DEBT AND FINANCING COSTS (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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

	December 31,
	2021		2020
	(In millions)
3.25% notes due 2022(1)(2)	$	213	$	213
2.625% notes due 2023(2)	123		123
4.625% notes due 2025(2)	500		500
7.7% notes due 2026	79		79
7.95% notes due 2026	133		133
4.875% due 2027(2)	378		750
4.375% notes due 2028(2)	703		993
7.75% notes due 2029(2)(3)	235		235
4.25% notes due 2030(2)	580		580
6.0% notes due 2037(2)	443		443
5.1% notes due 2040(2)	1,333		1,333
5.25% notes due 2042(2)	399		399
4.75% notes due 2043(2)	428		1,133
4.25% notes due 2044(2)	221		559
7.375% debentures due 2047	150		150
5.35% notes due 2049(2)	387		390
7.625% debentures due 2096	39		39
Notes and debentures before unamortized discount and debt issuance costs(4)	6,344		8,052
Commercial paper	—		—
Altus credit facility(5)	657		624
Apache credit facility(5)	542		150
Finance lease obligations	36		38
Unamortized discount	(30)		(35)
Debt issuance costs	(39)		(57)
Total debt	7,510		8,772
Current maturities	(215)		(2)
Long-term debt	$	7,295	$	8,770

(1)On January 18, 2022, Apache redeemed the 3.25% senior notes due April 15, 2022, at a redemption price equal to 100 percent of their principal amount, plus accrued and unpaid interest to the redemption date.

(2)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.

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

(4)The fair values of Apache’s notes and debentures were $7.1 billion and $8.5 billion as of December 31, 2021 and 2020, 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).

(5)The carrying amount of borrowings on credit facilities approximates fair value because the interest rates are variable and reflective of market rates.

Schedule of Long Term Debt by Maturity

Maturities for the Company’s notes and debentures excluding discount and debt issuance costs as of December 31, 2021 are as follows:

	(In millions)
2022	$	213
2023	123
2024	—
2025	500
2026	212
Thereafter	5,296
Notes and debentures, excluding discounts and debt issuance costs	$	6,344

Components of Financing Costs, Net

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

	For the Year Ended December 31,
	2021		2020		2019
	(In millions)
Interest expense	$	419	$	438	$	430
Amortization of debt issuance costs	8		8		7
Capitalized interest	—		(12)		(37)
Loss (gain) on extinguishment of debt	104		(160)		75
Interest income	(8)		(7)		(13)
Interest income from APA Corporation, net	(51)		—		—
Financing costs, net	$	472	$	267	$	462