LONG-TERM DEBT

12 Months Ended

Dec. 31, 2025


NOTE 5 - LONG-TERM DEBT

As of December 31, 2025 and 2024, the Company’s debt consisted of the following:


millions	2025	2024
5.875% senior notes due 2025	—	536
5.500% senior notes due 2025	—	465
5.550% senior notes due 2026	—	870
3.400% senior notes due 2026	—	284
Two-year term loan due 2026 (5.475% and 6.249% as of December 31, 2025 and 2024, respectively)	1,280	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	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	1,200
Variable rate bonds due 2030 (4.450% and 5.710% as of December 31, 2025 and 2024, 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	1,000
5.550% senior notes due 2034	1,200	1,200
6.450% senior notes due 2036	1,727	1,727
Zero Coupon senior notes due 2036	285	673
0.000% loan due 2039 (CAD denominated)	17	18
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)	2025		2024
6.050% senior notes due 2054	1,000		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	$	20,427	$	24,391
Adjustments to book value:
Unamortized premium, net	1,054		1,037
Debt issuance costs	(84)		(104)
Net book value of debt	$	21,397	$	25,324
Long-term finance leases	801		658
Current finance leases	198		135
Total debt and finance leases	$	22,396	$	26,117
Less current maturities of finance leases	(198)		(135)
Less current maturities of long-term debt	(1,575)		(1,003)
Long-term debt, net	$	20,623	$	24,979

DEBT ACTIVITY AND DEBT MATURITIES

The following table summarizes the Company’s debt activity in 2025:


millions	Borrowings at face value
Total borrowings at face value as of December 31, 2024	$	24,391

Repayments
5.875% senior notes due 2025	(536)
5.500% senior notes due 2025	(465)
5.550% senior notes due 2026	(870)
3.400% senior notes due 2026	(284)
Zero Coupon senior notes due 2036	(388)
Two-year term loan due 2026	(1,420)
Other	(1)
Total repayments	$	(3,964)

Total borrowings at face value as of December 31, 2025	$	20,427

Subsequent to December 31, 2025, but before the date of this filing, the Company used proceeds from the OxyChem Transaction to pay or satisfy and discharge the remaining balance of the term loan of $1.3 billion, additional current maturities of $270 million, and long-term maturities of $3.8 billion. As of the date of this filing, the principal debt outstanding was approximately $15 billion, of which $24 million is due in 2026, $48 million in 2027, $14 million in 2028, $367 million in 2029 and $14.6 billion due in 2030 and thereafter.

The Company terminated its receivables securitization facility on September 26, 2025.

FAIR VALUE OF DEBT

The Company estimates the fair value of fixed-rate debt based on the quoted market prices for those instruments or on quoted market yields for similarly rated debt instruments, taking into account such instruments’ maturities. The estimated fair values of the Company’s debt as of December 31, 2025 and 2024, the majority of which were classified as Level 1, were approximately $20.8 billion and $24.0 billion, respectively. The Company’s exposure to changes in interest rates relates primarily to its variable-rate, long-term debt obligations. As of December 31, 2025 and 2024, variable-rate debt constituted approximately 6.5% and 11%, respectively, of the Company’s total debt.

DEBT RATINGS

As of December 31, 2025, the Company’s long-term debt was rated Baa3 by Moody’s Investors Service, BBB- by Fitch Ratings and BB+ by Standard and Poor’s. Any downgrade in credit ratings could impact the Company’s ability to access capital markets and increase its cost of capital. In addition, Occidental or its subsidiaries may be requested, elect to provide or in some cases be required to provide collateral in the form of cash, letters of credit, surety bonds or other acceptable support as financial assurance of their performance and payment obligations under certain contractual arrangements such as pipeline transportation contracts, oil and gas purchase contracts and certain derivative instruments; certain permits, including with respect to carbon capture, utilization and storage activities; and environmental remediation matters.

As of the date of this filing, the Company had provided required financial assurances through a combination of cash, letters of credit and surety bonds and had not issued any letters of credit under the RCF or other committed facilities.

REVOLVING CREDIT FACILITY

In February 2024, the Company entered into a Third Amended and Restated Credit Agreement for the RCF extending its maturity date to June 30, 2028. In May 2024, the Company amended the RCF to add an additional $150 million commitment, increasing the borrowing capacity to $4.15 billion. No amounts were drawn under the facility as of December 31, 2025.

Borrowings under the RCF bear interest at SOFR benchmark rates, plus a margin based on the Company’s senior debt ratings. The facility has similar terms to other debt agreements and does not contain material adverse change clauses or debt ratings triggers that could restrict the Company’s ability to borrow, or that would permit lenders to terminate their commitments or accelerate debt repayment. The facility provides for the termination of loan commitments and requires immediate repayment of any outstanding amounts if certain events of default occur. As of the date of this filing, the Company had no drawn amounts under the RCF. In 2025, the Company paid average annual facility fees of 0.20% on the total commitment amount.