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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2020

The following table provides changes to the Company’s common shares outstanding for the years ended December 31, 2020, 2019, and 2018:


	For the Year Ended December 31,
	2020	2019	2018
Balance, beginning of year	376,062,670	374,696,222	380,954,864
Shares issued for stock-based compensation plans:
Treasury shares issued	17,448	31,701	2,454
Common shares issued	1,402,512	1,334,747	1,566,237
Treasury shares acquired	—	—	(7,827,333)
Balance, end of year	377,482,630	376,062,670	374,696,222

Reconciliation of Components of Basic and Diluted Net Income (Loss) Per Common Share

The following table provides a reconciliation of the components of basic and diluted net income (loss) per common share for the years ended December 31, 2020, 2019, and 2018:


	2020					2019					2018
	Loss		Shares	Per Share		Loss		Shares	Per Share		Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:


Income (loss) attributable to common stock	$	(4,860)	378	$	(12.86)	$	(3,553)	377	$	(9.43)	$	40	382	$	0.11
Effect of Dilutive Securities:
Stock options and other	$	—	—	$	—	$	—	—	$	—	$	—	2	$	—
Diluted:


Income (loss) attributable to common stock	$	(4,860)	378	$	(12.86)	$	(3,553)	377	$	(9.43)	$	40	384	$	0.11

Description of Stock Based Compensation Plans and Related Costs

The following table summarizes the Company’s stock-settled and cash-settled compensation costs:


	For the Year Ended December 31,
	2020		2019		2018
	(In millions)
Stock-settled and cash-settled compensation expensed	$	40	$	110	$	157
Stock-settled and cash-settled compensation capitalized	7		28		37
Total stock-settled and cash-settled compensation costs	$	47	$	138	$	194

Summary of Stock Options Activities

The following table summarizes stock option activity for the years ended December 31, 2020, 2019, and 2018:


	2020			2019			2018
	Shares Under Option	Weighted Average Exercise Price		Shares Under Option	Weighted Average Exercise Price		Shares Under Option	Weighted Average Exercise Price
	(In thousands, except exercise price amounts)
Outstanding, beginning of year	4,298	$	75.24	4,872	$	75.95	4,593	$	83.36
Granted	—	—		—	—		812	45.93
Exercised	—	—		—	—		(29)	41.79
Forfeited	(37)	44.98		(80)	34.58		(121)	74.58
Expired	(724)	92.14		(494)	88.82		(383)	104.21
Outstanding, end of year(1)	3,537	72.10		4,298	75.24		4,872	75.95
Expected to vest(2)	150	45.77		495	49.11		1,274	48.74
Exercisable, end of year(3)	3,387	73.26		3,803	78.64		3,598	85.59

(1)As of December 31, 2020, options outstanding had a weighted average remaining contractual life of 3.6 years and no intrinsic value.

(2)As of December 31, 2020, options expected to vest had a weighted average remaining contractual life of 7.0 years and no intrinsic value.

(3)As of December 31, 2020, options exercisable had a weighted average remaining contractual life of 3.4 years and no intrinsic value.

Schedule of Assumptions Used

The following table summarizes specific assumptions used in the Company’s valuation:

2020

2019

2018

Expected volatility

N/A

33.74%

Expected dividend yields

N/A

2.16%

Expected term (in years)

N/A

Risk-free rate

N/A

2.42%

Weighted-average grant-date fair value

N/A

13.15

N/A - not applicable.

Schedule of Restricted Stock and Restricted Stock Units Activity

The following table summarizes stock-settled restricted stock unit activity for the years ended December 31, 2020, 2019, and 2018:


	2020			2019			2018
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value
	(In thousands, except per share amounts)
Non-vested, beginning of year	2,448	$	46.65	3,153	$	55.54	4,920	$	56.67
Granted	1,352	24.60		1,479	36.81		608	45.59
Vested(3)	(1,933)	48.65		(1,899)	53.99		(2,023)	55.10
Forfeited	(315)	30.09		(285)	45.06		(352)	56.69
Non-vested, end of year(1)(2)	1,552	28.43		2,448	46.65		3,153	55.54

(1)As of December 31, 2020, there was $14 million of total unrecognized compensation cost related to 1,551,807 unvested stock-settled restricted stock units.

(2)As of December 31, 2020, the weighted-average remaining life of unvested stock-settled restricted stock units is approximately 0.7 years.

(3)The grant date fair values of the stock-settled awards vested during 2020, 2019, and 2018 were approximately $94 million, $103 million, and $111 million, respectively.

The following table summarizes cash-settled restricted stock phantom unit activity for the years ended December 31, 2020, 2019, and 2018:


	For the Year Ended December 31,
	2020	2019	2018
	(In thousands)
Non-vested, beginning of year	5,384	1,818	59
Adjustment for ALTM reverse stock split(1)	(1,246)	—	—
Granted(2)	3,462	4,831	1,973
Vested	(1,618)	(616)	(38)
Forfeited	(1,559)	(649)	(176)
Non-vested, end of year(3)	4,423	5,384	1,818

(1)On June 30, 2020, Altus executed a 1-for-20 reverse stock split of its outstanding common stock. Outstanding cash-settled awards are based on the per-share market price of ALTM stock.

(2)Restricted stock phantom units granted during 2020 and 2019 included 3,378,486 and 3,401,477 awards, respectively, based on the per-share market price of Apache common stock and 83,239 and 1,429,135 awards, respectively, based on the per-share market price of ALTM common stock. The restricted stock phantom units granted during 2020 based on ALTM’s per-share market price reflect the 1-for-20 reverse stock split described above.

(3)The outstanding liability for the unvested cash-settled restricted stock phantom units that had not been recognized as of December 31, 2020 was approximately $28 million.

The following table summarizes stock-settled conditional restricted stock unit activity for the year ended December 31, 2020:


	Units	Weighted Average Grant- Date Fair Value(1)
	(In thousands)
Non-vested, beginning of year	781	$	52.69
Granted	18	62.31
Vested	(445)	41.10
Forfeited	(16)	56.66
Expired	(227)	70.70
Non-vested, end of year(2)(3)	111	63.15

(1)The fair value of each conditional restricted stock unit award is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a three-year continuous risk-free interest rate; (ii) a constant volatility assumption based on the historical realized stock price volatility of the Company and the designated peer group; and (iii) the historical stock prices and expected dividends of the common stock of the Company and its designated peer group.

(2)As of December 31, 2020, there was no unrecognized compensation cost related to 111,126 unvested stock-settled conditional restricted stock units.

(3)As of December 31, 2020, the weighted-average remaining life of the unvested stock-settled conditional restricted stock units is approximately 0.0 years.

The following table summarizes cash-settled conditional restricted stock unit activity for the year ended December 31, 2020:


						Units
						(In thousands)
Non-vested, beginning of year						2,320
Granted						1,687
Vested						(2)
Forfeited						(542)
Expired						(46)
Non-vested, end of year(1)						3,417

(1)As of December 31, 2020, the outstanding liability for the unvested cash-settled conditional restricted stock units that had not been recognized was approximately $14 million.