DEBT (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of debt

The following table presents the carrying value of the Company’s debt at December 31, 2017 and 2016:

	December 31,
	2017			2016
	(In millions)
Commercial paper	$	—		$	—
6.9% notes due 2018(1)	400			400
7.0% notes due 2018(2)	150			150
7.625% notes due 2019	150			150
3.625% notes due 2021(1)	493			493
3.25% notes due 2022(1)	814			857
2.625% notes due 2023(1)	528			528
7.7% notes due 2026	100			100
7.95% notes due 2026	180			180
7.75% notes due 2029(3)	300			300
6.0% notes due 2037(1)	1,000			1,000
5.1% notes due 2040(1)	1,499			1,499
5.25% notes due 2042(1)	500			500
4.75% notes due 2043(1)	1,413			1,413
4.25% notes due 2044(1)	753			780
7.375% debentures due 2047	150			150
7.625% debentures due 2096	150			150
Debt before unamortized discount and deferred loan costs	8,580			8,650
Unamortized discount	(47		)	(50		)
Deferred loan costs	(49		)	(56		)
Total debt	8,484			8,544
Current maturities	(550		)	—
Long-term debt	$	7,934		$	8,544

(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.

(2) On February 1, 2018, Apache’s 7.0% notes due 2018 in original principal amount of $150 million matured and were repaid.

(3) Assumed in August 2017 as permitted by terms of these notes originally issued by a subsidiary and guaranteed by Apache. Since these notes historically have been included in Apache’s long-term debt, the assumption did not change Apache’s long-term debt or total debt.

Schedule of Long Term Debt by Maturity

Debt maturities as of December 31, 2017, excluding discounts and deferred loan costs, are as follows:

	(In millions)
2018	$	550
2019	150
2020	—
2021	493
2022	814
Thereafter	6,573
Total Debt, excluding discounts and deferred loan costs	$	8,580

Summary of Carrying Amounts and Estimated Fair Values

	December 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Commercial paper	$	—	$	—	$	—	$	—
Notes and debentures	8,484		9,244		8,544		9,183
Total Debt	$	8,484	$	9,244	$	8,544	$	9,183

Components of Financing Costs, Net

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

	For the Year Ended December 31,
	2017			2016			2015
	(In millions)
Interest expense	$	457		$	464		$	486
Amortization of deferred loan costs	9			8			11
Capitalized interest	(51		)	(48		)	(15		)
Loss on extinguishment of debt	1			1			39
Interest income	(19		)	(8		)	(10		)
Financing costs, net	$	397		$	417		$	511