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STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUES AND OTHER:        
Derivative instrument gains (losses), net $ (32) $ (113) $ (94) $ 45
Gain (loss) on divestitures, net (27) 65 1,149 67
Other, net 64 74 109 135
Total revenues and other 3,052 1,782 6,880 3,874
OPERATING EXPENSES:        
Lease operating expenses 359 311 703 575
Taxes other than income 78 51 148 95
Exploration 15 19 40 65
General and administrative 83 79 234 162
Transaction, reorganization, and separation 3 4 17 4
Depreciation, depletion, and amortization 278 351 569 693
Asset retirement obligation accretion 29 28 58 56
Financing costs, net 62 94 202 201
Total operating expenses 1,529 1,260 3,025 2,726
NET INCOME BEFORE INCOME TAXES 1,523 522 3,855 1,148
Current income tax provision 415 131 807 280
Deferred income tax benefit (21) (40) (62) (22)
NET INCOME INCLUDING NONCONTROLLING INTERESTS 1,129 431 3,110 890
Net income (loss) attributable to Altus Preferred Unit limited partners 0 24 (70) 43
NET INCOME ATTRIBUTABLE TO APA CORPORATION 903 339 2,750 736
Noncontrolling Interest, Sinopec        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest 141 41 260 83
Noncontrolling interests, Altus        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest 0 27 14 28
Noncontrolling interest, APA Corporation        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest 85 0 156 0
Oil and gas        
REVENUES AND OTHER:        
Total revenues 3,047 1,756 5,716 3,627
Oil and gas, excluding purchased        
REVENUES AND OTHER:        
Oil, natural gas, and natural gas liquids production revenues 2,525 1,514 4,845 2,945
OPERATING EXPENSES:        
Cost of oil and gas purchased [1] 94 61 175 119
Purchased oil and gas sales        
REVENUES AND OTHER:        
Purchased oil and gas sales 522 242 871 682
OPERATING EXPENSES:        
Cost of oil and gas purchased $ 528 $ 262 $ 879 $ 756
[1] For gathering, processing, and transmission costs associated with Kinetik, refer to Note 7—Equity Method Interest for further detail.