Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 5 - LONG-TERM DEBT

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

millions	March 31, 2022		December 31, 2021
Total borrowings at face value	$	25,187	$	28,493
Adjustments to book value:
Unamortized premium, net	660		670
Debt issuance costs	(114)		(135)
Net book value of debt	$	25,733	$	29,028
Long-term finance leases	540		504
Current finance leases	99		85
Total debt and finance leases	$	26,372	$	29,617
Less current maturities of financing leases	(99)		(85)
Less current maturities of long-term debt	(408)		(101)
Long-term debt, net	$	25,865	$	29,431

DEBT ACTIVITY

In the first quarter of 2022, Occidental used cash on hand to repay debt with maturities ranging from 2022 through 2049 by $3.3 billion. Subsequent to March 31, 2022, but before the date of this filing, Occidental paid off additional debt with maturities ranging from 2024 to 2049 and principal of $263 million.

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of March 31, 2022, and December 31, 2021, substantially all of which was classified as Level 1, was approximately $26.2 billion and $31.1 billion, respectively.