DEBT AND FINANCING COSTS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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

	June 30, 2024		December 31, 2023
	(In millions)
Apache notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835
Term loan facility, commercial paper, and syndicated credit facilities(2)	1,935		372
Apache finance lease obligations	31		32
Unamortized discount	(26)		(26)
Debt issuance costs	(32)		(25)
Total debt	6,743		5,188
Current maturities	(2)		(2)
Long-term debt	$	6,741	$	5,186

(1)    The fair values of the Apache notes and debentures were $4.3 billion at each of June 30, 2024 and December 31, 2023.

The Company 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).

(2)    The carrying value of borrowings on the term loan facility, commercial paper and credit facilities approximates fair value because interest rates are variable and reflective of market rates.

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,
	2024		2023		2024		2023
	(In millions)
Interest expense	$	108	$	89	$	193	$	177
Amortization of debt issuance costs	2		1		3		2
Capitalized interest	(7)		(5)		(14)		(11)
Gain on extinguishment of debt	—		—		—		(9)
Interest income	(3)		(3)		(6)		(5)
Financing costs, net	$	100	$	82	$	176	$	154