DEBT AND FINANCING COSTS (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

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

	March 31, 2022		December 31, 2021
	(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)	$	5,032	$	6,344
Altus credit facility(2)	—		657
Apache credit facility(2)	880		542
Finance lease obligations	35		36
Unamortized discount	(28)		(30)
Debt issuance costs	(30)		(39)
Total debt	5,889		7,510
Current maturities	(125)		(215)
Long-term debt	$	5,764	$	7,295

(1)    The fair values of the Company’s notes and debentures were $5.1 billion and $7.1 billion as of March 31, 2022 and December 31, 2021, 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,
	2022		2021
	(In millions)
Interest expense	$	90	$	112
Amortization of debt issuance costs	2		2
Loss on extinguishment of debt	67		—
Interest income	(4)		(2)
Interest income from APA Corporation, net	(15)		(5)
Financing costs, net	$	140	$	107