DEBT AND FINANCING COSTS (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the carrying value of the Company’s debt as of December 31, 2023 and 2022:

	December 31,
	2023		2022
	(In millions)
4.625% notes due 2025(1)	$	51	$	51
7.7% notes due 2026	78		78
7.95% notes due 2026	132		132
4.875% due 2027(1)	108		108
4.375% notes due 2028(1)	325		325
7.75% notes due 2029(1)(2)	235		235
4.25% notes due 2030(1)	516		579
6.0% notes due 2037(1)	443		443
5.1% notes due 2040(1)	1,333		1,333
5.25% notes due 2042(1)	399		399
4.75% notes due 2043(1)	428		428
4.25% notes due 2044(1)	211		221
7.375% debentures due 2047	150		150
5.35% notes due 2049(1)	387		387
7.625% debentures due 2096	39		39
Notes and debentures before unamortized discount and debt issuance costs(3)	4,835		4,908
Finance lease obligations	32		34
Unamortized discount	(26)		(27)
Debt issuance costs	(25)		(28)
Total debt	4,816		4,887
Current maturities	(2)		(2)
Long-term debt	$	4,814	$	4,885

(1)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.

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

(3)The fair values of Apache’s notes and debentures were $4.3 billion and $4.2 billion as of December 31, 2023 and 2022, 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).

Schedule of Maturities of Long-Term Debt

Maturities for the Company’s notes and debentures excluding discount and debt issuance costs as of December 31, 2023 are as follows:

	(In millions)
2024	$	—
2025	51
2026	210
2027	108
2028	325
Thereafter	4,141
Notes and debentures, excluding discounts and debt issuance costs	$	4,835

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,
	2023		2022		2021
	(In millions)
Interest expense	$	291	$	312	$	419
Amortization of debt issuance costs	2		7		8
Capitalized interest	—		(1)		—
Loss (gain) on extinguishment of debt	(9)		67		104
Interest income	(10)		(9)		(8)
Interest income from APA Corporation, net	(109)		(63)		(51)
Financing costs, net	$	165	$	313	$	472