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LEASE COMMITMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of operating lease maturities
The following summarizes maturities of lease liabilities at December 31, 2023:
millions
Operating Leases (a)
Finance Leases (b)
Total
2024
$453 $146 $599 
2025
291 136 427 
2026
194 126 320 
2027
101 113 214 
2028
71 85 156 
Thereafter190 256 446 
Total lease payments1,300 862 2,162 
Less: Discount(127)(125)(252)
Total lease liabilities$1,173 $737 $1,910 
(a)The weighted-average remaining lease term is 4.5 years and the weighted-average discount rate is 4.94%.
(b)The weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 4.61%.
Schedule of finance lease maturities
The following summarizes maturities of lease liabilities at December 31, 2023:
millions
Operating Leases (a)
Finance Leases (b)
Total
2024
$453 $146 $599 
2025
291 136 427 
2026
194 126 320 
2027
101 113 214 
2028
71 85 156 
Thereafter190 256 446 
Total lease payments1,300 862 2,162 
Less: Discount(127)(125)(252)
Total lease liabilities$1,173 $737 $1,910 
(a)The weighted-average remaining lease term is 4.5 years and the weighted-average discount rate is 4.94%.
(b)The weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 4.61%.
Schedule of lease costs
The following tables present Occidental’s total lease cost and other information for operating and finance lease liabilities for the years ended December 31:

millions20232022
Lease Cost
Finance lease cost:
Amortization of right-of-use assets$126 $83 
Interest on lease liabilities27 20 
Operating lease cost398 374 
Short-term lease cost460 184 
Total lease cost$1,011 $661 
millions20232022
Cash payments related to leases
Operating cash flows from finance lease$27 $20 
Operating cash flows from operating leases$198 $191 
Investing cash flows from operating leases$183 $81 
Financing cash flows from finance leases$105 $83 
Changes in Right-of-Use assets
Right-of-use assets obtained in exchange for new finance lease liabilities $226 $85 
Right-of-use assets obtained in exchange for new operating lease liabilities $630 $525