LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-term debt

At December 31, 2020 and 2019, Occidental’s long-term debt consisted of the following:

millions	2020		2019
4.850% senior notes due 2021	$	147	$	677
2.600% senior notes due 2021	224		1,500
4.100% senior note due 2021	—		1,249
Variable rate bonds due 2021 (1.193% and 2.854% as of December 31, 2020 and 2019, respectively)	27		500
Variable rate bonds due 2021 (3.151% as of December 31, 2019)	—		500
2-year variable rate Term Loan due 2021 (3.111% as of December 31, 2019)	—		1,956
2.700% senior notes due 2022	629		2,000
3.125% senior notes due 2022	276		814
2.600% senior notes due 2022	101		400
Variable rate bonds due 2022 (1.730% and 3.360% as of December 31, 2020 and 2019, respectively)	1,052		1,500
2.700% senior notes due 2023	927		1,191
8.750% medium-term notes due 2023	22		22
2.900% senior notes due 2024	3,000		3,000
6.950% senior notes due 2024	650		650
3.450% senior notes due 2024	248		248
8.000% senior notes due 2025	500		—
5.875% senior notes due 2025	900		—
3.500% senior notes due 2025	750		750
5.500% senior notes due 2025	750		—
5.550% senior notes due 2026	1,100		1,100
3.200% senior notes due 2026	1,000		1,000
3.400% senior notes due 2026	1,150		1,150
7.500% debentures due 2026	112		112
8.500% senior notes due 2027	500		—
3.000% senior notes due 2027	750		750
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	235		235
7.200% senior debentures due 2028	82		82
6.375% senior notes due 2028	600		—
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	1,500		1,500
Variable rate bonds due 2030 (4.210% and 1.705% as of December 31, 2020 and 2019, respectively)	68		68
8.875% senior notes due 2030	1,000		—
6.625% senior notes due 2030	1,500		—
6.125% senior notes due 2031	1,250		—
7.500% senior notes due 2031	900		900
7.875% senior notes due 2031	500		500
6.450% senior notes due 2036	1,750		1,750
Zero Coupon senior notes due 2036	2,269		2,271
6.500% note payable to WES due 2038	—		260
4.300% senior notes due 2039	750		750
7.950% senior notes due 2039	325		325
6.200% senior notes due 2040	750		750
4.500% senior notes due 2044	625		625
4.625% senior notes due 2045	750		750
6.600% senior notes due 2046	1,100		1,100
4.400% senior notes due 2046	1,200		1,200
4.100% senior notes due 2047	750		750
4.200% senior notes due 2048	1,000		1,000
4.400% senior notes due 2049	750		750
7.730% debentures due 2096	60		60
7.500% debentures due 2096	78		78
7.250% debentures due 2096	49		49
Total borrowings at face value	$	35,235	$	37,401
Adjustments to book value:
Unamortized premium, net	748		914
Debt issuance costs	(156)		(125)
Long-term finance leases	316		347
Current finance leases	42		51
Total debt and finance leases	$	36,185	$	38,588
Less current maturities of financing leases	(42)		(51)
Less current maturities of long-term debt	(398)		—
Long-term Debt, net	$	35,745	$	38,537

The following table summarizes Occidental’s debt issuances, repurchases, repayments and exchanges for the twelve months ended December 31, 2020:

millions	Borrowings at face value
Total borrowings at face value as of December 31, 2019	$	37,401
Issuance of July 2020 notes:
8.000% senior notes due 2025	500
8.500% senior notes due 2027	500
8.875% senior notes due 2030	1,000
July tender and purchase:
4.100% senior notes due February 2021	(943)
Variable rate bonds due February 2021	(473)
4.850% senior notes due March 2021	(530)
2.600% senior notes due August 2021	(51)
Issuance of August 2020 notes:
5.875% senior notes due 2025	900
6.375% senior notes due 2028	600
6.625% senior notes due 2030	1,500
August and September tender and purchase:
4.100% senior notes due February 2021	(139)
Variable rate bonds due August 2021	(123)
2.600% senior notes due August 2021	(1,099)
Variable rate bonds due August 2022	(448)
2.600% senior notes due April 2022	(171)
2.700% senior notes due August 2022	(102)
2.700% senior notes due February 2023	(52)
August WES exchange:
6.500% note payable to WES due 2038	(260)
September Term Loan repayment:
2-year variable rate term loan due 2021	(500)
October Term Loan and note repayment:
2-year variable rate bonds due August 2021	(377)
0.00% senior notes due October 2036	(2)
2-year variable rate term loan due September 2021	(1,010)
November Term Loan repayment:
2-year variable rate term loan due September 2021	(232)
Issuance of December 2020 notes:
5.500% senior notes due 2025	750
6.125% senior notes due 2031	1,250
December tender and purchase:
2.600% senior notes due August 2021	(126)
3.125% senior notes due February 2022	(538)
2.600% senior notes due April 2022	(128)
2.700% senior notes due August 2022	(1,269)
2.700% senior notes due February 2023	(212)
December Term Loan and note repayment:
2-year variable rate term loan due September 2021	(214)
4.100% senior notes due February 2021	(167)
Total borrowings at face value as of December 31, 2020	$	35,235