DEBT AND FINANCING COSTS (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the carrying values of the Company’s debt:

	March 31, 2021		December 31, 2020
	(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)	$	8,045	$	8,052
Altus credit facility(2)	657		624
Apache credit facility(2)	65		150
Finance lease obligations	37		38
Unamortized discount	(34)		(35)
Debt issuance costs	(55)		(57)
Total debt	8,715		8,772
Current maturities	(2)		(2)
Long-term debt	$	8,713	$	8,770

(1)The fair values of the Company’s notes and debentures were $8.0 billion and $8.5 billion as of March 31, 2021 and December 31, 2020, respectively. Apache uses a market approach to determine the fair values of its notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement).

(2)The carrying value of borrowings on credit facilities approximates fair value because interest rates are variable and reflective of market rates.

Schedule of Financing Costs, Net

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

	For the Quarter Ended March 31,
	2021		2020
	(In millions)
Interest expense	$	112	$	107
Amortization of debt issuance costs	2		2
Capitalized interest	—		(4)
Interest income	(2)		(2)
Interest income from APA Corporation, net	(5)		—
Financing costs, net	$	107	$	103