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STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income including noncontrolling interests $ 757 $ 3,110
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized derivative instrument losses, net 0 83
Gain on divestitures, net (6) (1,149)
Exploratory dry hole expense and unproved leasehold impairments 61 15
Depreciation, depletion, and amortization 647 569
Asset retirement obligation accretion 57 58
Impairments 46 0
Provision for (benefit from) deferred income taxes 105 (62)
(Gain) loss on extinguishment of debt (9) 67
Other, net (113) (119)
Changes in operating assets and liabilities:    
Receivables 92 (501)
Inventories (45) (18)
Drilling advances and other current assets (106) 28
Deferred charges and other long-term assets 159 (11)
Accounts payable (84) 185
Accounts receivable from/payable to APA Corporation 126 (54)
Accrued expenses (161) 201
Deferred credits and noncurrent liabilities (221) (2)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,305 2,400
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to upstream oil and gas property (962) (635)
Leasehold and property acquisitions (10) (26)
Notes receivable from APA Corporation (144) 0
Proceeds from sale of oil and gas properties 28 751
Proceeds from sale of Kinetik shares 0 224
Deconsolidation of Altus cash and cash equivalents 0 (143)
Other, net (13) 2
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,101) 173
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Apache credit facility, net 0 138
Payments on note payable to APA Corporation, net 0 (486)
Payments on fixed-rate debt (65) (1,370)
Distributions to noncontrolling interest – Sinopec (100) (159)
Distributions to APA Corporation (100) (733)
Other, net 4 (14)
NET CASH USED IN FINANCING ACTIVITIES (261) (2,624)
NET DECREASE IN CASH AND CASH EQUIVALENTS (57) (51)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 185 279
CASH AND CASH EQUIVALENTS AT END OF PERIOD 128 228
SUPPLEMENTARY CASH FLOW DATA:    
Interest paid, net of capitalized interest 151 176
Income taxes paid, net of refunds 476 637
Non-cash financing adjustment: APA’s assumption of Apache’s borrowings on its syndicated credit facility $ 0 $ 680