LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term debt

As of December 31, 2021 and 2020, Occidental’s debt consisted of the following:

millions	2021		2020
4.850% senior notes due 2021	$	—	$	147
2.600% senior notes due 2021	—		224
Variable rate bonds due 2021 (1.193% as of December 31, 2020)	—		27
2.700% senior notes due 2022	—		629
3.125% senior notes due 2022	—		276
2.600% senior notes due 2022	101		101
Variable rate bonds due 2022 (1.730% as of December 31, 2020)	—		1,052
2.700% senior notes due 2023	442		927
8.750% medium-term notes due 2023	22		22
2.900% senior notes due 2024	949		3,000
6.950% senior notes due 2024	650		650
3.450% senior notes due 2024	127		248
8.000% senior notes due 2025	500		500
5.875% senior notes due 2025	900		900
3.500% senior notes due 2025	326		750
5.500% senior notes due 2025	750		750
5.550% senior notes due 2026	1,100		1,100
3.200% senior notes due 2026	797		1,000
3.400% senior notes due 2026	779		1,150
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	500		500
3.000% senior notes due 2027	634		750
7.125% debentures due 2027	150		150
7.000% debentures due 2027	48		48
6.625% debentures due 2028	14		14
7.150% debentures due 2028	235		235
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	600		600
7.200% debentures due 2029	135		135
7.950% debentures due 2029	116		116
8.450% senior debentures due 2029	116		116
3.500% senior notes due 2029	1,477		1,500
Variable rate bonds due 2030 (0.900% and 2.700% as of December 31, 2021 and 2020, respectively)	68		68
8.875% senior notes due 2030	1,000		1,000
6.625% senior notes due 2030	1,500		1,500
6.125% senior notes due 2031	1,250		1,250
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,750		1,750
Zero Coupon senior notes due 2036	2,269		2,269
4.300% senior notes due 2039	693		750
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	750		750
4.500% senior notes due 2044	608		625
(continued on next page)

millions (continued)	2021		2020
4.625% senior notes due 2045	634		750
6.600% senior notes due 2046 (a)	1,157		1,100
4.400% senior notes due 2046	976		1,200
4.100% senior notes due 2047	663		750
4.200% senior notes due 2048	961		1,000
4.400% senior notes due 2049	704		750
7.730% debentures due 2096	58		60
7.500% debentures due 2096	60		78
7.250% debentures due 2096	5		49
Total borrowings at face value	$	28,493	$	35,235
Adjustments to book value:
Unamortized premium, net	670		748
Debt issuance costs	(135)		(156)
Net book value of debt	$	29,028	$	35,827
Long-term finance leases	504		316
Current finance leases	85		42
Total debt and finance leases	$	29,617	$	36,185
Less current maturities of financing leases	(85)		(42)
Less current maturities of long-term debt	(101)		(398)
Long-term debt, net	$	29,431	$	35,745

(a) Occidental entered into an exchange agreement, dated as of October 20, 2021, among Occidental and certain holders of its subsidiary Anadarko’s 7.250% debentures due 2096, its subsidiary Anadarko Holding Company’s 7.500% debentures due 2096 and its subsidiary Anadarko’s 7.730% debentures due 2096 (such notes, the 2096 Notes), pursuant to which Occidental issued approximately $57.2 million of 6.600% senior notes due 2046 as additional securities under the Indenture, dated as of August 8, 2019, between Occidental and The Bank of New York Mellon Trust Company, N.A., as trustee (the 2019 Indenture), in exchange for the cancellation of approximately $64.8 million of the 2096 notes. The additional securities have identical terms and conditions as Occidental’s previously issued 6.600% senior notes due 2046 (the Initial Securities), other than the issue date and the date from which interest will accrue, are restricted securities with a related legend and initially have a different CUSIP number and ISIN number from the Initial Securities and for all purposes are treated as a single class with the outstanding Initial Securities under the 2019 Indenture.

The following table summarizes Occidental’s debt activity for the year ended December 31, 2021:

millions	Borrowings at face value
Total borrowings at face value as of December 31, 2020	$	35,235
First quarter:
4.850% senior notes due 2021	$	(147)
Variable rate bonds due 2021	(27)
Third quarter:
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)
Fourth quarter:
4.400% senior notes due 2046	$	(224)
4.400% senior notes due 2049	(46)
7.730% debentures due 2096	(3)
7.500% debentures due 2096	(18)
7.250% debentures due 2096	(44)
6.600% senior notes due 2046	57
3.450% senior notes due 2024	(40)
2.900% senior notes due 2024	(431)
3.500% senior notes due 2025	(195)
3.400% senior notes due 2026	(148)
3.200% senior notes due 2026	(93)
3.000% senior notes due 2027	(116)
3.500% senior notes due 2029	(23)
4.100% senior notes due 2047	(87)
4.200% senior notes due 2048	(39)
4.300% senior notes due 2039	(57)
4.500% senior notes due 2044	(17)
4.625% senior notes due 2045	(116)
3.125% senior notes due 2022	(276)
2.700% senior notes due 2022	(351)
Total borrowings at face value as of December 31, 2021	$	28,493

DEBT ACTIVITY - 2020

The following table summarizes Occidental’s debt issuances, repurchases, repayments and exchanges for the year ended December 31, 2020:

millions	Borrowings at face value
Total borrowings at face value as of December 31, 2019	$	37,401
Issuance of July 2020 notes:
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:
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	(123)
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)
October Term Loan and note repayment:
2-year variable rate bonds due August 2021	(377)
0.00% senior notes due October 2036	(2)
2-year variable rate term loan due September 2021	(1,010)
November Term Loan repayment:
2-year variable rate term loan due September 2021	(232)
Issuance of December 2020 notes:
5.500% senior notes due 2025	750
6.125% senior notes due 2031	1,250
December tender and purchase:
2.600% senior notes due August 2021	(126)
3.125% senior notes due February 2022	(538)
2.600% senior notes due April 2022	(128)
2.700% senior notes due August 2022	(1,269)
2.700% senior notes due February 2023	(212)
December Term Loan and note repayment:
2-year variable rate term loan due September 2021	(214)
4.100% senior notes due February 2021	(167)
Total borrowings at face value as of December 31, 2020	$	35,235