Note G – Long-term Debt



	December 31,
(Thousands of dollars)	2015		2014*
Notes payable
2.50% notes, due December 2017	$	550,000	550,000
4.00% notes, due June 2022		500,000	500,000
3.70% notes, due December 2022		600,000	600,000
7.05% notes, due May 2029		250,000	250,000
5.125% notes, due December 2042		350,000	350,000
Notes payable to banks, 1.4375% at December 31, 2015		600,000	450,000
Total notes payable		2,850,000	2,700,000
Unamortized discount on notes payable		(19,223)	(23,522)
Total notes payable, net of unamortized discount		2,830,777	2,676,478
Capitalized lease obligation, due through June 2029		228,698	306,579
Total debt including current maturities		3,059,475	2,983,057
Current maturities		(18,881)	(465,388)
Total long-term debt	$	3,040,594	2,517,669

* Reclassified to current presentation

The amount of debt repayable over each of the next five years and thereafter are as follows: $18,881,000 in 2016, $1,158,785,000 in 2017, $13,554,000 in 2018, $14,233,000 in 2019, $14,988,000 in 2020 and $1,839,034,000 thereafter.

The capitalized lease obligation included in the above table is associated with production facilities at the Kakap field, offshore Sabah, Malaysia. The facilities are utilized by the Company under a 25-year lease that extends through 2038. Payments under this lease are owed through 2029.

Based on a downgrade of the credit rating for the Company’s notes by Moody’s Investor Service in February 2016, the coupon rates on notes maturing in December 2017, December 2022 and December 2042 will each increase by 1.00% effective June 1, 2016. The coupon rates on the June 2022 and May 2029 notes are not changed by the

recent Moody’s rating action.