Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 44

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 44
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 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. Following the CrownRock Acquisition in August 2024, Occidental's current credit ratings were reaffirmed. As of the date of this filing, Occidental 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.

 OXY 2024 FORM 10-K87

table of contentsFINANCIAL STATEMENTSFOOTNOTES

DEBT ACTIVITYIn connection with the CrownRock Acquisition, Occidental issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August 2024. Occidental used proceeds from divestitures and cash on hand to repay $4.5 billion of debt, which included the satisfaction and discharge of the 5.000% senior notes due 2029 that were assumed with the CrownRock Acquisition. The following table summarizes Occidental’s debt activity in 2024: millionsBorrowings at face valueTotal borrowings at face value as of December 31, 2023$17,955 Borrowings364-day term loan due 2025$2,000 Two-year term loan due 20262,700 5.000% senior notes due 2027600 5.200% senior notes due 20291,200 5.375% senior notes due 20321,000 5.550% senior notes due 20341,200 6.050% senior notes due 20541,000 Total borrowings$9,700 Debt assumptions related to CrownRock5.625% senior notes due 2025$868 5.000% senior notes due 2029376 Total debt assumptions$1,244 Repayments6.950% senior notes due 2024$(291)3.450% senior notes due 2024(111)2.900% senior notes due 2024(654)364-day term loan due 2025(2,000