LONG-TERM DEBT

9 Months Ended

Sep. 30, 2025


NOTE 4 - LONG-TERM DEBT

As of September 30, 2025 and December 31, 2024, Occidental’s debt consisted of the following:


millions	September 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
Two-year term loan due 2026 (5.900% and 6.249% as of September 30, 2025 and December 31, 2024, respectively)	1,280		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 (4.920% and 5.710% as of September 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)	September 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	$	20,815	$	24,391

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:


millions	September 30, 2025		December 31, 2024
Total borrowings at face value	$	20,815	$	24,391
Adjustments to book value:
Unamortized premium, net	950		1,037
Debt issuance costs	(88)		(105)
Net book value of debt	$	21,677	$	25,323
Long-term finance leases	632		658
Current finance leases	153		135
Total debt and finance leases	$	22,462	$	26,116
Less: current finance leases	(153)		(135)
Less: current maturities of long-term debt	(1,463)		(1,003)
Long-term debt, net	$	20,846	$	24,978

DEBT ACTIVITY

In the nine months ended September 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, $1.2 billion of senior notes due 2026, and $1.4 billion of the two-year term loan due 2026.

Occidental terminated its receivables securitization facility effective September 26, 2025.

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of September 30, 2025 and December 31, 2024, the majority of which was classified as Level 1, was $21.0 billion and $24.0 billion, respectively.