DEBT AND FINANCING COSTS (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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

	March 31, 2024		December 31, 2023
	(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835
Finance lease obligations	31		32
Unamortized discount	(26)		(26)
Debt issuance costs	(25)		(25)
Total debt	4,815		4,816
Current maturities	(2)		(2)
Long-term debt	$	4,813	$	4,814

(1)    The fair values of the Company’s notes and debentures were $4.3 billion at each of March 31, 2024 and December 31, 2023.

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 March 31,
	2024		2023
	(In millions)
Interest expense	$	72	$	75
Amortization of debt issuance costs	1		1
Gain on extinguishment of debt	—		(9)
Interest income	(4)		(2)
Interest income from APA Corporation, net (Note 2)	(36)		(16)
Financing costs, net	$	33	$	49