DEBT AND FINANCING COSTS (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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

	June 30, 2023		December 31, 2022
	(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,908
Finance lease obligations	33		34
Unamortized discount	(27)		(27)
Debt issuance costs	(27)		(28)
Total debt	4,814		4,887
Current maturities	(2)		(2)
Long-term debt	$	4,812	$	4,885

(1)    The fair values of the Company’s notes and debentures were $4.1 billion and $4.2 billion as of June 30, 2023 and December 31, 2022, 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).

Schedule of Financing Costs, Net

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

	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Interest expense	$	74	$	75	$	149	$	165
Amortization of debt issuance costs	—		4		1		6
Capitalized interest	—		(1)		—		(1)
(Gain) loss on extinguishment of debt	—		—		(9)		67
Interest income	(3)		(1)		(5)		(5)
Interest income from APA Corporation, net (Note 2)	(29)		(15)		(45)		(30)
Financing costs, net	$	42	$	62	$	91	$	202