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DEBT AND FINANCING COSTS (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of debt
The following table presents the carrying value of the Company’s debt at December 31, 2019 and 2018:
 
 
December 31,        
 
 
2019
 
2018
 
 
(In millions)
Commercial paper
 
$
—

 
$
—

7.625% notes due 2019(1)
 
—

 
150

3.625% notes due 2021(2)
 
293

 
393

3.25% notes due 2022(2)
 
463

 
687

2.625% notes due 2023(2)
 
181

 
403

7.7% notes due 2026
 
79

 
79

7.95% notes due 2026
 
133

 
133

4.375% notes due 2028(2)
 
1,000

 
1,000

7.75% notes due 2029(2)(3)
 
247

 
300

4.25% notes due 2030(2)
 
600

 
—

6.0% notes due 2037(2)
 
467

 
800

5.1% notes due 2040(2)
 
1,499

 
1,499

5.25% notes due 2042(2)
 
500

 
500

4.75% notes due 2043(2)
 
1,413

 
1,413

4.25% notes due 2044(2)
 
753

 
753

7.375% debentures due 2047
 
150

 
150

5.35% notes due 2049(2)
 
400

 
—

7.625% debentures due 2096
 
39

 
39

Notes and debentures before unamortized discount and debt issuance costs(4)
 
8,217

 
8,299

Altus credit facility(5)
 
396

 
—

Finance lease obligations
 
48

 
40

Unamortized discount
 
(42
)
 
(44
)
Debt issuance costs
 
(53
)
 
(51
)
Total debt
 
8,566

 
8,244

Current maturities
 
(11
)
 
(151
)
Long-term debt
 
$
8,555

 
$
8,093

(1)
On July 1, 2019, Apache’s 7.625% senior notes due 2019 in original principal amount of $150 million matured and were repaid.
(2)
These notes are redeemable, as a whole or in part, at Apache’s option, subject to a make-whole premium, except that the 7.75% notes due 2029 are only redeemable as whole for principal and accrued interest in the event of certain Canadian tax law changes. The remaining notes and debentures are not redeemable.
(3)
Assumed by Apache 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.
(4)
The fair value of the Company’s notes and debentures was $8.4 billion and $7.8 billion as of December 31, 2019 and 2018, respectively. Apache uses a market approach to determine the fair value of its notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement).
(5)
The carrying amount of borrowings by Altus Midstream LP on its credit facility approximate fair value because the interest rates are variable and reflective of market rates.
Schedule of Long Term Debt by Maturity
Maturities for the Company’s notes and debentures excluding discount and debt issuance costs as of December 31, 2019 are as follows:
 
(In millions)
2020
$
—

2021
293

2022
463

2023
181

2024
—

Thereafter
7,280

Notes and debentures, excluding discounts and debt issuance costs
$
8,217
Components of Financing Costs, Net
The following table presents the components of Apache’s financing costs, net:
 
 
 
For the Year Ended December 31,    
 
 
2019
 
2018
 
2017
 
 
(In millions)
Interest expense
 
$
430

 
$
441

 
$
457

Amortization of debt issuance costs
 
7

 
9

 
9

Capitalized interest
 
(37
)
 
(44
)
 
(51
)
Loss on extinguishment of debt
 
75

 
94

 
1

Interest income
 
(13
)
 
(22
)
 
(19
)
Financing costs, net
 
$
462

 
$
478

 
$
397