Long-Term Debt

6 Months Ended

Jun. 30, 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	June 30, 2022		December 31, 2021
Total borrowings at face value	$	20,361	$	28,493
Adjustments to book value:
Unamortized premium, net	1,289		670
Debt issuance costs	(88)		(135)
Net book value of debt	$	21,562	$	29,028
Long-term finance leases	543		504
Current finance leases	97		85
Total debt and finance leases	$	22,202	$	29,617
Less current maturities of financing leases	(97)		(85)
Less current maturities of long-term debt	(362)		(101)
Long-term debt, net	$	21,743	$	29,431

DEBT ACTIVITY

In the second quarter of 2022, Occidental repaid debt with maturities ranging from 2024 through 2049 and a face value of $4.8 billion. In the first quarter of 2022, Occidental repaid debt with maturities ranging from 2022 through 2049 and a face value of $3.3 billion.

For the combined six months ended June 30, 2022, Occidental used $7.1 billion of cash to repay debt with a face value of $8.1 billion and a net book value of $7.4 billion, which resulted in a gain of $161 million.

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of June 30, 2022 and December 31, 2021, substantially all of which was classified as Level 1, was approximately $20.0 billion and $31.1 billion, respectively.