v3.25.4

Debt | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt Our long-term total de bt consisted of the f ollowing:
| December 31,
Millions of dollars | 2025 | 2024
5.0% senior notes due November 2045 | $1,887 | $1,887
2.92% senior notes due March 2030 | 1,000 | 1,000
4.85% senior notes due November 2035 | 997 | 997
7.45% senior notes due September 2039 | 938 | 938
4.75% senior notes due August 2043 | 846 | 846
6.7% senior notes due September 2038 | 763 | 763
4.5% senior notes due November 2041 | 469 | 469
7.6% senior debentures due August 2096 | 226 | 226
6.75% senior notes due February 2027 | 90 | 90
Other | 6 | 6
Unamortized debt issuance costs and discounts | (64) | (62)
Total long-term debt | $7,158 | $7,160
Short-term borrowings and current maturities of long-term debt | — | 381
Total debt | $7,158 | $7,541
T here were no short-term borrowings and current maturities of long-term debt as of December 31, 2025. There were no short-term borrowings and $381 million of current maturities of long-term debt as of December 31, 2024. Senior debt We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest. Our 6.75% senior notes due February 2027 and 7.6% senior debentures due August 2096 may not be redeemed prior to maturity. Repurchases of senior debt Our total debt repurchases consisted of the following:
| December 31,
Millions of dollars | 2025 | 2024
4.75% senior notes due August 2043 | $— | $32
4.5% senior notes due November 2041 | — | 31
5.0% senior notes due November 2045 | — | 24
7.45% senior notes due September 2039 | — | 8
4.85% senior notes due November 2035 | — | 3
7.6% senior debentures due August 2096 | — | 2
Total Repurchases | $— | $100
For the year ended December 31, 2024, w e used cash on hand to fund these repurchases, which included the principal amount, a net premium or discount, and accrued interest. The remaining principal balance of these instruments of $5.4 billion i n the aggregate remains outstanding as of December 31, 2025. Redemption of 3.8% senior notes due November 2025 In November 2025, we retired the remaining $382 million principal amount of our 3.8% senior notes at their scheduled maturity using cash on hand. Revolving credit facilities On August 18, 2025, we entered into a new $3.5 billion five-year revolving facility, which replaced our $3.5 billion revolving credit facility established in April 2022. The revolving credit facility is for general working capital purposes and expires on August 16, 2030. The full amount of the revolving credit facility was available as of December 31, 2025. Debt maturities Our debt matures as follows: no amounts in 2026, $90 million in 2027, no amounts in 2028 and 2029, $1.0 billion in 2030, and the remainder thereafter.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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