Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

Our long-term total debt consisted of the following:

	December 31,
Millions of dollars	2024		2023
5.0% senior notes due November 2045	$	1,887	$	1,911
2.92% senior notes due March 2030	1,000		1,000
4.85% senior notes due November 2035	997		1,000
7.45% senior notes due September 2039	938		946
4.75% senior notes due August 2043	846		879
6.7% senior notes due September 2038	763		763
4.5% senior notes due November 2041	469		500
7.6% senior debentures due August 2096	226		228
6.75% notes due February 2027	90		90
3.8% senior notes due November 2025	—		382
Other	6		5
Unamortized debt issuance costs and discounts	(62)		(68)
Total long-term debt	$	7,160	$	7,636
Short-term borrowings and current maturities of long-term debt, net	381		—
Total debt	$	7,541	$	7,636

There were no short-term borrowings and $381 million of current maturities of long-term debt as of December 31, 2024. There were no short-term borrowings or current maturities of long-term debt as of December 31, 2023.

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

Our total debt repurchases consisted of the following:

	December 31,
Millions of dollars	2024		2023
4.75% senior notes due August 2043	$	32	$	21
4.5% senior notes due November 2041	31		—
5.0% senior notes due November 2045	24		90
7.45% senior notes due September 2039	8		54
4.85% senior notes due November 2035	3		—
7.6% senior debentures due August 2096	2		66
6.7% senior notes due September 2038	—		37
3.8% senior notes due November 2025	—		18
6.75% notes due February 2027	—		14
Total Repurchases	$	100	$	300

We 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 $6.6 billion in the aggregate remains outstanding as of December 31, 2024.

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, 2024.

Debt maturities

Our debt matures as follows: $381 million in 2025, no amounts in 2026, $90 million in 2027, no amounts in 2028, or 2029, and the remainder thereafter.