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Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt
 
Note 20
Long-Term Debt
Total long-term debt including finance lease liabilities at December 31, 2023, was $20,307. The company’s long-term debt outstanding at
year-end
2023 and 2022 was as follows:
 
                 At December 31  
                
2023
      2022  
      Weighted Average
Interest Rate (%)
1
      Range of Interest
Rates (%)
2
   
Principal
      Principal  
Notes due 2024
    3.291     
2.895 - 3.900
   
$
1,650
 
    $ 1,650  
Notes due 2025
    1.724      0.687 - 3.326   
 
4,000
 
      4,000  
Notes due 2026
         2.954   
 
2,250
 
      2,250  
Notes due 2027
    2.379      1.018 - 8.000   
 
2,000
 
      2,000  
Notes due 2028
         3.850   
 
600
 
      600  
Notes due 2029
         3.250   
 
500
 
      500  
Notes due 2030
         2.236   
 
1,500
 
      1,500  
Debentures due 2031
         8.625   
 
102
 
      102  
Debentures due 2032
    8.416      8.000 - 8.625   
 
183
 
      183  
Notes due 2040
         2.978   
 
293
 
      293  
Notes due 2041
         6.000   
 
397
 
      397  
Notes due 2043
         5.250   
 
330
 
      330  
Notes due 2044
         5.050   
 
222
 
      222  
Notes due 2047
         4.950   
 
187
 
      187  
Notes due 2049
         4.200   
 
237
 
      237  
Notes due 2050
    2.763      2.343 - 3.078   
 
1,750
 
      1,750  
Debentures due 2097
         7.250   
 
60
 
      60  
Bank loans due 2023
         -   
 
—
 
      91  
Medium-term notes, maturing from 2023 to 2038
    6.599      5.331 - 7.840   
 
20
 
      23  
Notes due 2023
   
 
     
 
   
 
—
 
      2,600  
Total including debt due within one year
           
 
16,281
 
      18,975  
Debt due within one year
           
 
(1,650
) 
      (2,694 ) 
Fair market value adjustment for debt acquired in the Noble acquisition
           
 
578
 
      664  
Reclassified from short-term debt
           
 
4,543
 
      4,050  
Unamortized discounts and debt issuance costs
           
 
(19
) 
      (23 ) 
Finance lease liabilities
3
   
 
     
 
   
 
574
 
      403  
Total long-term debt
   
 
     
 
   
$
    20,307
 
    $     21,375  
 
1
 
Weighted-average interest rate at December 31, 2023.
 
2
Range of interest rates at December 31, 2023.
 
3
 
For details on finance lease liabilities, see .
Long-term debt excluding finance lease liabilities with a principal balance of $16,281 matures as follows: 2024 – $1,650; 2025 – $4,000; 2026 – $2,250; 2027 – $2,000; 2028 – $600; and after 2028 – $5,781.
During the third quarter of 2023, the company assumed $1.5 billion of debt in conjunction with the PDC acquisition, including balances outstanding under the revolving credit facility, PDC’s 6.125% notes due 2024 (2024 notes) and PDC’s 5.75% notes due 2026 (2026 notes). The outstanding balances under the revolving credit facility and the 2024 notes were repaid during third quarter 2023. The company also irrevocably deposited sufficient U.S. Treasury securities with U.S. Bank Trust Company, N.A., as trustee, to fund the redemption of the 2026 notes, resulting in the indenture being satisfied and discharged.
See
for information concerning the fair value of the company’s long-term debt.