Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:

millions	September 30, 2020		December 31, 2019
Total borrowings at face value	$	37,511	$	37,401
Adjustments to book value:
Unamortized premium, net	765		914
Debt issuance costs	(144)		(125)
Long-term finance leases	292		347
Current finance leases	33		51
Total debt and finance leases	38,457		38,588
Less current maturities of long-term debt and financing leases	(2,558)		(51)
Long-term debt, net	$	35,899	$	38,537

The following table summarizes Occidental's debt issuances, repurchases, repayments and exchanges for the nine months ended September 30, 2020:

millions	Borrowings at face value
Total borrowings at face value as of December 31, 2019	$	37,401
Issuance of July 2020 Notes: (a)
8.000% senior notes due 2025	500
8.500% senior notes due 2027	500
8.875% senior notes due 2030	1,000
July tender and purchase:
4.100% senior notes due February 2021	(943)
Variable rate bonds due February 2021	(473)
4.850% senior notes due March 2021	(530)
2.600% senior notes due August 2021	(51)
Issuance of August 2020 Notes: (b)
5.875% senior notes due 2025	900
6.375% senior notes due 2028	600
6.625% senior notes due 2030	1,500
August and September tender and purchase:
4.100% senior Notes due February 2021	(139)
Variable rate bonds due August 2021	(122)
2.600% senior Notes due August 2021	(1,099)
Variable rate bonds due August 2022	(448)
2.600% senior Notes due April 2022	(171)
2.700% senior Notes due August 2022	(102)
2.700% senior Notes due February 2023	(52)
August WES exchange:
6.500% note payable to WES due 2038	(260)
September Term Loan Repayment:
2-year variable rate Term Loan due 2021	(500)
Total borrowings at face value as of September 30, 2020	$	37,511

(a) Interest on the July notes will be paid semi-annually in arrears on July 15 and January 15 of each year, commencing on January 15, 2021.

(b) Interest on the August notes will be paid semi-annually on March 1 and September 1 of each year, commencing on March 1, 2021.