NOTE 5LONG-TERM DEBT

Long-term debt consisted of the following:

Balance at December 31, (in millions)	2014			2013
1.75% senior notes due 2017	$	1,250		$	1,250
4.10% senior notes due 2021	1,249			1,249
2.70% senior notes due 2023	1,191			1,224
3.125% senior notes due 2022	813			887
4.125% senior notes due 2016	750			750
2.5% senior notes due 2016	700			700
1.50% senior notes due 2018	500			500
8.45% senior notes due 2029	116			116
9.25% senior debentures due 2019	116			116
7.2% senior debentures due 2028	82			82
Variable rate bonds due 2030 (0.04% as of December 31, 2014 and 2013)	68			68
8.75% medium-term notes due 2023	22			22
	6,857			6,964
Less:
Unamortized discount, net	(19		)	(25		)
Current maturities	—			—
Total	$	6,838		$	6,939

Occidental has a bank credit facility (Credit Facility) with a $2.0 billion commitment expiring in 2019. No amounts have been drawn under this Credit Facility. Up to $1.0 billion of the Credit Facility is available in the form of letters of credit. Borrowings under the Credit Facility bear interest at various benchmark rates, including LIBOR, plus a margin based on Occidental’s senior debt ratings. Additionally, Occidental paid average annual facility fees of 0.07 percent in 2014 on the total commitment amounts of the Credit Facility.

The Credit Facility provides for the termination of loan commitments and requires immediate repayment of any outstanding amounts if certain events of default occur. The Credit Facility and other debt agreements do not contain material adverse change clauses or debt ratings triggers that could restrict Occidental’s ability to borrow or that would permit lenders to terminate their commitments or accelerate debt.

As of December 31, 2014, under the most restrictive covenants of its financing agreements, Occidental had substantial capacity for additional unsecured borrowings, the payment of cash dividends and other distributions on, or acquisitions of, Occidental stock.

In 2014, Occidental repurchased approximately $107 million of various senior notes due in 2022 and later.

In December 2013, all $600 million of the outstanding 1.45-percent senior notes due 2013 matured. In addition, Occidental repurchased approximately $90 million of various senior notes due in 2021 and later.

In June 2012, Occidental issued $1.75 billion of debt which comprised $1.25 billion of 2.70-percent senior unsecured notes due 2023 and $500 million of 1.50-percent senior unsecured notes due 2018. Occidental received net proceeds of approximately $1.74 billion. Interest on the notes will be payable semi-annually in arrears in February and August for each series of notes.

Occidental has provided guarantees on Dolphin Energy’s debt, which are limited to certain political and other events. At December 31, 2014 and 2013, Occidental’s total guarantees were not material and a substantial majority of the amounts consisted of limited recourse guarantees on approximately $336 million and $354 million, respectively, of Dolphin’s debt. The fair value of the guarantees was immaterial.

Occidental has guaranteed certain obligations of its subsidiaries for various letters of credit, indemnities and commitments. Marketing guarantees provided to third parties for California Resources total approximately $161 million as of December 31, 2014. The fair value of the marketing guarantees and other obligations of California Resources guaranteed by Occidental were immaterial.

At December 31, 2014, principal payments on long-term debt aggregated approximately $6.9 billion, of which none is due in 2015, $1.5 billion is due in 2016, $1.3 billion is due in 2017, $0.5 billion is due in 2018, $0.1 billion is due in 2019 and $3.5 billion is due in 2020 and thereafter.

Occidental estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such instruments’ maturities. The estimated fair values of Occidental’s debt at December 31, 2014 and 2013, substantially all of which were classified as Level 1, were approximately $7.0 billion and $7.1 billion, respectively, compared to carrying values of approximately $6.9 billion and $7.0 billion, respectively. Occidental’s exposure to changes in interest rates relates primarily to its variable-rate, long-term debt obligations, and is not material. As of December 31, 2014 and 2013, variable-rate debt constituted approximately one percent of Occidental’s total debt.