LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024


NOTE 4 - LONG-TERM DEBT

As of September 30, 2024 and December 31, 2023, Occidental’s debt consisted of the following:


millions	September 30, 2024		December 31, 2023
2.900% senior notes due 2024	$	—	$	654
6.950% senior notes due 2024	—		291
3.450% senior notes due 2024	—		111
3.500% senior notes due 2025	137		137
364-day term loan due 2025 (6.801% as of September 30, 2024)	300		—
5.875% senior notes due 2025	606		606
5.500% senior notes due 2025	465		465
5.550% senior notes due 2026	870		870
3.400% senior notes due 2026	284		284
Two-year term loan due 2026 (6.926% as of September 30, 2024)	2,700		—
3.200% senior notes due 2026	182		182
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
5.000% senior notes due 2027	600		—
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 notes due 2029	116		116
3.500% senior notes due 2029	286		286
5.200% senior notes due 2029	1,200		—
Variable rate bonds due 2030 (5.200% and 5.750% as of September 30, 2024 and December 31, 2023, 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
5.375% senior notes due 2032	1,000		—
5.550% senior notes due 2034	1,200		—
6.450% senior notes due 2036	1,727		1,727
Zero Coupon senior notes due 2036	673		673
0.000% loan due 2039	19		19
4.300% senior notes due 2039	247		247
7.950% senior notes due 2039	325		325
(continued on next page)


millions (continued)	September 30, 2024		December 31, 2023
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
6.050% senior notes due 2054	1,000		—
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	$	24,899	$	17,955

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


millions	September 30, 2024		December 31, 2023
Total borrowings at face value	$	24,899	$	17,955
Adjustments to book value:
Unamortized premium, net	1,062		1,152
Debt issuance costs	(111)		(106)
Net book value of debt	$	25,850	$	19,001
Long-term finance leases, included in Long-term debt	651		591
Current finance leases, included in current maturities of long-term debt	134		146
Total debt and finance leases	$	26,635	$	19,738
Less: current finance leases, included in current maturities of long-term debt	(134)		(146)
Less: current maturities of long-term debt	(1,045)		(1,056)
Long-term debt, net	$	25,456	$	18,536

DEBT ACTIVITY

In February 2024, Occidental entered into the Third Amended and Restated Credit Agreement for the RCF extending its maturity date to June 30, 2028. In May 2024, Occidental amended the RCF to add an additional $150 million commitment, increasing the borrowing capacity to $4.15 billion. In July 2024, Occidental amended and extended the maturity date of its existing receivables securitization facility to July 30, 2027. As of September 30, 2024, the facility had $600 million of available borrowing capacity and no drawn amounts. The facility and the RCF include pricing adjustments based on specified sustainability thresholds and targets.

In connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August 2024. In the nine months ended September 30, 2024, Occidental used proceeds from divestitures and cash on hand to repay $4.0 billion of debt, which included the satisfaction and discharge of the 5.000% senior notes due 2029 that were acquired with CrownRock.

As of September 30, 2024, Occidental had $1.0 billion of debt maturities due in the next 12 months, excluding the current portion of finance leases.

The table below summarizes Occidental's debt activity for the nine months ended September 30, 2024:


millions	Principal
Total Debt December 31, 2023	$	17,955

Borrowings
364-day term loan due 2025	$	2,000
Two-year term loan due 2026	2,700
5.000% senior notes due 2027	600
5.200% senior notes due 2029	1,200
5.375% senior notes due 2032	1,000
5.550% senior notes due 2034	1,200
6.050% senior notes due 2054	1,000
Total borrowings	$	9,700

Debt Assumptions related to CrownRock
5.625% senior notes due 2025	$	868
5.000% senior notes due 2029	376
Total Debt Assumptions	$	1,244

Repayments
364-day term loan due 2025	$	(1,700)
5.625% senior notes due 2025	(868)
5.000% senior notes due 2029	(376)
6.950% senior notes due 2024	(291)
3.450% senior notes due 2024	(111)
2.900% senior notes due 2024	(654)
Total Repayments	$	(4,000)

Total Debt September 30, 2024	$	24,899

FAIR VALUE OF DEBT

The estimated fair value of Occidental’s debt as of September 30, 2024 and December 31, 2023, substantially all of which was classified as Level 1, was $25.4 billion and $18.0 billion, respectively.