| LONG-TERM DEBT |
As of March 31, 2026 and December 31, 2025, the Company's debt consisted of the following:
| | | | | | | | | | | | | | millions | 2026 | 2025 | | | | | Two-year term loan due 2026 (5.475% as of December 31, 2025) | — | | 1,280 | | | | | | 3.200% senior notes due 2026 | — | | 182 | | | | | | 7.500% debentures due 2026 | — | | 112 | | | | | | 8.500% senior notes due 2027 | — | | 489 | | | | | | 3.000% senior notes due 2027 | — | | 216 | | | | | | 7.125% debentures due 2027 | — | | 150 | | | | | | 7.000% debentures due 2027 | 48 | | 48 | | | | | | 5.000% senior notes due 2027 | — | | 600 | | | | | | 6.625% debentures due 2028 | 14 | | 14 | | | | | | 7.150% debentures due 2028 | — | | 232 | | | | | | 7.200% senior debentures due 2028 | — | | 82 | | | | | | 6.375% senior notes due 2028 | — | | 578 | | | | | | 7.200% debentures due 2029 | 135 | | 135 | | | | | | 7.950% debentures due 2029 | 102 | | 116 | | | | | | 8.450% senior notes due 2029 | 116 | | 116 | | | | | | 3.500% senior notes due 2029 | — | | 286 | | | | | | 5.200% senior notes due 2029 | — | | 1,200 | | | | | | | Variable rate bonds due 2030 | 68 | | 68 | | | | | | 8.875% senior notes due 2030 | 1,000 | | 1,000 | | | | | | 6.625% senior notes due 2030 | 1,068 | | 1,449 | | | | | | 6.125% senior notes due 2031 | 298 | | 1,143 | | | | | | 7.500% senior notes due 2031 | 900 | | 900 | | | | | | 7.875% senior notes due 2031 | 500 | | 500 | | | | | | 5.375% senior notes due 2032 | 1,000 | | 1,000 | | | | | | 5.550% senior notes due 2034 | 1,200 | | 1,200 | | | | | | 6.450% senior notes due 2036 | 1,727 | | 1,727 | | | | | | | Zero Coupon senior notes due 2036 | 263 | | 285 | | | | | | 0.000% loan due 2039 (CAD denominated) | 16 | | 17 | | | | | | 4.300% senior notes due 2039 | 247 | | 247 | | | | | | 7.950% senior notes due 2039 | 325 | | 325 | | | | | | 6.200% senior notes due 2040 | 737 | | 737 | | | | | | 4.500% senior notes due 2044 | 191 | | 191 | | | | | | 4.625% senior notes due 2045 | 296 | | 296 | | | | | | 6.600% senior notes due 2046 | 1,117 | | 1,117 | | | | | | 4.400% senior notes due 2046 | 424 | | 424 | | | | | | 4.100% senior notes due 2047 | 258 | | 258 | | | | | | 4.200% senior notes due 2048 | 304 | | 304 | | | | | | 4.400% senior notes due 2049 | 280 | | 280 | | | | | | 6.050% senior notes due 2054 | 1,000 | | 1,000 | | | | | | | | | | | | | | | | | | | | 7.730% debentures due 2096 | 58 | | 58 | | | | | | 7.500% debentures due 2096 | 60 | | 60 | | | | | | 7.250% debentures due 2096 | 5 | | 5 | | | | | | | Total borrowings at face value | $ | 13,757 | | $ | 20,427 | | | | | |
As of March 31, 2026 and December 31, 2025, the following table summarizes the Company's outstanding debt, including finance lease liabilities:
| | | | | | | | | | millions | 2026 | 2025 | | Total borrowings at face value | $ | 13,757 | | $ | 20,427 | | | Adjustments to book value: | | | | Unamortized premium, net | 1,012 | | 1,054 | | | Debt issuance costs | (62) | | (84) | | | Net book value of debt | $ | 14,707 | | $ | 21,397 | | | Long-term finance leases | 764 | | 801 | | | Current finance leases | 200 | | 198 | | | Total debt and finance leases | $ | 15,671 | | $ | 22,396 | | | Less: current finance leases | (200) | | (198) | | | Less: current maturities of long-term debt | (224) | | (1,575) | | | Long-term debt, net | $ | 15,247 | | $ | 20,623 | |
DEBT REDUCTION ACTIVITY The Company utilized proceeds from the OxyChem Transaction to repay debt of $6.7 billion, which resulted in a loss on extinguishment of $237 million. The following table summarizes the Company's debt extinguishment in the three months ended March 31, 2026: | | | | | | | millions | Borrowings at face value | | Total borrowings at face value as of December 31, 2025 | $ | 20,427 | | | | | Repayments | | Two-year term loan due 2026 | (1,280) | | 3.200% senior notes due 2026 | (182) | | 7.500% debentures due 2026 | (112) | | 3.000% senior notes due 2027 | (216) | | 5.000% senior notes due 2027 | (600) | | 7.125% debentures due 2027 | (150) | | 8.500% senior notes due 2027 | (489) | | 6.375% senior notes due 2028 | (578) | | 7.150% debentures due 2028 | (232) | | 7.200% senior debentures due 2028 | (82) | | 3.500% senior notes due 2029 | (286) | | 5.200% senior notes due 2029 | (1,200) | | 7.950% debentures due 2029 | (14) | | 6.625% senior notes due 2030 | (381) | | 6.125% senior notes due 2031 | (845) | | | Zero Coupon senior notes due 2036 | (22) | | 0.000% loan due 2039 (CAD denominated) | (1) | | | Total repayments | $ | (6,670) | | | | | Total borrowings at face value as of March 31, 2026 | $ | 13,757 | |
Subsequent to March 31, 2026, but before the date of this filing, the Company repaid an additional $0.4 billion of long-term debt. FAIR VALUE OF DEBT The estimated fair value of the Company's principal debt as of March 31, 2026 and December 31, 2025, the majority of which was classified as Level 1, was $13.9 billion and $20.8 billion, respectively.
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