LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

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

millions	2024	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
5.875% senior notes due 2025	536	606
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
Two-year term loan due 2026 (6.249% as of December 31, 2024)	2,700	—
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 debentures 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 (5.710% and 5.750% as of December 31, 2024 and 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 (CAD denominated)	18	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
(continued on next page)

millions (continued)	2024		2023
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	$	24,391	$	17,955
Adjustments to book value:
Unamortized premium, net	1,037		1,152
Debt issuance costs	(105)		(106)
Net book value of debt	$	25,323	$	19,001
Long-term finance leases	658		591
Current finance leases	135		146
Total debt and finance leases	$	26,116	$	19,738
Less current maturities of finance leases	(135)		(146)
Less current maturities of long-term debt	(1,003)		(1,056)
Long-term debt, net	$	24,978	$	18,536

The following table summarizes Occidental’s debt activity in 2024:

millions	Borrowings at face value
Total borrowings at face value as of 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
6.950% senior notes due 2024	$	(291)
3.450% senior notes due 2024	(111)
2.900% senior notes due 2024	(654)
364-day term loan due 2025	(2,000)
5.625% senior notes due 2025	(868)
5.875% senior notes due 2025	(70)
3.500% senior notes due 2025	(137)
5.000% senior notes due 2029	(376)
Total repayments	$	(4,507)
Foreign currency revaluation on CAD denominated debt	$	(1)
Total borrowings at face value as of December 31, 2024	$	24,391