |
5.875% senior notes due 2025 | — |  | 536 |  |  |  |  |
5.550% senior notes due 2026 | — |  | 870 |  |  |  |  |
3.400% senior notes due 2026 | 284 |  | 284 |  |  |  |  |
Two-year term loan due 2026 (6.036% and 6.249% as of June 30, 2025 and December 31, 2024, respectively) | 2,300 |  | 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 |  | 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 (3.950% and 5.710% as of June 30, 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) | June 30, 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 | $ | 22,119 |  | $ | 24,391 |  |  |  |  |
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
millions | June 30, 2025 | December 31, 2024
Total borrowings at face value | $ | 22,119 |  | $ | 24,391 |
Adjustments to book value: |  |
Unamortized premium, net | 972 |  | 1,037 |
Debt issuance costs | (95) |  | (105) |
Net book value of debt | $ | 22,996 |  | $ | 25,323 |
Long-term finance leases | 631 |  | 658 |
Current finance leases | 148 |  | 135 |
Total debt and finance leases | $ | 23,775 |  | $ | 26,116 |
Less: current finance leases | (148) |  | (135) |
Less: current maturities of long-term debt | (285) |  | (1,003) |
Long-term debt, net | $ | 23,342 |  | $ | 24,978 |
DEBT ACTIVITY In the six months ended June 30, 2025, Occidental used cash on hand, proceeds from asset sales and warrant exercises to repay all of the $1.0 billion senior notes due 2025 and $870 million of senior notes due 2026 and $400 million of the two-year term loan due 2026. Subsequent to June 30, 2025, but before the date of this filing, Occidental used cash from a combination of sources to repay an additional $700 million of the two-year term loan due 2026, reducing principal debt outstanding to $21.4 billion. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of June 30, 2025 and December 31, 2024, the majority of which was classified as Level 1, was $21.8 billion and $24.0 billion, respectively.

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