Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 51

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 51
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% debentures due 209660 60 7.250% debentures due 20965 5 Total borrowings at face value$23,875 $24,391 The following table summarizes Occidental's outstanding debt, including finance lease liabilities:millionsMarch 31, 2025December 31, 2024Total borrowings at face value$23,875 $24,391 Adjustments to book value:Unamortized premium, net1,012 1,037 Debt issuance costs(100)(105)Net book value of debt$24,787 $25,323 Long-term finance leases658 658 Current finance leases149 135 Total debt and finance leases$25,594 $26,116 Less: current finance leases(149)(135)Less: current maturities of long-term debt(1,408)(1,003)Long-term debt, net$24,037 $24,978 DEBT ACTIVITYIn the three months ended March 31, 2025, Occidental used cash on hand and proceeds from asset sales to redeem $465 million of senior notes due 2025 and repaid $50 million of the two-year term loan due 2026. Subsequent to March 31, 2025, but before the date of this filing, Occidental used proceeds from asset sales and the warrant exercise to pay all remaining current maturities of $1.4 billion and long-term maturities of $350 million, leaving principal debt outstanding of $22.1 billion. FAIR VALUE OF DEBTThe estimated fair value of Occidental’s debt as of March 31, 2025 and December 31, 2024, the majority of which was classified as Level 1, was $23.6 billion and $24.0 billion, respectively.

NOTE 5 - ACQUISITIONS AND DIVESTITURESCROWNROCK ACQUISITIONIn December 2023, Occidental entered into an agreement to purchase CrownRock, L.P. for total consideration of $12.4 billion. The CrownRock Acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. For the three months ended March 31, 2025, there were no material changes to the allocation presented in the 2024 Form 10-K. As of March 31, 2025, Occ