LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt

As of December 31, 2023 and 2022, Occidental’s debt consisted of the following:

millions	2023		2022
8.750% medium-term notes due 2023	$	—	$	22
2.900% senior notes due 2024	654		654
6.950% senior notes due 2024	291		291
3.450% senior notes due 2024	111		111
5.875% senior notes due 2025	606		606
3.500% senior notes due 2025	137		137
5.500% senior notes due 2025	465		465
5.550% senior notes due 2026	870		870
3.200% senior notes due 2026	182		182
3.400% senior notes due 2026	284		284
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	489		489
3.000% senior notes due 2027	216		216
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		232
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	578		578
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		286
Variable rate bonds due 2030 (5.750% and 5.320% as of December 31, 2023 and 2022, respectively)	68		68
8.875% senior notes due 2030	1,000		1,000
6.625% senior notes due 2030	1,449		1,449
6.125% senior notes due 2031	1,143		1,143
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,727		1,727
Zero Coupon senior notes due 2036	673		673
0.000% loan due 2039	19		—
4.300% senior notes due 2039	247		247
7.950%senior notes due 2039	325		325
6.200% senior notes due 2040	737		737
4.500% senior notes due 2044	191		191
4.625% senior notes due 2045	296		296
6.600% senior notes due 2046	1,117		1,117
4.400% senior notes due 2046	424		424
4.100% senior notes due 2047	258		258
4.200% senior notes due 2048	304		304
4.400% senior notes due 2049	280		280
(continued on next page)

millions (continued)	2023		2022
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	$	17,955	$	17,958
Adjustments to book value:
Unamortized premium, net	1,152		1,261
Debt issuance costs	(106)		(73)
Net book value of debt	$	19,001	$	19,146
Long-term finance leases	591		546
Current finance leases	146		143
Total debt and finance leases	$	19,738	$	19,835
Less current maturities of finance leases	(146)		(143)
Less current maturities of long-term debt	(1,056)		(22)
Long-term debt, net	$	18,536	$	19,670

The following table summarizes Occidental’s debt activity in 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