Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 43

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 43
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 debt and finance leases$26,116 $19,738 Less current maturities of finance leases(135)(146)Less current maturities of long-term debt(1,003)(1,056)Long-term debt, net$24,978 $18,536 DEBT MATURITIESAs of December 31, 2024, future principal payments of debt were approximately $24.4 billion, of which $1.0 billion is due in 2025, $4.1 billion in 2026, $1.5 billion in 2027, $0.9 billion in 2028, and $16.9 billion due in 2029 and thereafter.ZERO COUPONSThe Zero Coupons have an aggregate principal amount due at the 2036 maturity of approximately $673 million. The Zero Coupons can be put to Occidental in October of each year, in whole or in part, for the then-accreted value of the outstanding Zero Coupons. The Zero Coupons can next be put to Occidental in October 2025, which, if put in whole, would be $381 million at such date. Occidental currently has the ability to meet this obligation and may use available capacity under the RCF to satisfy the put should it be exercised.FAIR VALUE OF DEBTOccidental 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 Occidental’s debt as of December 31, 2024, and 2023, the majority of which were classified as Level 1, were approximately $24.0 billion and $18.1 billion, respectively. Occidental’s exposure to changes in interest rates relates primarily to its variable-rate, long-term debt obligations. As of December 31, 2024, and 2023, variable-rate debt constituted approximately 11% and 0.4%, respectively, of Occidental’s total debt.DEBT RATINGSAs of December 31, 2024, Occidental’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 Occidental's ability to access capital markets and increase its cost of capital. In addition, Occidental