XML 116 R67.htm IDEA: XBRL DOCUMENT v3.25.0.1
DEBT - Revolving Credit Facility Narrative (Details)
 1 Months Ended 12 Months Ended
Aug. 22, 2024
USD ($)
Jun. 05, 2024
USD ($)
Apr. 26, 2023
Jan. 20, 2021
USD ($)
Oct. 27, 2020
Jan. 20, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nov. 01, 2024
USD ($)
Oct. 31, 2024
USD ($)
Jul. 01, 2024
USD ($)
Jun. 30, 2024
USD ($)
Apr. 29, 2022
Debt Instrument [Line Items]                            
Loss on early extinguishment of debt             $ 5,000,000 $ 1,000,000 $ 0          
Repayments of assumed debt   $ 990,000,000                        
Unamortized premium             $ 3,000,000 0            
Senior Notes (Unsecured)                            
Debt Instrument [Line Items]                            
Loss on early extinguishment of debt       $ 2,000,000       $ 1,000,000            
Senior Notes (Unsecured) | 7.125% Unsecured Debt Notes                            
Debt Instrument [Line Items]                            
Debt instrument, interest rate, stated percentage       7.125%   7.125%                
Net proceeds from issuance of senior notes used to make cash distribution to occidental       $ 587,000,000                    
Debt issuance costs, net       13,000,000   $ 13,000,000                
Percentage of principal amount at which notes can be redeemed in case of change control           101.00%                
Senior Notes (Unsecured) | 7.125% Unsecured Debt Notes | After the Second Anniversary Date, Before Third Anniversary Date                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date           102.00%                
Senior Notes (Unsecured) | 7.125% Unsecured Debt Notes | After the Third Anniversary Date, Before Fourth Anniversary Date                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date           100.00%                
Senior Notes (Unsecured) | Second Lien Term Loan, EHP Notes, And Revolving Credit Facility                            
Debt Instrument [Line Items]                            
Repayments of debt       587,000,000                    
Senior Notes (Unsecured) | 2029 Senior Notes                            
Debt Instrument [Line Items]                            
Debt instrument face amount $ 300,000,000 $ 600,000,000                        
Debt instrument, interest rate, stated percentage   8.25%         8.25%              
Net proceeds from issuance of senior notes used to make cash distribution to occidental 298,000,000 $ 590,000,000                        
Debt issuance costs, net 5,000,000 $ 10,000,000                        
Unamortized premium $ 3,000,000                          
Debt instrument, redemption price, percentage of principal amount redeemed   35.00%                        
Senior Notes (Unsecured) | 2029 Senior Notes | After the Second Anniversary Date, Before Third Anniversary Date                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date   108.25%                        
Senior Notes (Unsecured) | 2029 Senior Notes | After the Third Anniversary Date, Before Fourth Anniversary Date                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date   100.00%                        
Senior Notes (Unsecured) | 2029 Senior Notes | Prior to 90 Days                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date   104.125%                        
Senior Notes (Unsecured) | 2029 Senior Notes | After 90 Days, Before First Anniversary Date                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date   102.063%                        
Senior Notes (Unsecured) | 2029 Senior Notes | After the First Anniversary Date, Before Second Anniversary Date                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date   100.00%                        
Senior Notes (Unsecured) | 2029 Senior Notes | Fifth Year                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date   101.00%                        
Senior Notes (Unsecured) | 2026 Senior Notes                            
Debt Instrument [Line Items]                            
Debt instrument face amount       $ 600,000,000   $ 600,000,000                
Debt instrument, interest rate, stated percentage             7.125%              
Loss on early extinguishment of debt             $ 5,000,000              
Senior Notes (Unsecured) | 2026 Senior Notes | Prior to 90 Days                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date       102.00%                    
Senior Notes (Unsecured) | 2026 Senior Notes | After 90 Days, Before First Anniversary Date                            
Debt Instrument [Line Items]                            
Percentage of principal amount at which notes can be redeemed prior to their maturity date       100.00%                    
Revolving Credit Facility | Line of Credit                            
Debt Instrument [Line Items]                            
Line of credit facility, maximum borrowing capacity             1,150,000,000         $ 1,100,000,000 $ 630,000,000  
Line of credit facility, amount available for borrowing             $ 983,000,000              
Borrowing base                   $ 1,500,000,000   $ 1,500,000,000 $ 1,200,000,000  
Period to enter into hedges on production             60 months              
Debt instrument, covenant leverage ratio     2.5   3.00                 1.75
Derivative, hedging percent                           25.00%
Commitment fee percentage         20.00%                  
Line of credit facility, commitment fee amount, writeoff             $ 6,000,000              
Line of credit facility, accordion feature, increase limit                   50,000,000        
Line of credit facility, accordion feature, higher borrowing capacity option                   $ 1,150,000,000        
Revolving Credit Facility | Line of Credit | Second Amendment                            
Debt Instrument [Line Items]                            
Increase (decrease) in debt issuance costs, net             3,000,000              
Revolving Credit Facility | Line of Credit | Fourth Amendment                            
Debt Instrument [Line Items]                            
Increase (decrease) in debt issuance costs, net             7,000,000              
Revolving Credit Facility | Line of Credit | Fifth Amendment                            
Debt Instrument [Line Items]                            
Increase (decrease) in debt issuance costs, net             $ 7,000,000              
Revolving Credit Facility | Line of Credit | First 24 Months | Crude Oil Hedge Positions                            
Debt Instrument [Line Items]                            
Derivative, hedging percent         50.00%                  
Revolving Credit Facility | Line of Credit | Month 25 Through Month 36                            
Debt Instrument [Line Items]                            
Derivative, hedging percent         33.00%                  
Revolving Credit Facility | Line of Credit | Month 25 Through Month 36 | Crude Oil Hedge Positions                            
Debt Instrument [Line Items]                            
Derivative, period         12 months                  
Revolving Credit Facility | Line of Credit | Minimum                            
Debt Instrument [Line Items]                            
Margin increase, additional increase each subsequent fiscal quarter             0.375%              
Debt instrument, covenant leverage ratio         1.5                  
Revolving Credit Facility | Line of Credit | Maximum                            
Debt Instrument [Line Items]                            
Margin increase, additional increase each subsequent fiscal quarter             0.50%              
Debt instrument, covenant leverage ratio         2.0                  
Revolving Credit Facility | Line of Credit | Federal Funds Rate                            
Debt Instrument [Line Items]                            
Interest rate added to variable rate basis     0.50%       0.50%              
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate                            
Debt Instrument [Line Items]                            
Interest rate added to variable rate basis             1.00%              
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate | Minimum                            
Debt Instrument [Line Items]                            
Interest rate added to variable rate basis             2.50%              
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate | Maximum                            
Debt Instrument [Line Items]                            
Interest rate added to variable rate basis             3.50%              
Revolving Credit Facility | Line of Credit | ABR Applicable Margin | Minimum                            
Debt Instrument [Line Items]                            
Interest rate added to variable rate basis     1.50%       1.50%              
Revolving Credit Facility | Line of Credit | ABR Applicable Margin | Maximum                            
Debt Instrument [Line Items]                            
Interest rate added to variable rate basis     2.50%       2.50%              
Revolving Credit Facility | 2026 Senior Notes                            
Debt Instrument [Line Items]                            
Debt instrument, covenant, revolving commitments, minimum                   25.00%        
Letters of Credit | Line of Credit                            
Debt Instrument [Line Items]                            
Line of credit facility, maximum borrowing capacity             $ 300,000,000     $ 300,000,000 $ 250,000,000      
Letters of credit outstanding, amount             $ (167,000,000)              
Debt covenant, additional borrowing capacity, multiplier     33.33%