Oracle 18c

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with test_table(xmldata) as (
select 
q'[
<root>
    <itemTypes>
    <itemTypesList>
        <itemType>400SVFD2</itemType>
        <ora:itemType xmlns:ora="http://www.oracle.com/something/somethingelse" navOpt="itemTypeMaint" searchZone="C1-ITEMTYPQ" tblKeyField="ITEM_TYPE_CD">First String to Get</ora:itemType>
        <errorIfNoValue>C1NO</errorIfNoValue>
        <valueType>U</valueType>
        <valueSource>C1BF</valueSource>
        <value/>
        <billFactor>400SVFD2</billFactor>
        <ora:billFactor xmlns:ora="http://www.oracle.com/something/somethingelse" navOpt="billFactorMaint" searchZone="C1-BFQ" tblKeyField="BF_CD">Second String to Get</ora:billFactor>
        <valueAlgorithm/>
    </itemTypesList>
</itemTypes>
</root>
]'
from dual
)
select x.*
from test_table tt
cross join xmltable(
  xmlnamespaces('http://www.oracle.com/something/somethingelse' as "xyz"),
  '/root/itemTypes/itemTypesList'
  passing xmltype(tt.xmldata)
  columns first_str varchar2(30) path 'xyz:itemType',
    second_str varchar2(30) path 'xyz:billFactor'
) x
;

FIRST_STR	SECOND_STR
First String to Get	Second String to Get