CAPITAL STOCK AND EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Description of Stock Based Compensation Plans and Related Costs

The following table summarizes the Company’s stock-settled and cash-settled compensation costs for the years ended December 31, 2023, 2022, and 2021:

	For the Year Ended December 31,
	2023		2022		2021
	(In millions)
Stock-settled and cash-settled compensation expensed:
Lease operating expenses	$	27	$	82	$	39
Exploration	4		13		5
General and administrative	50		193		108
Total stock-settled and cash-settled compensation expensed	81		288		152
Stock-settled and cash-settled compensation capitalized	13		43		18
Total stock-settled and cash-settled compensation costs	$	94	$	331	$	170

Schedule of Stock Options Activities

The following table summarizes stock option activity for the years ended December 31, 2023, 2022, and 2021:

	2023			2022			2021
	Shares Under Option	Weighted Average Exercise Price		Shares Under Option	Weighted Average Exercise Price		Shares Under Option	Weighted Average Exercise Price
	(In thousands, except exercise price amounts)
Outstanding, beginning of year	2,078	$	57.71	3,012	$	63.79	3,537	$	72.10
Exercised	(12)	42.38		(99)	42.09		—	—
Forfeited	—	—		(2)	49.10		—	—
Expired	(601)	80.53		(833)	81.56		(525)	119.83
Outstanding, end of year(1)	1,465	48.48		2,078	57.71		3,012	63.79
Expected to vest	—	—		—	—		—	—
Exercisable, end of year(1)	1,465	48.48		2,078	57.71		3,012	63.79

(1)As of December 31, 2023, options exercisable and outstanding had a weighted average remaining contractual life of 3.1 years and aggregate intrinsic value of $33,000.

Schedule of Restricted Stock and Restricted Stock Units Activity

The following table summarizes stock-settled restricted stock unit activity for the years ended December 31, 2023, 2022, and 2021:

	2023			2022			2021
	Units	Weighted Average  Grant-Date  Fair Value		Units	Weighted Average  Grant-Date  Fair Value		Units	Weighted Average  Grant-Date  Fair Value
	(In thousands, except per share amounts)
Non-vested, beginning of year	1,885	$	23.08	2,073	$	19.98	1,552	$	28.43
Granted	661	41.60		847	29.90		1,506	16.46
Vested(3)	(975)	23.31		(978)	22.39		(857)	29.13
Forfeited	(69)	32.44		(57)	23.49		(128)	19.78
Expired	(22)	27.81		—	—		—	—
Non-vested, end of year(1)(2)	1,480	30.69		1,885	23.08		2,073	19.98

(1)As of December 31, 2023, there was $15 million of total unrecognized compensation cost related to 1,479,880 unvested stock-settled restricted stock units.

(2)As of December 31, 2023, the weighted-average remaining life of unvested stock-settled restricted stock units is approximately 0.6 years.

(3)The grant date fair values of the stock-settled awards vested during 2023, 2022, and 2021 were approximately $23 million, $22 million, and $25 million, respectively.

The following table summarizes cash-settled restricted stock phantom unit activity for the years ended December 31, 2023, 2022, and 2021:

	For the Year Ended December 31,
	2023	2022	2021
	(In thousands)
Non-vested, beginning of year	5,709	6,402	4,423
Adjustment from ALTM transaction(1)	—	143	—
Granted(2)	1,972	2,568	4,441
Vested	(2,851)	(2,970)	(2,049)
Forfeited	(340)	(434)	(413)
Expired	(12)	—	—
Non-vested, end of year(3)	4,478	5,709	6,402

(1)Following the BCP Business Combination, certain employees were granted restricted stock phantom units based on APA’s common stock price to replace the equivalent value in restricted stock phantom units based on ALTM’s common stock price.

(2)Restricted stock phantom units granted during 2023, 2022, and 2021 included 1,972,116, 2,512,602, and 4,375,546 awards, respectively, based on the per-share market price of APA common stock. Restricted stock phantom units granted during 2022 and 2021 included 55,546 and 65,327 awards, respectively, based on the per-share market price of ALTM common stock prior to the deconsolidation of Altus on February 22, 2022.

(3)The outstanding liability for the unvested cash-settled restricted stock phantom units that had not been recognized as of December 31, 2023 was approximately $54 million.

The following table summarizes cash-settled conditional restricted stock phantom unit activity for the years ended December 31, 2023, 2022, and 2021:

	For the Year Ended December 31,
	2023	2022	2021
	(In thousands)
Non-vested, beginning of year	4,835	4,531	3,417
Granted	1,536	1,676	1,782
Vested	(1,593)	(656)	(76)
Forfeited	(99)	(106)	(240)
Expired	(50)	(610)	(352)
Non-vested, end of year(1)	4,629	4,835	4,531

(1)As of December 31, 2023, the outstanding liability for the unvested cash-settled conditional restricted stock phantom units that had not been recognized was approximately $24 million.