Occidental Petroleum Corp., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current maturities of long-term debt	1,202)	165)	186)	440)	51)
Long-term debt, net, excluding current maturities	18,536)	19,670)	29,431)	35,745)	38,537)
Total long-term debt, including current maturities (carrying amount)	19,738)	19,835)	29,617)	36,185)	38,588)

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Debt item	Description	The company
Total long-term debt, including current maturities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Occidental Petroleum Corp. total debt decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Total long-term debt, including current maturities (fair value)	18,100)
Financial Ratio
Debt, fair value to carrying amount ratio	0.92

Weighted-average interest rate on debt: 5.86%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.90%	654)	19)
6.95%	291)	20)
3.45%	111)	4)
5.88%	606)	36)
3.50%	137)	5)
5.50%	465)	26)
5.55%	870)	48)
3.20%	182)	6)
3.40%	284)	10)
7.50%	112)	8)
8.50%	489)	42)
3.00%	216)	6)
7.13%	150)	11)
7.00%	48)	3)
6.63%	14)	1)
7.15%	232)	17)
7.20%	82)	6)
6.38%	578)	37)
7.20%	135)	10)
7.95%	116)	9)
8.45%	116)	10)
3.50%	286)	10)
5.75%	68)	4)
8.88%	1,000)	89)
6.63%	1,449)	96)
6.13%	1,143)	70)
7.50%	900)	68)
7.88%	500)	39)
6.45%	1,727)	111)
0.00%	673)	—)
0.00%	19)	—)
4.30%	247)	11)
7.95%	325)	26)
6.20%	737)	46)
4.50%	191)	9)
4.63%	296)	14)
6.60%	1,117)	74)
4.40%	424)	19)
4.10%	258)	11)
4.20%	304)	13)
4.40%	280)	12)
7.73%	58)	4)
7.50%	60)	5)
7.25%	5)	—)
4.61%	737)	34)
Total	18,692)	1,095)
5.86%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,095 ÷ 18,692 = 5.86%

Occidental Petroleum Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest and debt expense, net	945)	1,030)	1,614)	1,424)	1,066)
Capitalized interest	98)	69)	61)	83)	85)
Interest costs incurred	1,043)	1,099)	1,675)	1,507)	1,151)

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Debt item	Description	The company
Interest and debt expense, net	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Occidental Petroleum Corp. interest and debt expense, net decreased from 2021 to 2022 and from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Occidental Petroleum Corp. capitalized interest increased from 2021 to 2022 and from 2022 to 2023.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Occidental Petroleum Corp. interest costs incurred decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Occidental	4,696)	13,304)	2,322)	(14,831)	(667)
Add: Net income attributable to noncontrolling interest	—)	—)	—)	—)	145)
Less: Loss from discontinued operations, net of tax	—)	—)	(468)	(1,298)	(15)
Add: Income tax expense	1,733)	813)	915)	(2,172)	693)
Add: Interest and debt expense, net	945)	1,030)	1,614)	1,424)	1,066)
Earnings before interest and tax (EBIT)	7,374)	15,147)	5,319)	(14,281)	1,252)

Interest costs incurred	1,043)	1,099)	1,675)	1,507)	1,151)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	7.80	14.71	3.30	-10.03	1.17
Adjusted interest coverage ratio (with capitalized interest)²	7.07	13.78	3.18	-9.48	1.09

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense, net
= 7,374 ÷ 945 = 7.80

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 7,374 ÷ 1,043 = 7.07

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Occidental Petroleum Corp. adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Occidental Petroleum Corp. (NYSE:OXY)

Analysis of Debt