

NOTE 6	LONG-TERM DEBT

Long-term debt consisted of the following:



Balance at December 31, (in millions)	2018			2017
9.25% senior debentures due 2019	$	116		$	116
4.10% senior notes due 2021	1,249			1,249
3.125% senior notes due 2022	813			813
2.60% senior notes due 2022	400			400
2.70% senior notes due 2023	1,191			1,191
8.75% medium-term notes due 2023	22			22
3.50% senior notes due 2025	750			750
3.40% senior notes due 2026	1,150			1,150
3.00% senior notes due 2027	750			750
7.20% senior debentures due 2028	82			82
8.45% senior debentures due 2029	116			116
4.625% senior notes due 2045	750			750
4.40% senior notes due 2046	1,200			1,200
4.10% senior notes due 2047	750			750
4.20% senior notes due 2048	1,000			—
1.50% senior notes due 2018	—			500
Variable rate bonds due 2030 (1.9% and 1.8% as of December 31, 2018 and 2017, respectively )	68			68
	10,407			9,907
Less:
Unamortized discount, net	(36		)	(32		)
Debt issuance costs	(54		)	(47		)
Current maturities	(116		)	(500		)
Total	$	10,201		$	9,328

In January 2018, Occidental entered into a $3.0 billion revolving credit facility (2018 Credit Facility) which matures in January 2023, to replace the previously undrawn $2.0 billion revolving credit facility (2014 Credit Facility), which was scheduled to expire in August 2019. Borrowings under the 2018 Credit Facility bear interest at various benchmark rates, including LIBOR, plus a margin based on Occidental's senior debt ratings. Both credit facilities have similar terms and along with 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 repayment. The 2018 Credit Facility provides for the termination of loan commitments and requires immediate repayment of any outstanding amounts if certain events of default occur.

Occidental paid average annual facility fees of 0.08 percent in 2018 on the total commitment amounts of the 2018 Credit Facility. Occidental did not draw down any amounts under the 2018 Credit Facility during 2018. Occidental did not draw down any amounts under the 2014 Credit Facility during 2017 or 2016.

As of December 31, 2018, 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.

Occidental has provided guarantees on Dolphin Energy's debt, which are limited to certain political and other events. At December 31, 2018, and 2017, Occidental’s total guarantees were not material and a substantial majority of the amounts consisted of limited recourse guarantees on $244 million and $272 million, respectively, of Dolphin’s debt.

At December 31, 2018, principal payments on long-term debt aggregated approximately $10.4 billion, of which $116 million is due in 2019, zero is due in 2020, $1.2 billion is due in 2021, $1.2 billion is due in 2022, and $7.9 billion is due in 2023 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, 2018, and 2017, substantially all of which were classified as Level 1, were approximately $10.3 billion and $10.4 billion, respectively, compared to carrying values of approximately $10.4 billion at December 31, 2018, and $9.9 billion at December 31, 2017. 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, 2018, and 2017, variable-rate debt constituted approximately one percent of Occidental's total debt.