LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term debt

As of December 31, 2022 and 2021, Occidental’s debt consisted of the following:

millions	2022	2021
2.600% senior notes due 2022	—	101
2.700% senior notes due 2023	—	442
8.750% medium-term notes due 2023 (a)	22	22
2.900% senior notes due 2024	654	949
6.950% senior notes due 2024	291	650
3.450% senior notes due 2024	111	127
8.000% senior notes due 2025	—	500
5.875% senior notes due 2025	606	900
3.500% senior notes due 2025	137	326
5.500% senior notes due 2025	465	750
5.550% senior notes due 2026	870	1,100
3.200% senior notes due 2026	182	797
3.400% senior notes due 2026	284	779
7.500% debentures due 2026	112	112
8.500% senior notes due 2027	489	500
3.000% senior notes due 2027	216	634
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	232	235
7.200% senior debentures due 2028	82	82
6.375% senior notes due 2028	578	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	286	1,477
Variable rate bonds due 2030 (5.32% and 0.900% as of December 31, 2022 and 2021, respectively)	68	68
8.875% senior notes due 2030	1,000	1,000
6.625% senior notes due 2030	1,449	1,500
6.125% senior notes due 2031	1,143	1,250
7.500% senior notes due 2031	900	900
7.875% senior notes due 2031	500	500
6.450% senior notes due 2036	1,727	1,750
Zero Coupon senior notes due 2036	673	2,269
4.300% senior notes due 2039	247	693
7.950% senior notes due 2039	325	325
6.200% senior notes due 2040	737	750
4.500% senior notes due 2044	191	608
4.625% senior notes due 2045	296	634
6.600% senior notes due 2046	1,117	1,157
4.400% senior notes due 2046	424	976
4.100% senior notes due 2047	258	663
(continued on next page)

millions (continued)	2022		2021
4.200% senior notes due 2048	304		961
4.400% senior notes due 2049	280		704
7.730% debentures due 2096	58		58
7.500% debentures due 2096	60		60
7.250% debentures due 2096	5		5
Total borrowings at face value	$	17,958	$	28,493
Adjustments to book value:
Unamortized premium, net	1,261		670
Debt issuance costs	(73)		(135)
Net book value of debt	$	19,146	$	29,028
Long-term finance leases	546		504
Current finance leases	143		85
Total debt and finance leases	$	19,835	$	29,617
Less current maturities of financing leases	(143)		(85)
Less current maturities of long-term debt	(22)		(101)
Long-term debt, net	$	19,670	$	29,431

(a) The 8.750% senior notes due 2023 were repaid in January 2023.

DEBT ACTIVITY - 2022

The following table summarizes Occidental’s debt activity for the year ended December 31, 2022:

millions	Borrowings at face value
Total borrowings at face value as of December 31, 2021	$	28,493
Repayments:
2.600% senior notes due 2022	$	(101)
2.700% senior notes due 2023	(442)
6.950% senior notes due 2024	(359)
3.450% senior notes due 2024	(16)
2.900% senior notes due 2024	(295)
3.500% senior notes due 2025	(189)
8.000% senior notes due 2025	(500)
5.875% senior notes due 2025	(294)
5.500% senior notes due 2025	(285)
5.550% senior notes due 2026	(230)
3.200% senior notes due 2026	(615)
3.400% senior notes due 2026	(495)
3.000% senior notes due 2027	(418)
8.500% senior notes due 2027	(11)
7.150% debentures due 2028	(3)
6.375% senior notes due 2028	(22)
3.500% senior notes due 2029	(1,191)
6.625% senior notes due 2030	(51)
6.125% senior notes due 2031	(107)
6.450% senior notes due 2036	(23)
Zero Coupon senior notes due 2036	(1,596)
4.300% senior notes due 2039	(446)
6.200% senior notes due 2040	(13)
4.500% senior notes due 2044	(417)
4.625% senior notes due 2045	(338)
6.600% senior notes due 2046	(40)
4.400% senior notes due 2046	(552)
4.100% senior notes due 2047	(405)
4.200% senior notes due 2048	(657)
4.400% senior notes due 2049	(424)
Total borrowings at face value as of December 31, 2022	$	17,958

DEBT ACTIVITY - 2021

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
Activity:
4.850% senior notes due 2021	$	(147)
Variable rate bonds due 2021	(27)
2.600% senior notes due 2021	(224)
3.125% senior notes due 2022	(276)
2.700% senior notes due 2022	(629)
Floating interest rate notes due August 2022	(1,052)
2.700% senior notes due 2023	(484)
3.450% senior notes due 2024	(121)
2.900% senior notes due 2024	(2,051)
3.500% senior notes due 2025	(424)
3.400% senior notes due 2026	(371)
3.200% senior notes due 2026	(203)
3.000% senior notes due 2027	(116)
3.500% senior notes due 2029	(23)
4.300% senior notes due 2039	(57)
4.500% senior notes due 2044	(17)
4.625% senior notes due 2045	(116)
6.600% senior notes due 2046	57
4.400% senior notes due 2046	(224)
4.100% senior notes due 2047	(87)
4.200% senior notes due 2048	(39)
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)
Total borrowings at face value as of December 31, 2021	$	28,493