Long-Term Debt

9 Months Ended

Sep. 30, 2022


NOTE 5 - LONG-TERM DEBT

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


millions	September 30, 2022		December 31, 2021
Total borrowings at face value	$	19,089	$	28,493
Adjustments to book value:
Unamortized premium, net	1,321		670
Debt issuance costs	(79)		(135)
Net book value of debt	$	20,331	$	29,028
Long-term finance leases	552		504
Current finance leases	141		85
Total debt and finance leases	$	21,024	$	29,617
Less: current maturities of financing leases	(141)		(85)
Less: current maturities of long-term debt	(405)		(101)
Long-term debt, net	$	20,478	$	29,431

DEBT ACTIVITY

In the third quarter of 2022, Occidental repaid debt with maturities ranging from 2024 through 2048 and a face value of $1.3 billion.

For the nine months ended September 30, 2022, Occidental used $8.3 billion of cash to repay debt maturities ranging from 2022 through 2049 with a face value of $9.4 billion and a net book value of $8.7 billion, which resulted in a gain of $143 million. Subsequent to September 30, 2022, but before the date of this filing, Occidental repaid additional debt principal of $191 million with maturities ranging from 2024 to 2049. Following these repayments, the face value of Occidental's debt was $18.9 billion.

In October, Occidental exercised a par call for all $340 million of its 2.70% Senior Notes due February 2023. The 2.70% Senior Notes will be redeemed on November 15, 2022.

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of September 30, 2022 and December 31, 2021, substantially all of which was classified as Level 1, was approximately $18.6 billion and $31.1 billion, respectively.