Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Debt for Apache and Subsidiaries

The following table presents the carrying value of the Company’s debt at December 31, 2015 and 2014:

	December 31,
	2015		2014
	(In millions)
U.S.:
Commercial paper		-		1,570
5.625% notes due 2017(1)		-		500
1.75% notes due 2017(1)		-		400
6.9% notes due 2018(1)		400		400
7.0% notes due 2018		150		150
7.625% notes due 2019		150		150
3.625% notes due 2021(1)		500		500
3.25% notes due 2022(1)		919		919
2.625% notes due 2023(1)		531		531
7.7% notes due 2026		100		100
7.95% notes due 2026		180		180
6.0% notes due 2037(1)		1,000		1,000
5.1% notes due 2040(1)		1,500		1,500
5.25% notes due 2042(1)		500		500
4.75% notes due 2043(1)		1,500		1,500
4.25% notes due 2044(1)		800		800
7.375% debentures due 2047		150		150
7.625% debentures due 2096		150		150
		8,530		11,000
Subsidiary and other obligations:
Notes due in 2016 and 2017		1		1
Apache Finance Canada 7.75% notes due 2029		300		300
		301		301
Debt before unamortized discount		8,831		11,301
Unamortized discount		(53)		(56)
Total debt	$	8,778	$	11,245
Current maturities	$	(1)	$	-
Long-term debt	$	8,777	$	11,245

⁽¹⁾  These notes are redeemable, as a whole or in part, at Apache’s option, subject to a make-whole premium. The remaining notes and debentures are not redeemable.

Schedule of Long Term Debt by Maturity

Debt maturities as of December 31, 2015, excluding discounts, are as follows:

	(In millions)
2016 and 2017	$	1
2018		550
2019		150
Thereafter		8,130
Total Debt, excluding discounts	$	8,831

Summary of Carrying Amounts and Estimated Fair Values

Apache uses a market approach to determine the fair value of its fixed-rate debt using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement).

	December 31, 2015				December 31, 2014
	Carrying     Amount		Fair     Value		Carrying     Amount		Fair     Value
	(In millions)
Commercial paper		-		-		1,570		1,570
Notes and debentures		8,778		8,330		9,675		9,944
Total Debt	$	8,778	$	8,330	$	11,245	$	11,514

Components of Financing Costs, Net

Financing Costs, Net

The following table presents the components of Apache’s financing costs, net:

	For the Year Ended December 31,
	2015		2014		2013
	(In millions)
Interest expense	$	486	$	499	$	560
Amortization of deferred loan costs		11		6		8
Capitalized interest		(227)		(287)		(315)
Loss (gain) on extinguishment of debt		39		-		(16)
Interest income		(10)		(7)		(8)
Financing costs, net	$	299	$	211	$	229