Long-Term Debt

9 Months Ended

Sep. 30, 2021


NOTE 7 - LONG-TERM DEBT

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


millions	September 30, 2021		December 31, 2020
Total borrowings at face value	$	30,760	$	35,235
Adjustments to book value:
Unamortized premium, net	688		748
Debt issuance costs	(135)		(156)
Net book value of debt	$	31,313	$	35,827
Long-term finance leases	330		316
Current finance leases	52		42
Total debt and finance leases	$	31,695	$	36,185
Less current maturities of financing leases	(52)		(42)
Less current maturities of long-term debt	(728)		(398)
Long-term debt, net	$	30,915	$	35,745

DEBT ACTIVITY

In the third quarter of 2021, Occidental completed a cash tender for outstanding senior notes with a face value of $3.0 billion and maturities ranging from 2022 through 2026, paid $224 million of senior notes upon maturity and fully retired $1.1 billion of floating interest rate notes due August 2022. As a result, the face value of total borrowings was reduced by $4.3 billion.

In the first quarter of 2021, Occidental repaid $174 million of debt upon maturity. No debt matured or was otherwise paid during the second quarter of 2021.

The following table summarizes debt repayments for the nine months ended September 30, 2021:


millions						Face Value


First quarter repayments:
4.850% senior notes due 2021	$	(147)
Variable rate bonds due 2021	(27)
Third quarter repayments:
2.700% senior notes due 2022	$	(278)
2.700% senior notes due 2023	(484)
3.450% senior notes due 2024	(81)
2.900% senior notes due 2024	(1,620)
3.500% senior notes due 2025	(229)
3.400% senior notes due 2026	(224)
3.200% senior notes due 2026	(110)
2.600% senior notes due 2021	(224)
Floating interest rate notes due August 2022	(1,051)
Total	$	(4,475)

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of September 30, 2021 and December 31, 2020, substantially all of which was classified as Level 1, was approximately $33.0 billion and $33.8 billion, respectively.