Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

Our long-term total debt consisted of the following:

	December 31
Millions of dollars	2023		2022
5.0% senior notes due November 2045	$	1,911	$	2,000
4.85% senior notes due November 2035	1,000		1,000
2.92% senior notes due March 2030	1,000		1,000
7.45% senior notes due September 2039	946		1,000
4.75% senior notes due August 2043	879		900
6.7% senior notes due September 2038	763		800
4.5% senior notes due November 2041	500		500
3.8% senior notes due November 2025	382		400
7.6% senior debentures due August 2096	228		294
6.75% notes due February 2027	90		104
Other	5		6
Unamortized debt issuance costs and discounts	(68)		(76)
Total long-term debt	$	7,636	$	7,928

During the year ended December 31, 2023 and December 31, 2022, there were no short-term borrowings or current maturities of long-term debt.

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% notes due February 2027 and 7.6% senior debentures due August 2096 may not be redeemed prior to maturity.

Repurchases of senior debt

In August of 2023, we repurchased $150 million aggregate principal amount of various maturities of our outstanding debt, including: $15 million of our 3.8% senior notes due November 2025, $14 million of our 6.75% notes due February 2027, $21 million of our 6.7% senior notes due September 2038, $32 million of our 7.45% senior notes due September 2039, $60 million of our 5.0% senior notes due November 2045, and $8 million of our 7.6% senior debentures due August 2096.

In November of 2023, we repurchased $150 million aggregate principal amount of various maturities of our outstanding debt, including: $3 million of our 3.8% senior notes due November 2025, $16 million of our 6.7% senior notes due September 2038, $22 million of our 7.45% senior notes due September 2039, $21 million of our 4.75% senior notes due August 2043, $29 million of our 5.0% senior notes due November 2045, and $58 million of our 7.6% senior notes due August 2096.

We used cash on hand to fund these repurchases, which included the principal amount, a net premium, and accrued interest. The remaining principal balance of $5.2 billion in the aggregate of these debt instruments remains outstanding.

Redemption of 3.8% senior notes due November 2025 redemption

In February of 2022, we redeemed $600 million aggregate principal amount of our 3.8% senior notes due in November 2025. The early redemption of the notes resulted in a loss of $42 million, consisting of premiums and unamortized expenses. The loss is included in "Loss on early extinguishment of debt" in our consolidated statements of operations for the year ended December 31, 2022. We used cash on hand to fund the aggregate redemption price of the notes in the amount of $641 million, which included the principal amount, the make-whole premium, and accrued interest. The remaining $382 million aggregate principal amount of our 3.8% senior notes remains outstanding.

Revolving credit facilities

We have a revolving credit facility with a capacity of $3.5 billion, which expires in April 2027. The facility is for general working capital purposes. The full amount of the revolving credit facility was available as of December 31, 2023.

Debt maturities

Our long-term debt matures as follows: no amounts in 2024, $382 million in 2025, no amounts in 2026, $90 million in 2027, no amounts in 2028, and the remainder thereafter.