DEBT AND FINANCING COSTS (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the carrying value of the Company’s debt as of December 31, 2022 and 2021:

	December 31,
	2022		2021
	(In millions)
3.25% notes due 2022(1)	$	—	$	213
2.625% notes due 2023(2)	—		123
4.625% notes due 2025(3)	51		500
7.7% notes due 2026	78		79
7.95% notes due 2026	132		133
4.875% due 2027(3)	108		378
4.375% notes due 2028(3)	325		703
7.75% notes due 2029(3)(4)	235		235
4.25% notes due 2030(3)	579		580
6.0% notes due 2037(3)	443		443
5.1% notes due 2040(3)	1,333		1,333
5.25% notes due 2042(3)	399		399
4.75% notes due 2043(3)	428		428
4.25% notes due 2044(3)	221		221
7.375% debentures due 2047	150		150
5.35% notes due 2049(3)	387		387
7.625% debentures due 2096	39		39
Notes and debentures before unamortized discount and debt issuance costs(5)	4,908		6,344
Altus credit facility(6)	—		657
Syndicated credit facilities(6)(7)	—		542
Finance lease obligations	34		36
Unamortized discount	(27)		(30)
Debt issuance costs	(28)		(39)
Total debt	4,887		7,510
Current maturities	(2)		(215)
Long-term debt	$	4,885	$	7,295

(1)On January 18, 2022, Apache redeemed the 3.25% senior notes due April 15, 2022, at a redemption price equal to 100 percent of their principal amount, plus accrued and unpaid interest to the redemption date.

(2)On October 17, 2022, Apache redeemed the 2.625% notes due January 15, 2023, at a redemption price equal to 100 percent of their principal amount, plus accrued and unpaid interest to the redemption date.

(3)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.

(4)Assumed by Apache in August 2017 as permitted by terms of these notes originally issued by a subsidiary and guaranteed by Apache.

(5)The fair values of Apache’s notes and debentures were $4.2 billion and $7.1 billion as of December 31, 2022 and 2021, respectively. The Company 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).

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

(7)Although Apache had no borrowings under APA’s syndicated credit facilities as of December 31, 2022, Apache currently is a guarantor of obligations under those facilities.

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, 2022 are as follows:

	(In millions)
2023	$	—
2024	—
2025	51
2026	210
2027	108
Thereafter	4,539
Notes and debentures, excluding discounts and debt issuance costs	$	4,908

Schedule of Components of Financing Costs, Net

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

	For the Year Ended December 31,
	2022		2021		2020
	(In millions)
Interest expense	$	312	$	419	$	438
Amortization of debt issuance costs	7		8		8
Capitalized interest	(1)		—		(12)
Loss (gain) on extinguishment of debt	67		104		(160)
Interest income	(9)		(8)		(7)
Interest income from APA Corporation, net	(63)		(51)		—
Financing costs, net	$	313	$	472	$	267