0001784031-22-000028 | 10-Q | XBRL Viewer

Derivative instrument gains (losses), net

$ (44,000,000)

$ 0

$ (138,000,000)

$ 45,000,000

Gain (loss) on divestitures, net

31,000,000

(2,000,000)

1,180,000,000

65,000,000

Loss on previously sold Gulf of Mexico properties

(446,000,000)

Other, net

(2,000,000)

40,000,000

107,000,000

175,000,000

Total revenues and other

2,872,000,000

1,651,000,000

9,752,000,000

5,525,000,000

364,000,000

316,000,000

1,067,000,000

891,000,000

82,000,000

54,000,000

230,000,000

149,000,000

General and administrative

95,000,000

34,000,000

193,000,000

109,000,000

69,000,000

70,000,000

314,000,000

239,000,000

Transaction, reorganization, and separation

4,000,000

21,000,000

8,000,000

310,000,000

335,000,000

879,000,000

1,028,000,000

29,000,000

87,000,000

85,000,000

18,000,000

Financing costs, net

75,000,000

205,000,000

303,000,000

422,000,000

NET INCOME BEFORE INCOME TAXES

1,700,000,000

1,529,000,000

4,820,000,000

4,288,000,000

1,172,000,000

122,000,000

4,932,000,000

1,237,000,000

Current income tax provision

357,000,000

183,000,000

1,164,000,000

463,000,000

Deferred income tax provision (benefit)

285,000,000

(31,000,000)

225,000,000

(54,000,000)

NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS

530,000,000

(30,000,000)

3,543,000,000

828,000,000

Net income (loss) attributable to Altus Preferred Unit limited partners

30,000,000

(70,000,000)

73,000,000

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK

$ 422,000,000

$ (113,000,000)

$ 3,231,000,000

$ 591,000,000

NET INCOME (LOSS) PER COMMON SHARE:

Basic (in USD per share)

$ 1.28

$ (0.30)

$ 9.54

$ 1.56

Diluted (in USD per share)

$ 1.28

$ (0.30)

$ 9.51

$ 1.53

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

Basic (in shares)

329

379

339

378

Diluted (in shares)

330

379

340

379

Noncontrolling interests, Egypt

Noncontrolling interests, Altus

$ 108,000,000

$ 49,000,000

$ 368,000,000

$ 132,000,000

4,000,000

14,000,000

32,000,000

Oil and gas

Oil and gas, excluding purchased

2,887,000,000

2,059,000,000

8,603,000,000

5,686,000,000

Oil, natural gas, and natural gas liquids production revenues

2,302,000,000

1,685,000,000

7,147,000,000

4,630,000,000

^[1]

99,000,000

68,000,000

274,000,000

187,000,000

585,000,000

374,000,000

1,456,000,000

1,056,000,000

Cash and cash equivalents ($132 related to Altus VIE)

$ 573,000,000

$ 396,000,000

$ 1,452,000,000

$ 1,152,000,000

[1]	For gathering, processing, and transmission costs associated with Kinetik, refer to Note 6—Equity Method Interest for further detail.

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	$ 530	$ (30)	$ 3,543	$ 828
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Share of equity method interests other comprehensive income	0	0	0	1
Pension and postretirement benefit plan	0	0	(1)	0
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	530	(30)	3,542	829
Comprehensive income (loss) attributable to Altus Preferred Unit limited partners	0	30	(70)	73
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK	422	(113)	3,230	592
Noncontrolling interests, Egypt
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	108	49	368	132
Noncontrolling interests, Altus
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	$ 0	$ 4	$ 14	$ 32

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 3,543,000,000	$ 828,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized derivative instrument losses, net	119,000,000	18,000,000
Gain on divestitures, net	(1,180,000,000)	(65,000,000)
Exploratory dry hole expense and unproved leasehold impairments	129,000,000	67,000,000
Depreciation, depletion, and amortization	879,000,000	1,028,000,000
Asset retirement obligation accretion	87,000,000	85,000,000
Impairments	0	18,000,000
Provision (benefit) from deferred income taxes	225,000,000	(54,000,000)
Loss on extinguishment of debt	67,000,000	104,000,000
Loss on previously sold Gulf of Mexico properties	0	446,000,000
Other, net	(91,000,000)	(6,000,000)
Changes in operating assets and liabilities:
Receivables	(554,000,000)	(265,000,000)
Inventories	(81,000,000)	(19,000,000)
Drilling advances and other current assets	7,000,000	32,000,000
Deferred charges and other long-term assets	(3,000,000)	(46,000,000)
Accounts payable	175,000,000	219,000,000
Accrued expenses	249,000,000	29,000,000
Deferred credits and noncurrent liabilities	(41,000,000)	(8,000,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES	3,530,000,000	2,411,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to upstream oil and gas property	(1,168,000,000)	(790,000,000)
Acquisition of Delaware Basin properties	(563,000,000)	0
Leasehold and property acquisitions	(30,000,000)	(6,000,000)
Proceeds from sale of oil and gas properties	778,000,000	239,000,000
Proceeds from sale of Kinetik shares	224,000,000	0
Deconsolidation of Altus cash and cash equivalents	(143,000,000)	0
Other, net	8,000,000	15,000,000
NET CASH USED IN INVESTING ACTIVITIES	(894,000,000)	(542,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (payments on) revolving credit facilities, net	(22,000,000)	290,000,000
Proceeds from Altus credit facility, net	0	33,000,000
Payments on Apache fixed-rate debt	(1,370,000,000)	(1,795,000,000)
Distributions to noncontrolling interest - Egypt	(237,000,000)	(203,000,000)
Distributions to Altus Preferred Unit limited partners	(11,000,000)	(34,000,000)
Treasury stock activity, net	(884,000,000)	0
Dividends paid to APA common stockholders	(127,000,000)	(28,000,000)
Other, net	(19,000,000)	(17,000,000)
NET CASH USED IN FINANCING ACTIVITIES	(2,670,000,000)	(1,754,000,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(34,000,000)	115,000,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	302,000,000	262,000,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	268,000,000	377,000,000
SUPPLEMENTARY CASH FLOW DATA:
Interest paid, net of capitalized interest	274,000,000	365,000,000
Income taxes paid, net of refunds	$ 1,029,000,000	$ 415,000,000

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

CURRENT ASSETS:

^[1]

$ 268

$ 302

Receivables, net of allowance of $115 and $109

^[1]

1,928

1,394

Other current assets (Note 5) ($9 related to Altus VIE)

^[1]

939

684

Assets, Current

^[1]

3,135

2,380

PROPERTY AND EQUIPMENT:

Oil and gas properties

^[1]

41,998

40,749

Gathering, processing, and transmission facilities ($209 related to Altus VIE)

^[1]

447

673

Other ($3 related to Altus VIE)

^[1]

606

1,126

Less: Accumulated depreciation, depletion, and amortization ($25 related to Altus VIE)

^[1]

(34,055)

(34,213)

Property and equipment, net

^[1]

8,996

8,335

OTHER ASSETS:

Equity method interests (Note 6) ($1,365 related to Altus VIE)

^[1]

602

1,365

Decommissioning security for sold Gulf of Mexico properties (Note 11)

^[1]

376

640

Deferred charges and other ($6 related to Altus VIE)

^[1]

520

583

Accounts payable ($12 related to Altus VIE)

^[1]

13,629

13,303

CURRENT LIABILITIES:

^[1]

954

731

Current debt

^[1]

125

215

Other current liabilities (Note 7) ($15 related to Altus VIE)

^[1]

1,905

1,171

Total current liabilities

^[1]

2,984

2,117

LONG-TERM DEBT (Note 9) ($657 related to Altus VIE)

^[1]

5,404

7,295

DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:

Income taxes

^[1]

384

148

Asset retirement obligation (Note 8) ($68 related to Altus VIE)

^[1]

2,078

2,089

Decommissioning contingency for sold Gulf of Mexico properties (Note 11)

^[1]

801

1,086

Other ($67 related to Altus VIE)

^[1]

427

573

Total deferred credits and other noncurrent liabilities

^[1]

3,690

3,896

REDEEMABLE NONCONTROLLING INTEREST - ALTUS PREFERRED UNIT LIMITED PARTNERS (Note 12)

^[1]

712

EQUITY (DEFICIT):

Common stock, $0.625 par, 860,000,000 shares authorized, 419,757,104 and 419,078,606 shares issued, respectively

^[1]

262

Paid-in capital

^[1]

11,494

11,645

Accumulated deficit

^[1]

(6,257)

(9,488)

Treasury stock, at cost, 96,185,289 and 72,147,841 shares, respectively

^[1]

(4,920)

(4,036)

Accumulated other comprehensive income

^[1]

APA SHAREHOLDERS’ EQUITY (DEFICIT)

^[1]

600

(1,595)

TOTAL EQUITY (DEFICIT)

^[1]

1,551

(717)

TOTAL LIABILITIES AND EQUITY

^[1]

13,629

13,303

Noncontrolling interests, Egypt

EQUITY (DEFICIT):

Noncontrolling interest

^[1]

951

820

Noncontrolling interests, Altus

EQUITY (DEFICIT):

Noncontrolling interest

^[1]

$ 0

$ 58

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Cash and cash equivalents

^[1]

$ 268

$ 302

Receivables, allowance

115

109

Other current assets

^[1]

939

684

Gathering, processing, and transmission facilities

^[1]

447

673

Other property and equipment

^[1]

606

1,126

Accumulated depreciation, depletion, and amortization related to Altus VIE

^[1]

34,055

34,213

Deferred charges and other

^[1]

602

1,365

^[1]

520

583

Accounts payable

^[1]

954

731

Asset retirement obligation

^[1]

1,905

1,171

^[1]

2,078

2,089

Common stock, par value (in USD per share)

^[1]

$ 427

$ 573

$ 0.625

Common stock, shares authorized (in shares)

860,000,000

Common stock, shares issued (in shares)

419,757,104

419,078,606

Treasury stock, shares (in shares)

96,185,289

72,147,841

Altus VIE

Cash and cash equivalents

$ 132

Other current assets

Gathering, processing, and transmission facilities

209

Other property and equipment

Accumulated depreciation, depletion, and amortization related to Altus VIE

Deferred charges and other

1,365

Accounts payable

LONG-TERM DEBT (Note 9) ($657 related to Altus VIE)

657

Asset retirement obligation

$ 67

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY (DEFICIT) AND NONCONTROLLING INTERESTS (Unaudited) - USD ($)
$ in Millions

Total

Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners

Noncontrolling interests, Egypt

Noncontrolling interests, Altus

APA SHAREHOLDERS’ EQUITY (DEFICIT)

Common Stock

Paid-In Capital

Accumulated Deficit

Treasury Stock

Accumulated Other Comprehensive Income

Noncontrolling Interests

Noncontrolling interests, Egypt

Noncontrolling Interests

Noncontrolling interests, Altus

Increase (Decrease) in Temporary Equity [Roll Forward]

^[1]

$ 608

Net income attributable to Altus Preferred Unit limited partners

^[1]

Cash distributions to Altus Preferred Unit limited partners

(34)

^[1]

$ (203)

Distributions payable to Altus Preferred Unit limited partners

^[1]

(12)

^[2]

635

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ (645)

$ (1,639)

$ 262

$ 11,735

$ (10,461)

$ (3,189)

$ 14

$ 994

591

132

$ 32

132

$ 32

(34)

^[1]

(203)

(43)

(14)

(4)

(6)

(10)

(150)

(1,095)

262

11,686

(9,870)

(3,188)

945

^[2]

Ending balance at Dec. 31, 2021

^[1]

608

712

^[3]

712

^[1]

Ending balance at Dec. 31, 2021

(645)

(1,639)

262

11,735

(10,461)

(3,189)

994

(717)

^[3]

(1,595)

262

11,645

(9,488)

(4,036)

878

Beginning balance at Jun. 30, 2021

^[2]

617

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to Altus Preferred Unit limited partners

^[2]

Cash distributions to Altus Preferred Unit limited partners

(143)

^[2]

Distributions payable to Altus Preferred Unit limited partners

^[2]

(12)

Beginning balance at Jun. 30, 2021

^[2]

635

(964)

262

11,704

(9,757)

(3,188)

1,040

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(113)

^[2]

(143)

^[2]

(24)

(5)

Beginning balance at Dec. 31, 2021

(150)

(1,095)

262

11,686

(9,870)

(3,188)

945

^[2]

712

^[3]

712

^[1]

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to Altus Preferred Unit limited partners

^[1]

(70)

Cash distributions to Altus Preferred Unit limited partners

(237)

(642)

^[1]

(72)

^[2]

Beginning balance at Dec. 31, 2021

^[3]

^[2]

(717)

^[3]

(1,595)

262

11,645

(9,488)

(4,036)

878

Increase (Decrease) in Stockholders' Equity [Roll Forward]

3,231

368

(237)

(165)

Treasury stock activity, net

(642)

^[1]

(72)

$ (72)

^[2]

(884)

(1)

Beginning balance at Jun. 30, 2022

1,551

^[3]

600

262

11,494

(6,257)

(4,920)

951

^[2]

^[2]

Increase (Decrease) in Temporary Equity [Roll Forward]

Cash distributions to Altus Preferred Unit limited partners

(78)

^[2]

Beginning balance at Jun. 30, 2022

^[3]

$ 0

^[2]

1,505

584

262

11,567

(6,679)

(4,587)

921

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

422

108

$ 0

108

^[2]

$ (78)

^[2]

Treasury stock activity, net

(80)

(333)

Business Combination and Asset Acquisition [Abstract]

$ 1,551

^[3]

$ 600

$ 262

$ 11,494

$ (6,257)

$ (4,920)

$ 21

$ 951

^[2]

[1]	As a result of the BCP Business Combination, the Company deconsolidated Altus on February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.
[2]	As a result of the BCP Business Combination, the Company deconsolidated Altus on February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.
[3]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY (DEFICIT) AND NONCONTROLLING INTERESTS (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share (in USD per share)	$ 0.25	$ 0.125	$ 0.0625	$ 0.025	$ 0.50	$ 0.1125

NATURE OF OPERATIONS	9 Months Ended
NATURE OF OPERATIONS	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	These consolidated financial statements have been prepared by APA Corporation (APA or the Company) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). They reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods, on a basis consistent with the annual audited financial statements, with the exception of any recently adopted accounting pronouncements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10-Q should be read along with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which contains a summary of the Company’s significant accounting policies and other disclosures.On March 1, 2021, Apache Corporation, the Company’s predecessor registrant, consummated a holding company reorganization (the Holding Company Reorganization), pursuant to which Apache Corporation became a direct, wholly owned subsidiary of APA Corporation, and all of Apache Corporation’s outstanding shares automatically converted into equivalent corresponding shares of APA. Pursuant to the Holding Company Reorganization, APA became the successor issuer to Apache Corporation pursuant to Rule 12g-3(a) under the Exchange Act and replaced Apache Corporation as the public company trading on the Nasdaq Global Select Market under the ticker symbol “APA.” The Holding Company Reorganization modernized the Company’s operating and legal structure to more closely align with its growing international presence, making it more consistent with other companies that have subsidiaries operating around the globe.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of September 30, 2022, the Company's significant accounting policies are consistent with those discussed in Note 1—Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The Company’s financial statements for prior periods include reclassifications that were made to conform to the current-year presentation, if applicable. Principles of Consolidation The accompanying consolidated financial statements include the accounts of APA and its subsidiaries after elimination of intercompany balances and transactions. The implementation of the Holding Company Reorganization was accounted for as a merger under common control. APA recognized the assets and liabilities of Apache at carryover basis. The consolidated financial statements of APA present comparative information for prior years on a combined basis, as if both APA and Apache were under common control for all periods presented. The Company’s undivided interests in oil and gas exploration and production ventures and partnerships are proportionately consolidated. The Company consolidates all other investments in which, either through direct or indirect ownership, it has more than a 50 percent voting interest or controls the financial and operating decisions. Noncontrolling interests represent third-party ownership in the net assets of a consolidated subsidiary of APA and are reflected separately in the Company’s financial statements. Sinopec International Petroleum Exploration and Production Corporation (Sinopec) owns a one-third minority participation in the Company’s consolidated Egypt oil and gas business as a noncontrolling interest, which is reflected as a separate noncontrolling interest component of equity in the Company’s consolidated balance sheet. Additionally, prior to the BCP Business Combination defined below, third-party investors owned a minority interest of approximately 21 percent of Altus Midstream Company (ALTM or Altus), which was reflected as a separate noncontrolling interest component of equity in the Company’s consolidated balance sheet. ALTM qualified as a variable interest entity under GAAP, which APA consolidated because a wholly owned subsidiary of APA had a controlling financial interest and was determined to be the primary beneficiary. Additionally, the assets of ALTM could only be used to settle obligations of ALTM. There was no recourse to the Company for ALTM’s liabilities. On February 22, 2022, ALTM closed a previously announced transaction to combine with privately owned BCP Raptor Holdco LP (BCP and, together with BCP Raptor Holdco GP, LLC, the Contributed Entities) in an all-stock transaction, pursuant to the Contribution Agreement entered into by and among ALTM, Altus Midstream LP, New BCP Raptor Holdco, LLC (the Contributor), and BCP (the BCP Contribution Agreement). Pursuant to the BCP Contribution Agreement, the Contributor contributed all of the equity interests of the Contributed Entities (the Contributed Interests) to Altus Midstream LP, with each Contributed Entity becoming a wholly owned subsidiary of Altus Midstream LP (the BCP Business Combination). Upon closing the transaction, the combined entity was renamed Kinetik Holdings Inc. (Kinetik), and the Company determined that it was no longer the primary beneficiary of ALTM. The Company further determined that ALTM no longer qualified as a variable interest entity under GAAP. As a result, the Company deconsolidated ALTM on February 22, 2022. Refer to Note 2—Acquisitions and Divestitures for further detail. The stockholders agreement entered into by and among the Company, ALTM, BCP, and other related and affiliated entities provides that the Company, through one of its wholly owned subsidiaries, retains the ability to designate a director to the board of directors of Kinetik for so long as the Company and its affiliates beneficially own 10 percent or more of Kinetik’s outstanding common stock. Based on this board representation, combined with the Company’s stock ownership, management determined it has significant influence over Kinetik. Investments in which the Company has significant influence, but not control, are accounted for under the equity method of accounting. These investments are recorded separately as “Equity method interests” in the Company’s consolidated balance sheet. The Company elected the fair value option to account for its equity method interest in Kinetik. Refer to Note 6—Equity Method Interests for further detail. Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of the Company’s financial statements, and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimates of fair value for long-lived assets (refer to “Fair Value Measurements” and “Property and Equipment” sections in this Note 1 below), the fair value determination of acquired assets and liabilities (refer to Note 2—Acquisitions and Divestitures), the fair value of equity method interests (refer to “Equity Method Interests” within this Note 1 below and Note 6—Equity Method Interests), the assessment of asset retirement obligations (refer to Note 8—Asset Retirement Obligation), the estimate of income taxes (refer to Note 10—Income Taxes), the estimation of the contingent liability representing Apache’s potential obligation to decommission sold properties in the Gulf of Mexico (refer to Note 11—Commitments and Contingencies), and the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom. Fair Value Measurements Certain assets and liabilities are reported at fair value on a recurring basis in the Company’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Refer to Note 4—Derivative Instruments and Hedging Activities, Note 6—Equity Method Interests, Note 9—Debt and Financing Costs, and Note 12—Redeemable Noncontrolling Interest — Altus for further detail regarding the Company’s fair value measurements recorded on a recurring basis. During the three and nine months ended September 30, 2022, the Company recorded no asset impairments in connection with fair value assessments. During the three and nine months ended September 30, 2021, the Company recorded $18 million of asset impairments in connection with inventory valuations and expected equipment dispositions in the North Sea. Revenue Recognition There have been no significant changes to the Company’s contracts with customers during the nine months ended September 30, 2022 and 2021. Payments under all contracts with customers are typically due and received within a short-term period of one year or less after physical delivery of the product or service has been rendered. Receivables from contracts with customers, including receivables for purchased oil and gas sales and net of allowance for credit losses, were $1.8 billion and $1.3 billion as of September 30, 2022 and December 31, 2021, respectively. Oil and gas production revenues from non-customers represent income taxes paid to the Arab Republic of Egypt by Egyptian General Petroleum Corporation on behalf of the Company. Revenue and associated expenses related to such tax volumes are recorded as “Oil, natural gas, and natural gas liquids production revenues” and “Current income tax provision,” respectively, in the Company’s statement of consolidated operations. Refer to Note 14—Business Segment Information for a disaggregation of oil, gas, and natural gas production revenue by product and reporting segment. In accordance with the provisions of ASC 606, “Revenue from Contracts with Customers,” variable market prices for each short-term commodity sale are allocated entirely to each performance obligation as the terms of payment relate specifically to the Company’s efforts to satisfy its obligations. As such, the Company has elected the practical expedients available under the standard to not disclose the aggregate transaction price allocated to unsatisfied, or partially unsatisfied, performance obligations as of the end of the reporting period. Property and Equipment The carrying value of the Company’s property and equipment represents the cost incurred to acquire the property and equipment, including capitalized interest, net of any impairments. For business combinations, property and equipment cost is based on the fair values at the acquisition date. Oil and Gas Property The Company follows the successful efforts method of accounting for its oil and gas property. Under this method of accounting, exploration costs, such as exploratory geological and geophysical costs, delay rentals, and exploration overhead, are expensed as incurred. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. If an exploratory well provides evidence to justify potential development of reserves, drilling costs associated with the well are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. This determination may take longer than one year in certain areas depending on, among other things, the amount of hydrocarbons discovered, the outcome of planned geological and engineering studies, the need for additional appraisal drilling activities to determine whether the discovery is sufficient to support an economic development plan, and government sanctioning of development activities in certain international locations. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Acquisition costs of unproved properties are assessed for impairment at least annually and are transferred to proved oil and gas properties to the extent the costs are associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment based on the Company’s current exploration plans. Unproved oil and gas properties with individually insignificant lease acquisition costs are amortized on a group basis over the average lease term at rates that provide for full amortization of unsuccessful leases upon lease expiration or abandonment. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. Costs of maintaining and retaining unproved properties, as well as amortization of individually insignificant leases and impairment of unsuccessful leases, are included in exploration costs in the statement of consolidated operations. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of crude oil and natural gas, are capitalized. Depreciation of the cost of proved oil and gas properties is calculated using the unit-of-production (UOP) method. The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the carrying value of associated proved oil and gas properties. The reserve base used to calculate depreciation for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. The reserve base used to calculate the depreciation for capitalized well costs is the sum of proved developed reserves only. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are included in the depreciable cost. Oil and gas properties are grouped for depreciation in accordance with ASC 932 “Extractive Activities—Oil and Gas.” The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. When circumstances indicate that the carrying value of proved oil and gas properties may not be recoverable, the Company compares unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on the Company’s estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally estimated using the income approach described in ASC 820. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments, a Level 3 fair value measurement. Unproved leasehold impairments are typically recorded as a component of “Exploration” expense in the Company’s statement of consolidated operations. Gains and losses on divestitures of the Company’s oil and gas properties are recognized in the statement of consolidated operations upon closing of the transaction. Refer to Note 2—Acquisitions and Divestitures for more detail. Gathering, Processing, and Transmission (GPT) Facilities GPT facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GPT assets, whether APA-operated or third party-operated, as well as potential development plans by the Company for undeveloped acreage within, or close to, those fields. The Company assesses the carrying amount of its GPT facilities whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount of these facilities is more than the sum of the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value.

ACQUISITIONS AND DIVESTITURES

9 Months Ended

Sep. 30, 2022

ACQUISITIONS AND DIVESTITURES

2022 Activity

On July 29, 2022, the Company closed on the acquisition of oil and gas assets in the Delaware Basin for approximately $593 million, subject to further post-closing adjustments. Final cash settlement is anticipated to be completed during the fourth quarter of 2022. The Company recorded $567 million for proved properties, $30 million for unproved leasehold, and $4 million for abandonment obligations.

During the third quarter and first nine months of 2022, the Company completed other leasehold and property acquisitions, primarily in the Permian Basin, for total cash consideration of approximately $3 million and $30 million, respectively.

During the third quarter and first nine months of 2022, the Company completed the sale of non-core assets and leasehold in multiple transactions for total cash proceeds of $37 million and $52 million, respectively, recognizing a gain of approximately $34 million and $36 million, respectively, upon closing of these transactions.

During the first quarter of 2022, the Company completed a previously announced transaction to sell certain non-core mineral rights in the Delaware Basin. The Company received total cash proceeds of approximately $726 million after certain post-closing adjustments and recognized an associated gain of approximately $560 million.

The BCP Business Combination was completed on February 22, 2022. As consideration for the contribution of the Contributed Interests, ALTM issued 50 million shares of Class C Common Stock (and Altus Midstream LP issued a corresponding number of common units) to BCP’s unitholders, which are principally funds affiliated with Blackstone and I Squared Capital. ALTM’s stockholders continued to hold their existing shares of Common Stock. As a result of the transaction, the Contributor, or its designees, collectively owned approximately 75 percent of the issued and outstanding shares of ALTM Common Stock. Apache Midstream LLC, a wholly owned subsidiary of APA, which owned approximately 79 percent of the issued and outstanding shares of ALTM Common Stock prior to the BCP Business Combination, owned approximately 20 percent of the issued and outstanding shares of ALTM Common Stock after the transaction closed.

As a result of the BCP Business Combination, the Company deconsolidated ALTM on February 22, 2022 and recognized a gain of approximately $609 million that reflects the difference of the Company’s share of ALTM’s deconsolidated balance sheet and the fair value of its approximate 20 percent retained ownership in the combined entity. A summary of components of the gain, including the ALTM balance sheet amounts deconsolidated at the time of close, is included below:


	As of February 22, 2022
	(In millions)

Fair value of Kinetik Class A Common Stock held by Company	$	802

ASSETS:
Cash and cash equivalents	$	143
Other current assets	29
Property and equipment, net	184
Equity method interests	1,367
Other noncurrent assets	12
Total assets deconsolidated	$	1,735

LIABILITIES:
Current liabilities	$	3
Long-term debt	657
Other noncurrent liabilities	168
Total liabilities deconsolidated	$	828

NONCONTROLLING INTERESTS:
Redeemable noncontrolling interest preferred unit limited partners	$	642
Noncontrolling interest-Altus	72
Total noncontrolling interests deconsolidated	$	714

Net effect of deconsolidating balance sheet	$	(193)

Gain on deconsolidation of ALTM	$	609

During the first quarter of 2022, the Company sold four million of its shares in Kinetik for cash proceeds of $224 million and recognized a loss of $25 million, including transaction fees. Refer to Note 6—Equity Method Interests for further detail. In connection with this secondary offering, the Company agreed that, within 24 months of closing the offering, it will invest a minimum of $100 million of the proceeds of the offering for new well drilling and completion activity at the Alpine High play in the Delaware Basin, where Kinetik has exclusive gas and NGL gathering and processing rights.

2021 Activity

During the second quarter of 2021, the Company completed the sale of certain non-core assets in the Permian Basin with a net carrying value of $157 million, for cash proceeds of $176 million and the assumption of asset retirement obligations of $44 million. The Company recognized a gain of approximately $63 million in connection with the sale.

During the first nine months of 2021, the Company also completed the sale of other non-core assets and leasehold, primarily in the Permian Basin, in multiple transactions for total cash proceeds of $65 million. The Company recognized a gain of approximately $2 million upon closing of these transactions.

During the first nine months of 2021, the Company completed leasehold and property acquisitions, primarily in the Permian Basin, for total cash consideration of $6 million.

CAPITALIZED EXPLORATORY WELL COSTS	9 Months Ended
CAPITALIZED EXPLORATORY WELL COSTS	Sep. 30, 2022
Extractive Industries [Abstract]
CAPITALIZED EXPLORATORY WELL COSTS	CAPITALIZED EXPLORATORY WELL COSTS The Company’s capitalized exploratory well costs were $519 million and $321 million as of September 30, 2022 and December 31, 2021, respectively. The increase is attributable to additional drilling activity in Suriname, North Sea, and Egypt. No suspended exploratory well costs previously capitalized for greater than one year at December 31, 2021 were charged to dry hole expense during the nine months ended September 30, 2022. Projects with suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling are those identified by management as exhibiting sufficient quantities of hydrocarbons to justify potential development. Management is actively pursuing efforts to assess whether proved reserves can be attributed to these projects.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Objectives and Strategies

The Company is exposed to fluctuations in crude oil and natural gas prices on the majority of its worldwide production, as well as fluctuations in exchange rates in connection with transactions denominated in foreign currencies. The Company manages the variability in its cash flows by occasionally entering into derivative transactions on a portion of its crude oil and natural gas production and foreign currency transactions. The Company utilizes various types of derivative financial instruments, including forward contracts, futures contracts, swaps, and options, to manage fluctuations in cash flows resulting from changes in commodity prices or foreign currency values.

Counterparty Risk

The use of derivative instruments exposes the Company to credit loss in the event of nonperformance by the counterparty. To reduce the concentration of exposure to any individual counterparty, the Company utilizes a diversified group of investment-grade rated counterparties, primarily financial institutions, for its derivative transactions. As of September 30, 2022, the Company had derivative positions with 12 counterparties. The Company monitors counterparty creditworthiness on an ongoing basis; however, it cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, the Company may be limited in its ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, the Company may not realize the benefit of some of its derivative instruments resulting from lower commodity prices or changes in currency exchange rates.

Derivative Instruments

Commodity Derivative Instruments

As of September 30, 2022, the Company had the following open natural gas financial basis swap contracts:


		Basis Swap Purchased		Basis Swap Sold
Production Period	Settlement Index	MMBtu (in 000’s)	Weighted Average Price Differential	MMBtu (in 000’s)	Weighted Average Price Differential
October—December 2022	NYMEX Henry Hub/IF Waha	22,080	$(0.71)	—	—
October—December 2022	NYMEX Henry Hub/IF HSC	—	—	22,080	$(0.12)
January—March 2023	NYMEX Henry Hub/IF Waha	3,150	$(1.06)	—	—
January—March 2023	NYMEX Henry Hub/IF HSC	—	—	3,150	$(0.03)
January—June 2023	NYMEX Henry Hub/IF Waha	4,525	$(1.54)	—	—
January—June 2023	NYMEX Henry Hub/IF HSC	—	—	4,525	$(0.11)
July—September 2023	NYMEX Henry Hub/IF Waha	1,840	$(1.62)	—	—
July—September 2023	NYMEX Henry Hub/IF HSC	—	—	1,840	$(0.19)
January—December 2023	NYMEX Henry Hub/IF Waha	73,000	$(1.15)	—	—
January—December 2023	NYMEX Henry Hub/IF HSC	—	—	73,000	$(0.08)
January—June 2024	NYMEX Henry Hub/IF Waha	16,380	$(1.15)	—	—
January—June 2024	NYMEX Henry Hub/IF HSC	—	—	16,380	$(0.10)

Foreign Currency Derivative Instruments

The Company has open foreign currency costless collar contracts in GBP/USD for £15 million per month for the calendar year 2022 with a weighted average floor and ceiling price of $1.29 and $1.39, respectively.

Embedded Derivatives

Altus Preferred Units Embedded Derivative

The Altus Preferred Units embedded derivative was deconsolidated as of March 31, 2022 as part of the BCP Business Combination. Refer to Note 2 —Acquisitions and Divestitures for discussion of the BCP Business Combination and Note 12—Redeemable Noncontrolling Interest — Altus for a description of the Altus Preferred Units and associated embedded derivative.

Pipeline Capacity Embedded Derivatives

During the fourth quarter of 2019 and first quarter of 2020, the Company entered into agreements to assign a portion of its contracted capacity under an existing transportation agreement to third parties. Embedded in these agreements were arrangements under which the Company received payments calculated based on pricing differentials between Houston Ship Channel and Waha during the calendar years 2020 and 2021. This feature required bifurcation and measurement of the change in market value throughout 2020 and 2021. Unrealized gains and losses in the fair value of this feature were recorded as “Derivative instrument gains (losses), net” under “Revenues and Other” in the statement of consolidated operations, and the balance at the end of December 31, 2021 will be amortized into income over the original tenure of the host contract.

Fair Value Measurements

The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:


	Fair Value Measurements Using
	Quoted Price in Active Markets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value		Netting(1)		Carrying Amount

	(In millions)
September 30, 2022
Assets:
Commodity derivative instruments	$	—	$	—	$	—	$	—	$	3	$	3
Liabilities:
Commodity derivative instruments	—		88		—		88		3		91
Foreign currency derivative instruments	—		8		—		8		—		8



December 31, 2021


Liabilities:
Commodity derivative instruments	$	—	$	10	$	—	$	10	$	—	$	10
Pipeline capacity embedded derivative	—		46		—		46		—		46
Preferred Units embedded derivative	—		—		57		57		—		57

(1) The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties and reclassifications between long-term and short-term balances.

The fair values of the Company’s derivative instruments are not actively quoted in the open market. The Company primarily uses a market approach to estimate the fair values of these derivatives on a recurring basis, utilizing futures pricing for the underlying positions provided by a reputable third party, a Level 2 fair value measurement.

Derivative Activity Recorded in the Consolidated Balance Sheet

All derivative instruments are reflected as either assets or liabilities at fair value in the consolidated balance sheet. These fair values are recorded by netting asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. The carrying value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:


	September 30, 2022		December 31, 2021

	(In millions)
Current Assets: Other current assets	$	—	$	—
Other Assets: Deferred charges and other	3		—
Total derivative assets	$	3	$	—

Current Liabilities: Other current liabilities	$	96	$	4
Deferred Credits and Other Noncurrent Liabilities: Other	3		109
Total derivative liabilities	$	99	$	113

Derivative Activity Recorded in the Statement of Consolidated Operations

The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations:


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021

	(In millions)
Realized:
Commodity derivative instruments	$	(2)	$	(37)	$	(11)	$	63
Foreign currency derivative instruments	(6)		—		(8)		—
Realized gain (loss), net	(8)		(37)		(19)		63
Unrealized:
Commodity derivative instruments	(35)		29		(79)		(43)
Pipeline capacity embedded derivatives	—		3		—		6
Foreign currency derivative instruments	(1)		—		(9)		—
Preferred Units embedded derivative	—		5		(31)		19
Unrealized gain (loss), net	(36)		37		(119)		(18)
Derivative instrument gains (losses), net	$	(44)	$	—	$	(138)	$	45

Derivative instrument gains and losses are recorded in “Derivative instrument gains (losses), net” under “Revenues and Other” in the Company’s statement of consolidated operations. Unrealized gains (losses) for derivative activity recorded in the statement of consolidated operations are reflected in the statement of consolidated cash flows separately as “Unrealized derivative instrument losses (gains), net” in “Adjustments to reconcile net income (loss) to net cash provided by operating activities.”

The Company seeks to maintain a balance between “first of month” and “gas daily pricing” for its U.S. natural gas portfolio and sales activities in a given month as part of its ordinary course of business. This is typically implemented through a combination of physical and financial contracts that settle monthly. In January 2021, the Company entered into financial contracts that increased its exposure to “gas daily pricing” and reduced its exposure to “first of month” pricing for February 2021. The Company realized a gain of $147 million in connection with these contracts in the first quarter of 2021 as a result of extreme daily gas price volatility across Texas in February resulting from Winter Storm Uri.

OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER CURRENT ASSETS

The following table provides detail of the Company’s other current assets:


	September 30, 2022		December 31, 2021

	(In millions)
Inventories	$	491	$	473
Drilling advances	75		55

Prepaid assets and other	23		56
Current decommissioning security for sold Gulf of Mexico assets	350		100
Total Other current assets	$	939	$	684

EQUITY METHOD INTERESTS

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INTERESTS

EQUITY METHOD INTERESTS The Kinetik Class A Common Stock held by the Company is treated as an interest in equity securities measured at fair value. The Company elected the fair value option for measuring its equity method interest in Kinetik based on practical expedience, variances in reporting timelines, and cost-benefit considerations. The fair value of the Company’s interest in Kinetik is determined using observable share prices on a major exchange, a Level 1 fair value measurement. Fair value adjustments and dividends received are recorded as a component of “Other, net” under “Revenues and other” in the Company’s statement of consolidated operations.

The initial interest in Kinetik was measured at fair value based on the Company’s ownership of approximately 12.9 million shares of Kinetik Class A Common stock as of February 22, 2022. In March 2022, the Company sold four million of its shares of Kinetik Class A Common Stock for a loss, including underwriters fees, of $25 million, which was recorded as a component of “Gain (loss) on divestitures, net” under “Revenues and other” in the Company’s statement of consolidated operations. Refer to Note 2–Acquisitions and Divestitures for further detail.

During the second quarter of 2022, Kinetik issued a two-for-one split of its Common Stock.

During the third quarter and first nine months of 2022, the Company received approximately 0.4 million shares and 0.7 million shares, respectively, of Kinetik’s Class A Common Stock as paid-in-kind dividends. Also during the third quarter and first nine months of 2022, the Company recorded fair value adjustments on its ownership in Kinetik totaling a loss of $30 million and a gain of $23 million, respectively. The Company’s ownership of 18.5 million shares represented approximately 13 percent of Kinetik’s outstanding Class A Common Stock as of September 30, 2022.

The following table presents the activity in the Company’s equity method interest in Kinetik for the nine months ended September 30, 2022:


		Kinetik Holdings Inc

	(In millions)
Balance at December 31, 2021		$	—
Initial interest upon closing the BCP Business Combination		802
Sale of Class A shares		(250)
Paid-in-kind dividend		27
Fair value adjustments		23
Balance at September 30, 2022		$	602

During the three and nine months ended September 30, 2022, the Company recorded GPT costs for midstream services provided by Kinetik subsequent to the close of the transaction totaling $28 million and $64 million, respectively. As of September 30, 2022, the Company has recorded accrued GPT costs payable to Kinetik of approximately $18 million.

Prior to the deconsolidation of Altus on February 22, 2022, the Company, through its ownership of Altus, had the following equity method interests in four Permian Basin long-haul pipeline entities, which were accounted for under the equity method of accounting at December 31, 2021. For each of the equity method interests, Altus had the ability to exercise significant influence based on certain governance provisions and its participation in activities and decisions that impact the management and economic performance of the equity method interests. The table below presents the ownership percentages held by the Company and associated carrying values for each entity:


	Interest	December 31, 2021

		(In millions)
Gulf Coast Express Pipeline, LLC	16.0%	$	274
EPIC Crude Holdings, LP	15.0%	—
Permian Highway Pipeline, LLC	26.7%	630
Shin Oak Pipeline (Breviloba, LLC)	33.0%	461
Total Altus equity method interests		$	1,365

The following table presents the activity in Altus’ equity method interests for the nine months ended September 30, 2022:


	Gulf Coast Express Pipeline LLC		EPIC Crude Holdings, LP		Permian Highway Pipeline LLC		Breviloba, LLC		Total

	(In millions)






Balance at December 31, 2021	$	274	$	—	$	630	$	461	$	1,365
Capital contributions	—		2		—		—		2
Distributions	(5)		—		(9)		(7)		(21)

Equity income (loss), net	8		(2)		10		5		21

Deconsolidation of Altus	(277)		—		(631)		(459)		(1,367)
Balance at September 30, 2022	$	—	$	—	$	—	$	—	$	—

For discussion of the financial statement impacts related to the deconsolidation of ALTM, refer to N ote 2—Acquisitions and Divestitures.

OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

OTHER CURRENT LIABILITIES

The following table provides detail of the Company’s other current liabilities:


	September 30, 2022		December 31, 2021

	(In millions)
Accrued operating expenses	$	157	$	129
Accrued exploration and development	368		207
Accrued compensation and benefits	308		292
Accrued interest	69		107
Accrued income taxes	145		28
Current asset retirement obligation	40		41
Current operating lease liability	114		99
Current portion of derivatives at fair value	96		4
Current decommissioning contingency for sold Gulf of Mexico properties	350		100
Other	258		164
Total Other current liabilities	$	1,905	$	1,171

ASSET RETIREMENT OBLIGATION

9 Months Ended

Sep. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATION

The following table describes changes to the Company’s asset retirement obligation (ARO) liability:


	September 30, 2022
	(In millions)
Asset retirement obligation, December 31, 2021	$	2,130
Liabilities incurred	4
Liabilities acquired	4
Liabilities settled	(34)
Liabilities divested	(4)

Deconsolidation of Altus	(69)
Accretion expense	87

Asset retirement obligation, September 30, 2022	2,118
Less current portion	(40)
Asset retirement obligation, long-term	$	2,078

DEBT AND FINANCING COSTS

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT AND FINANCING COSTS

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


	September 30, 2022		December 31, 2021

	(In millions)
Apache notes and debentures before unamortized discount and debt issuance costs(1)	$	5,032	$	6,344
Altus credit facility(2)	—		657
Syndicated credit facilities(2)	520		542
Apache finance lease obligations	34		36
Unamortized discount	(28)		(30)
Debt issuance costs	(29)		(39)
Total debt	5,529		7,510
Current maturities	(125)		(215)
Long-term debt	$	5,404	$	7,295

(1) The fair values of the Apache notes and debentures were $4.3 billion and $7.1 billion as of September 30, 2022 and December 31, 2021, respectively.

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 credit facilities approximates fair value because interest rates are variable and reflective of market rates.

As of September 30, 2022, current debt included $123 million carrying value of Apache’s 2.625% senior notes due January 15, 2023 and $2 million of finance lease obligations. As of December 31, 2021, current debt included $213 million carrying value of Apache’s 3.25% senior notes due April 15, 2022 and $2 million of finance lease obligations.

During the quarter ended September 30, 2022, Apache notified holders of its 2.625% notes due 2023 that Apache elected to redeem the notes on October 17, 2022, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to the redemption date. The redemption, including the $123 million outstanding principal amount of the notes, was financed in part by Apache’s borrowing under the Company’s US dollar-denominated revolving credit facility.

During the quarter ended March 31, 2022, Apache closed cash tender offers for certain outstanding notes issued under its indentures, accepting for purchase $1.1 billion aggregate principal amount of notes. Apache paid holders an aggregate $1.2 billion in cash, reflecting principal, premium to par, and accrued and unpaid interest. The Company recognized a $66 million loss on extinguishment of debt, including $11 million of unamortized debt discount and issuance costs in connection with the note purchases.

During the quarter ended March 31, 2022, Apache purchased in the open market and canceled senior notes issued under its indentures in an aggregate principal amount of $15 million for an aggregate purchase price of $16 million in cash, including accrued interest and broker fees, reflecting a premium to par of $1 million. The Company recognized a $1 million loss on these repurchases.

During the quarter ended March 31, 2022, Apache redeemed the outstanding $213 million principal amount of 3.25% senior notes due April 15, 2022, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to the redemption date. The redemption was financed by borrowing under Apache’s former revolving credit facility.

On April 29, 2022, the Company entered into two syndicated credit agreements for general corporate purposes that replaced and refinanced Apache’s 2018 syndicated credit agreement (the Former Facility).

•One new agreement is denominated in US dollars (the USD Agreement) and provides for an unsecured five-year revolving credit facility, with aggregate commitments of US$1.8 billion (including a letter of credit subfacility of up to US$750 million, of which US$150 million currently is committed). The Company may increase commitments up to an aggregate US$2.3 billion by adding new lenders or obtaining the consent of any increasing existing lenders. This facility matures in April 2027, subject to the Company’s two, one-year extension options.

•The second new agreement is denominated in pounds sterling (the GBP Agreement) and provides for an unsecured five-year revolving credit facility, with aggregate commitments of £1.5 billion for loans and letters of credit. This facility matures in April 2027, subject to the Company’s two, one-year extension options.

In connection with the Company’s entry into the USD Agreement and the GBP Agreement (each, a New Agreement), Apache terminated US$4.0 billion of commitments under the Former Facility, borrowings then outstanding under the Former Facility were deemed outstanding under the USD Agreement, and letters of credit then outstanding under the Former Facility were deemed outstanding under a New Agreement, depending upon whether denominated in US dollars or pounds sterling. Apache may borrow under the USD Agreement up to an aggregate principal amount of US$300 million outstanding at any given time. Apache has guaranteed obligations under each New Agreement effective until the aggregate principal amount of indebtedness under senior notes and debentures outstanding under Apache’s existing indentures is less than US$1.0 billion.

As of September 30, 2022, there were $520 million of borrowings and a $20 million letter of credit outstanding under the USD Agreement, and an aggregate £748 million in letters of credit outstanding under the GBP Agreement. As of December 31, 2021, there were $542 million of borrowings and an aggregate £748 million and $20 million in letters of credit outstanding under the Former Facility. The letters of credit denominated in pounds were issued to support North Sea decommissioning obligations, the terms of which required such support after Standard & Poor’s reduced Apache’s credit rating from BBB to BB+ on March 26, 2020.

Apache, from time to time, has and uses uncommitted credit and letter of credit facilities for working capital and credit support purposes. As of September 30, 2022 and December 31, 2021, there were no outstanding borrowings under these facilities. As of September 30, 2022 and December 31, 2021, there were £117 million and $17 million in letters of credit outstanding under these facilities.

Financing Costs, Net

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


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021

	(In millions)
Interest expense	$	80	$	102	$	249	$	324
Amortization of debt issuance costs	1		1		8		6
Capitalized interest	(5)		(2)		(13)		(6)
Loss on extinguishment of debt	—		105		67		104
Interest income	(1)		(1)		(8)		(6)
Financing costs, net	$	75	$	205	$	303	$	422

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company estimates its annual effective income tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which the Company operates. Non-cash impairments on the carrying value of the Company’s oil and gas properties, gains and losses on the sale of assets, statutory tax rate changes, and other significant or unusual items are recognized as discrete items in the quarter in which they occur. During the third quarter of 2022, the Company’s effective income tax rate was primarily impacted by a deferred tax expense related to the remeasurement of taxes in the U.K. as a result of the enactment of the Energy (Oil and Gas) Profits Levy Act 2022 on July 14, 2022, and a decrease in the amount of valuation allowance against its U.S. deferred tax assets. During the third quarter of 2021, the Company’s effective income tax rate was primarily impacted by a loss contingency in connection with decommissioning of previously sold Gulf of Mexico properties and an increase in the amount of valuation allowance against its U.S. deferred tax assets. The Company’s 2022 year-to-date effective income tax rate was primarily impacted by the gain associated with deconsolidation of Altus, the gain on sale of certain non-core mineral rights in the Delaware Basin, a deferred tax expense related to the remeasurement of taxes in the U.K., and a decrease in the amount of valuation allowance against its U.S. deferred tax assets. The Company’s 2021 year-to-date effective income tax rate was primarily impacted by a loss on offshore decommissioning contingency and a decrease in the amount of valuation allowance against its U.S. deferred tax assets. On May 26, 2022, the U.K. Chancellor announced a new tax on the profits of oil and gas companies operating in the U.K. and the U.K. Continental Shelf. On June 21, 2022, the U.K. Government published draft legislation concerning this new tax and on July 14, 2022, the Energy (Oil and Gas) Profits Levy Act 2022 was enacted, receiving Royal Assent. Under the new law, an additional levy is assessed at a 25 percent rate and is effective for the period of May 26, 2022, through December 31, 2025. Under U.S. GAAP, the financial statement impact of new legislation is recorded in the period of enactment. Therefore, in the third quarter of 2022, the Company has recorded a deferred tax expense of $230 million related to the remeasurement of the June 30, 2022 U.K. deferred tax liability. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (IRA). The IRA includes a new 15 percent corporate alternative minimum tax (Corporate AMT) on applicable corporations with an average annual adjusted financial statement income that exceeds $1 billion for any three consecutive years preceding the tax year at issue. The Corporate AMT is effective for tax years beginning after December 31, 2022. The Company is continuing to evaluate the provisions of the IRA and awaits further guidance from the U.S. Treasury Department to properly assess the impact of these provisions on the Company. The Company is subject to U.S. federal income tax as well as income or capital taxes in various state and foreign jurisdictions. The Company’s tax reserves are related to tax years that may be subject to examination by the relevant taxing authority. The Company is currently under audit by the Internal Revenue Service for the 2014-2017 tax years and is also under audit in various states and foreign jurisdictions as part of its normal course of business.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various legal actions arising in the ordinary course of business, including litigation and governmental and regulatory controls, which also may include controls related to the potential impacts of climate change. As of September 30, 2022, the Company has an accrued liability of approximately $30 million for all legal contingencies that are deemed to be probable of occurring and can be reasonably estimated. The Company’s estimates are based on information known about the matters and its experience in contesting, litigating, and settling similar matters. Although actual amounts could differ from management’s estimate, none of the actions are believed by management to involve future amounts that would be material to the Company’s financial position, results of operations, or liquidity after consideration of recorded accruals. For material matters that the Company believes an unfavorable outcome is reasonably possible, the Company has disclosed the nature of the matter and a range of potential exposure, unless an estimate cannot be made at this time. It is management’s opinion that the loss for any other litigation matters and claims that are reasonably possible to occur will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. For additional information on Legal Matters described below, refer to Note 11—Commitments and Contingencies to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Argentine Environmental Claims On March 12, 2014, the Company and its subsidiaries completed the sale of all of the Company’s subsidiaries’ operations and properties in Argentina to YPF Sociedad Anonima (YPF). As part of that sale, YPF assumed responsibility for all of the past, present, and future litigation in Argentina involving Company subsidiaries, except that Company subsidiaries have agreed to indemnify YPF for certain environmental, tax, and royalty obligations capped at an aggregate of $100 million. The indemnity is subject to specific agreed conditions precedent, thresholds, contingencies, limitations, claim deadlines, loss sharing, and other terms and conditions. On April 11, 2014, YPF provided its first notice of claims pursuant to the indemnity. Company subsidiaries have not paid any amounts under the indemnity but will continue to review and consider claims presented by YPF. Further, Company subsidiaries retain the right to enforce certain Argentina-related indemnification obligations against Pioneer Natural Resources Company (Pioneer) in an amount up to $45 million pursuant to the terms and conditions of stock purchase agreements entered in 2006 between Company subsidiaries and subsidiaries of Pioneer. Louisiana Restoration As more fully described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Louisiana surface owners often file lawsuits or assert claims against oil and gas companies, including the Company, claiming that operators and working interest owners in the chain of title are liable for environmental damages on the leased premises, including damages measured by the cost of restoration of the leased premises to its original condition, regardless of the value of the underlying property. From time to time, restoration lawsuits and claims are resolved by the Company for amounts that are not material to the Company, while new lawsuits and claims are asserted against the Company. With respect to each of the pending lawsuits and claims, the amount claimed is not currently determinable or is not material. Further, the overall exposure related to these lawsuits and claims is not currently determinable. While adverse judgments against the Company are possible, the Company intends to actively defend these lawsuits and claims. Starting in November of 2013 and continuing into 2022, several parishes in Louisiana have pending lawsuits against many oil and gas producers, including the Company. These cases were all removed to federal courts in Louisiana. In these cases, the Parishes, as plaintiffs, allege that defendants’ oil and gas exploration, production, and transportation operations in specified fields were conducted in violation of the State and Local Coastal Resources Management Act of 1978, as amended, and applicable regulations, rules, orders, and ordinances promulgated or adopted thereunder by the Parish or the State of Louisiana. Plaintiffs allege that defendants caused substantial damage to land and water bodies located in the coastal zone of Louisiana. Plaintiffs seek, among other things, unspecified damages for alleged violations of applicable law within the coastal zone, the payment of costs necessary to clear, re-vegetate, detoxify, and otherwise restore the subject coastal zone as near as practicable to its original condition, and actual restoration of the coastal zone to its original condition. While adverse judgments against the Company might be possible, the Company intends to vigorously oppose these claims. Apollo Exploration Lawsuit In a case captioned Apollo Exploration, LLC, Cogent Exploration, Ltd. Co. & SellmoCo, LLC v. Apache Corporation, Cause No. CV50538 in the 385th Judicial District Court, Midland County, Texas, plaintiffs alleged damages in excess of $200 million (having previously claimed in excess of $1.1 billion) relating to purchase and sale agreements, mineral leases, and area of mutual interest agreements concerning properties located in Hartley, Moore, Potter, and Oldham Counties, Texas. The trial court entered final judgment in favor of the Company, ruling that the plaintiffs take nothing by their claims and awarding the Company its attorneys’ fees and costs incurred in defending the lawsuit. The court of appeals affirmed in part and reversed in part the trial court’s judgment thereby reinstating some of plaintiff’s claims. Further appeal is pending. Australian Operations Divestiture Dispute Pursuant to a Sale and Purchase Agreement dated April 9, 2015 (Quadrant SPA), the Company and its subsidiaries divested Australian operations to Quadrant Energy Pty Ltd (Quadrant). Closing occurred on June 5, 2015. In April 2017, the Company filed suit against Quadrant for breach of the Quadrant SPA. In its suit, the Company seeks approximately AUD $80 million. In December 2017, Quadrant filed a defense of equitable set-off to the Company’s claim and a counterclaim seeking approximately AUD $200 million in the aggregate. The Company believes that Quadrant’s claims lack merit and will not have a material adverse effect on the Company’s financial position, results of operation, or liquidity. Canadian Operations Divestiture Dispute Pursuant to a Sale and Purchase Agreement dated July 6, 2017 (Paramount SPA), the Company and its subsidiaries divested their remaining Canadian operations to Paramount Resources LTD (Paramount). Closing occurred on August 16, 2017. On September 11, 2019, four ex-employees of Apache Canada LTD on behalf of themselves and individuals employed by Apache Canada LTD on July 6, 2017, filed an Amended Statement of Claim in a matter styled Stephen Flesch et. al. v Apache Corporation et. al., No. 1901-09160 Court of Queen’s Bench of Alberta against the Company and others seeking class certification and a finding that the Paramount SPA amounted to a Change of Control of the Company, entitling them to accelerated vesting under the Company’s equity plans. In the suit, the class seeks approximately $60 million USD and punitive damages. The Company believes that Plaintiffs’ claims lack merit and will not have a material adverse effect on the Company’s financial position, results of operation, or liquidity. California and Delaware Litigation On July 17, 2017, in three separate actions, San Mateo County, California, Marin County, California, and the City of Imperial Beach, California, all filed suit individually and on behalf of the people of the state of California against over 30 oil and gas companies alleging damages as a result of global warming. Plaintiffs seek unspecified damages and abatement under various tort theories. On December 20, 2017, in two separate actions, the City of Santa Cruz and Santa Cruz County and in a separate action on January 22, 2018, the City of Richmond, filed similar lawsuits against many of the same defendants. On November 14, 2018, the Pacific Coast Federation of Fishermen’s Associations, Inc. also filed a similar lawsuit against many of the same defendants. After removal of all such lawsuits to federal court, the district court remanded them back to state court. The 9th Circuit Court of Appeals’ affirmance of this remand decision was appealed to the U.S. Supreme Court. That appeal was decided by the U.S. Supreme Court ruling in a similar case, BP p.l.c. v. Mayor and City Council of Baltimore. As a result, the California cases were sent back to the 9th Circuit for further appellate review of the decision to remand the cases to state court. The 9th Circuit has since, once again, affirmed the district court’s remand to state court. The defendants are appealing this latest remand decision to the U.S. Supreme Court. Further activity in the cases has been stayed pending further appellate review. On September 10, 2020, the State of Delaware filed suit, individually and on behalf of the people of the State of Delaware, against over 25 oil and gas companies alleging damages as a result of global warming. Plaintiffs seek unspecified damages and abatement under various tort theories. After removal of this lawsuit to federal court, the district court remanded it back to state court. The 3rd Circuit has since, once again, affirmed the district court’s remand to state court. The defendants are appealing this latest remand decision to the U.S. Supreme Court. The Company believes that it is not subject to jurisdiction of the California courts and that claims made against it in the California and Delaware litigation are baseless. The Company intends to challenge jurisdiction in California and to vigorously defend the Delaware lawsuit. Castex Lawsuit In a case styled Apache Corporation v. Castex Offshore, Inc., et. al., Cause No. 2015-48580, in the 113th Judicial District Court of Harris County, Texas, Castex filed claims for alleged damages of approximately $200 million, relating to overspend on the Belle Isle Gas Facility upgrade, and the drilling of five sidetracks on the Potomac #3 well. After a jury trial, a verdict of approximately $60 million, plus fees, costs, and interest was entered against the Company. The Fourteenth Court of Appeals of Texas reversed the judgment, in part, reducing the judgment to approximately $13.5 million, plus fees, costs, and interest against the Company. Further appeal is pending. Oklahoma Class Action The Company is a party to a purported class action in Oklahoma styled Albert Steven Allen v. Apache Corporation, Case No. CJ-2019-00219. The Allen case seeks to represent a group of owners who have allegedly received late royalty and other payments under Oklahoma statutes. With no admission of liability or wrongdoing, but only to avoid the expense and uncertainty of future litigation, Apache has entered into a settlement agreement in the Allen case to resolve all claims made against it by the class. The settlement agreement is subject to court approval and a full fairness hearing will be held in the coming months. The settlement will not have a material effect on the Company’s financial position, results of operations, or liquidity. Shareholder and Derivative Lawsuits On February 23, 2021, a case captioned Plymouth County Retirement System v. Apache Corporation, et al. was filed in the United States District Court for the Southern District of Texas (Houston Division) against the Company and certain current and former officers. The complaint, which is a shareholder lawsuit styled as a class action, (1) alleges that the Company intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (2) alleges that the Company did not have the proper infrastructure in place to safely and/or economically drill and/or transport those resources even if they existed in the amounts purported; (3) alleges that these statements and omissions artificially inflated the value of the Company’s operations in the Permian Basin; and (4) alleges that, as a result, the Company’s public statements were materially false and misleading. The Company believes that plaintiffs’ claims lack merit and intends to vigorously defend this lawsuit. On March 16, 2021, a case captioned William Wessels, Derivatively and on behalf of APA Corporation v. John J. Christmann IV et al. was filed in the 334th District Court of Harris County, Texas. The case purports to be a derivative action brought against senior management and Company directors over many of the same allegations included in the Plymouth County Retirement System matter and asserts claims of (1) breach of fiduciary duty; (2) waste of corporate assets; and (3) unjust enrichment. On March 17, 2022, the trial court granted Defendants’ Special Exceptions and dismissed the claim with prejudice. Environmental Matters As of September 30, 2022, the Company had an undiscounted reserve for environmental remediation of approximately $2 million. On September 11, 2020, the Company received a Notice of Violation and Finding of Violation, and accompanying Clean Air Act Information Request, from the U.S. Environmental Protection Agency (EPA) following site inspections in April 2019 at several of the Company’s oil and natural gas production facilities in Lea and Eddy Counties, New Mexico. The notice and information request involve alleged emissions control and reporting violations. The Company is cooperating with the EPA and has responded to the information request. The EPA has referred the notice for civil enforcement proceedings; however, at this time the Company is unable to reasonably estimate whether such proceedings will result in monetary sanctions and, if so, whether they would be more or less than $100,000, exclusive of interest and costs. On December 29, 2020, the Company received a Notice of Violation and Opportunity to Confer, and accompanying Clean Air Act Information Request, from the EPA following helicopter flyovers in September 2019 of several of the Company’s oil and natural gas production facilities in Reeves County, Texas. The notice and information request involve alleged emissions control and reporting violations. The Company is cooperating with the EPA and has responded to the information request. The EPA has referred the notice for civil enforcement proceedings; however, at this time the Company is unable to reasonably estimate whether such proceedings will result in monetary sanctions and, if so, whether they would be more or less than $100,000, exclusive of interest and costs. The Company is not aware of any environmental claims existing as of September 30, 2022 that have not been provided for or would otherwise have a material impact on its financial position, results of operations, or liquidity. There can be no assurance, however, that current regulatory requirements will not change or past non-compliance with environmental laws will not be discovered on the Company’s properties. Potential Decommissioning Obligations on Sold Properties In 2013, Apache sold its Gulf of Mexico (GOM) Shelf operations and properties and its GOM operating subsidiary, GOM Shelf LLC (GOM Shelf) to Fieldwood Energy LLC (Fieldwood). Under the terms of the purchase agreement, Apache received cash consideration of $3.75 billion and Fieldwood assumed the obligation to decommission the properties held by GOM Shelf and the properties acquired from Apache and its other subsidiaries (collectively, the Legacy GOM Assets). In respect of such abandonment obligations, Fieldwood posted letters of credit in favor of Apache (Letters of Credit) and established trust accounts (Trust A and Trust B) of which Apache was a beneficiary and which were funded by two net profits interests (NPIs) depending on future oil prices. On February 14, 2018, Fieldwood filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In connection with the 2018 bankruptcy, Fieldwood confirmed a plan under which Apache agreed, inter alia, to (i) accept bonds in exchange for certain of the Letters of Credit and (ii) amend the Trust A trust agreement and one of the NPIs to consolidate the trusts into a single Trust (Trust A) funded by both remaining NPIs. Currently, Apache holds two bonds (Bonds) and five Letters of Credit to secure Fieldwood’s asset retirement obligations on the Legacy GOM Assets as and when Apache is required to perform or pay for decommissioning any Legacy GOM Asset over the remaining life of the Legacy GOM Assets. On August 3, 2020, Fieldwood again filed for protection under Chapter 11 of the U.S. Bankruptcy Code. On June 25, 2021, the United States Bankruptcy Court for the Southern District of Texas (Houston Division) entered an order confirming Fieldwood’s bankruptcy plan. On August 27, 2021, Fieldwood’s bankruptcy plan became effective. Pursuant to the plan, the Legacy GOM Assets were separated into a standalone company, which was subsequently merged into GOM Shelf. Under GOM Shelf’s limited liability company agreement, the proceeds of production of the Legacy GOM Assets will be used to fund decommissioning of Legacy GOM Assets. By letter dated April 5, 2022, replacing two prior letters dated September 8, 2021 and February 22, 2022, respectively, GOM Shelf notified the Bureau of Safety and Environmental Enforcement (BSEE) that it was unable to fund the decommissioning obligations that it is currently obligated to perform on certain of the Legacy GOM Assets. As a result, Apache and other current and former owners in these assets have received orders from BSEE to decommission certain of the Legacy GOM Assets included in GOM Shelf’s notification to BSEE. Apache expects to receive such orders on the other Legacy GOM Assets included in GOM Shelf’s notification letter. Further, Apache anticipates that GOM Shelf may send additional such notices to BSEE in the future and that it may receive additional orders from BSEE requiring it to decommission other Legacy GOM Assets. If Apache incurs costs to decommission any Legacy GOM Asset and GOM Shelf does not reimburse Apache for such costs, then Apache expects to obtain reimbursement from Trust A, the Bonds, and the Letters of Credit until such funds and securities are fully utilized. In addition, after such sources have been exhausted, Apache has agreed to provide a standby loan to GOM Shelf of up to $400 million to perform decommissioning (Standby Loan Agreement), with such standby loan secured by a first and prior lien on the Legacy GOM Assets. If the combination of GOM Shelf’s net cash flow from its producing properties, the Trust A funds, the Bonds, and the remaining Letters of Credit are insufficient to fully fund decommissioning of any Legacy GOM Assets that Apache may be ordered by BSEE to perform, or if GOM Shelf’s net cash flow from its remaining producing properties after the Trust A funds, Bonds, and Letters of Credit are exhausted is insufficient to repay any loans made by Apache under the Standby Loan Agreement, then Apache may be forced to effectively use its available cash to fund the deficit. As of September 30, 2022, Apache estimates that its potential liability to fund decommissioning of Legacy GOM Assets it may be ordered to perform ranges from $1.2 billion to $1.4 billion on an undiscounted basis. Management does not believe any specific estimate within this range is a better estimate than any other. Accordingly, the Company has recorded a contingent liability of $1.2 billion as of September 30, 2022, representing the estimated costs of decommissioning it may be required to perform on Legacy GOM Assets. Of the total liability recorded, $801 million is reflected under the caption “Decommissioning contingency for sold Gulf of Mexico properties,” and $350 million is reflected under “Other current liabilities” in the Company’s consolidated balance sheet. The Company has also recorded a $726 million asset, which represents the amount the Company expects to be reimbursed from the Trust A funds, the Bonds, and the Letters of Credit for decommissioning it may be required to perform on Legacy GOM Assets. Of the total asset recorded, $376 million is reflected under the caption “Decommissioning security for sold Gulf of Mexico properties,” and $350 million is reflected under “Other current assets.” Changes in significant assumptions impacting Apache’s estimated liability, including expected decommissioning rig spread rates, lift boat rates, and planned abandonment logistics could result in a liability in excess of the amount accrued. In addition, significant changes in the market price of oil, gas, and NGLs could further impact Apache’s estimate of its contingent liability to decommission Legacy GOM Assets.

REDEMABLE NONCONTROLLING INTEREST - ALTUS

9 Months Ended

Sep. 30, 2022

REDEMABLE NONCONTROLLING INTEREST - ALTUS

REDEEMABLE NONCONTROLLING INTEREST — ALTUS

Preferred Units Issuance

On June 12, 2019, Altus Midstream LP issued and sold Preferred Units for an aggregate issue price of $625 million in a private offering exempt from the registration requirements of the Securities Act (the Closing). Altus Midstream LP received approximately $611 million in cash proceeds from the sale after deducting transaction costs and discounts to certain purchasers.

Classification

Prior to the deconsolidation of Altus on February 22, 2022, at December 31, 2021, the carrying amount of the Preferred Units was recorded as “Redeemable Noncontrolling Interest — Altus Preferred Unit Limited Partners” classified as temporary equity on the Company’s consolidated balance sheet based on the terms of the Preferred Units, including the redemption rights with respect thereto.

Measurement

Altus applied a two-step approach to subsequent measurement of the redeemable noncontrolling interest related to the Preferred Units by first allocating a portion of the net income of Altus Midstream LP in accordance with the terms of the partnership agreement. An additional adjustment to the carrying value of the Preferred Unit redeemable noncontrolling interest at each period end was recorded, if applicable. The amount of such adjustment was determined based upon the accreted value method to reflect the passage of time until the Preferred Units were exchangeable at the option of the holder. Pursuant to this method, the net transaction price was accreted using the effective interest method to the Redemption Price calculated at the seventh anniversary of the Closing. The total adjustment was limited to an amount such that the carrying amount of the Preferred Unit redeemable noncontrolling interest at each period end was equal to the greater of (a) the sum of (i) the carrying amount of the Preferred Units, plus (ii) the fair value of the embedded derivative liability and (b) the accreted value of the net transaction price.

Activity related to the Preferred Units is as follows:


	Units Outstanding	Financial Position

	(In millions, except unit data)
Redeemable noncontrolling interest — Preferred Units at: December 31, 2020	660,694	$	608
Cash distributions to Altus Preferred Unit limited partners	—	(46)
Distributions payable to Altus Preferred Unit limited partners	—	(12)
Allocation of Altus Midstream LP net income	N/A	80
Accreted value adjustment	N/A	82
Redeemable noncontrolling interest — Preferred Units at: December 31, 2021	660,694	712

Allocation of Altus Midstream LP net income	N/A	12
Accreted value adjustment(1)	N/A	(82)
Redeemable noncontrolling interest — Preferred Units at: February 22, 2022	660,694	642
Preferred Units embedded derivative		89
Deconsolidation of Altus		(731)
		$	—

(1) Includes the reversal of previously recorded accreted value adjustments of $53 million due to the deconsolidation of Altus.

N/A - not applicable.

CAPITAL STOCK

Upon consummation of the Holding Company Reorganization, each outstanding share of Apache common stock automatically converted into a share of APA common stock on a one-for-one basis. As a result, each stockholder of Apache now owns the same number of shares of APA common stock that such stockholder owned of Apache common stock immediately prior to the Holding Company Reorganization.

Additionally, in connection with the Holding Company Reorganization, Apache transferred to APA, and APA assumed, sponsorship of all of Apache’s stock plans along with all of Apache’s rights and obligations under each plan.

Net Income (Loss) per Common Share

The following table presents a reconciliation of the components of basic and diluted net income per common share in the consolidated financial statements:


	For the Quarter Ended September 30,
	2022					2021
	Income		Shares	Per Share		Loss		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income (loss) attributable to common stock	$	422	329	$	1.28	$	(113)	379	$	(0.30)
Effect of Dilutive Securities:
Stock options and other	$	—	1	$	—	$	—	—	$	—

Diluted:
Income (loss) attributable to common stock	$	422	330	$	1.28	$	(113)	379	$	(0.30)

	For the Nine Months Ended September 30,
	2022					2021
	Income		Shares	Per Share		Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	3,231	339	$	9.54	$	591	378	$	1.56
Effect of Dilutive Securities:
Stock options and other	$	—	1	$	(0.03)	$	—	1	$	—
Redeemable noncontrolling interest - Altus Preferred Unit limited partners	—		—	—		(10)		—	(0.03)
Diluted:
Income attributable to common stock	$	3,231	340	$	9.51	$	581	379	$	1.53

Prior to the deconsolidation of Altus on February 22, 2022, the Company used the “if-converted method” to determine the potential dilutive effect of an assumed exchange of the outstanding Preferred Units of Altus Midstream LP for shares of Altus Midstream Company’s common stock. The impact to net income and loss attributable to common stock on an assumed conversion of the Preferred Units was anti-dilutive for the quarter ended September 30, 2021. The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive of 2.1 million and 3.2 million during the third quarters of 2022 and 2021, respectively, and 2.5 million and 3.4 million during the first nine months of 2022 and 2021, respectively.

Stock Repurchase Program

During 2018, Apache’s Board of Directors authorized the purchase of up to 40 million shares of the Company’s common stock. No shares were purchased under this authorization through December 31, 2020. During the fourth quarter of 2021, the Company’s Board of Directors authorized the purchase of an additional 40 million shares of the Company’s common stock. During the third quarter of 2022, the Company's Board of Directors further authorized the purchase of an additional 40 million shares of the Company's common stock. Shares may be purchased either in the open market or through privately negotiated transactions.

In the third quarter of 2022, the Company repurchased 9.8 million shares at an average price of $33.86 per share, and as of September 30, 2022, the Company had remaining authorization to repurchase up to 64.8 million shares. For the nine months ended September 30, 2022, the Company repurchased 24.0 million shares at an average price of $36.78 per share. The Company is not obligated to acquire any additional shares. The Company did not repurchase any shares during the nine months ended September 30, 2021.

The Company repurchased 2.1 million shares at an average price of $40.40 per share in October 2022, and as of October 31, 2022, the Company had remaining authorization to repurchase up to 62.7 million shares.

The Company is not obligated to acquire any additional shares.

Common Stock Dividends

For the quarters ended September 30, 2022 and 2021, the Company paid $41 million and $9 million, respectively, in dividends on its common stock. For the nine months ended September 30, 2022 and 2021, the Company paid $127 million and $28 million, respectively, in dividends on its common stock.

During the third quarter of 2021, the Company’s Board of Directors approved an increase in its quarterly dividend from $0.025 per share to $0.0625 per share and, in the fourth quarter of 2021, approved a further increase to $0.125 per share. During the third quarter of 2022, the Company’s Board of Directors approved a further increase to its quarterly dividend to $0.25 per share.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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CAPITAL STOCK

9 Months Ended

Sep. 30, 2022

CAPITAL STOCK

REDEEMABLE NONCONTROLLING INTEREST — ALTUS

Preferred Units Issuance

Classification

Measurement

Activity related to the Preferred Units is as follows:


	Units Outstanding	Financial Position

	(In millions, except unit data)
Redeemable noncontrolling interest — Preferred Units at: December 31, 2020	660,694	$	608
Cash distributions to Altus Preferred Unit limited partners	—	(46)
Distributions payable to Altus Preferred Unit limited partners	—	(12)
Allocation of Altus Midstream LP net income	N/A	80
Accreted value adjustment	N/A	82
Redeemable noncontrolling interest — Preferred Units at: December 31, 2021	660,694	712

Allocation of Altus Midstream LP net income	N/A	12
Accreted value adjustment(1)	N/A	(82)
Redeemable noncontrolling interest — Preferred Units at: February 22, 2022	660,694	642
Preferred Units embedded derivative		89
Deconsolidation of Altus		(731)
		$	—

(1) Includes the reversal of previously recorded accreted value adjustments of $53 million due to the deconsolidation of Altus.

N/A - not applicable.

CAPITAL STOCK

Net Income (Loss) per Common Share

The following table presents a reconciliation of the components of basic and diluted net income per common share in the consolidated financial statements:


	For the Quarter Ended September 30,
	2022					2021
	Income		Shares	Per Share		Loss		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income (loss) attributable to common stock	$	422	329	$	1.28	$	(113)	379	$	(0.30)
Effect of Dilutive Securities:
Stock options and other	$	—	1	$	—	$	—	—	$	—

Diluted:
Income (loss) attributable to common stock	$	422	330	$	1.28	$	(113)	379	$	(0.30)

	For the Nine Months Ended September 30,
	2022					2021
	Income		Shares	Per Share		Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	3,231	339	$	9.54	$	591	378	$	1.56
Effect of Dilutive Securities:
Stock options and other	$	—	1	$	(0.03)	$	—	1	$	—
Redeemable noncontrolling interest - Altus Preferred Unit limited partners	—		—	—		(10)		—	(0.03)
Diluted:
Income attributable to common stock	$	3,231	340	$	9.51	$	581	379	$	1.53

Stock Repurchase Program

The Company is not obligated to acquire any additional shares.

Common Stock Dividends

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

As of September 30, 2022, the Company is engaged in exploration and production (Upstream) activities across three operating segments: Egypt, North Sea, and the U.S. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Prior to the deconsolidation of Altus on February 22, 2022, the Company’s Midstream business was operated by Altus Midstream Company, which owned, developed, and operated a midstream energy asset network in the Permian Basin of West Texas. The Company also has active exploration and planned appraisal operations ongoing in Suriname, as well as interests in other international locations that may, over time, result in reportable discoveries and development opportunities. Financial information for each segment is presented below:


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Quarter Ended September 30, 2022	(In millions)
Revenues:
Oil revenues	$	739	$	303	$	630	$	—	$	—	$	1,672
Natural gas revenues	84		44		300		—		—		428
Natural gas liquids revenues	—		5		197		—		—		202
Oil, natural gas, and natural gas liquids production revenues	823		352		1,127		—		—		2,302
Purchased oil and gas sales	—		—		585		—		—		585

	823		352		1,712		—		—		2,887
Operating Expenses:
Lease operating expenses	119		107		138		—		—		364
Gathering, processing, and transmission	5		7		87		—		—		99
Purchased oil and gas costs	—		—		573		—		—		573
Taxes other than income	—		—		82		—		—		82
Exploration	29		1		16		—		49		95
Depreciation, depletion, and amortization	97		52		161		—		—		310
Asset retirement obligation accretion	—		21		8		—		—		29

	250		188		1,065		—		49		1,552
Operating Income (Loss)(2)	$	573	$	164	$	647	$	—	$	(49)	1,335

Other Income (Expense):
Derivative instrument losses, net											(44)

Gain on divestitures, net											31
Other, net											(2)
General and administrative											(69)
Transaction, reorganization, and separation											(4)
Financing costs, net											(75)
Income Before Income Taxes											$	1,172


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Nine Months Ended September 30, 2022	(In millions)
Revenues:
Oil revenues	$	2,431	$	938	$	1,883	$	—	$	—	$	5,252
Natural gas revenues	270		207		764		—		—		1,241
Natural gas liquids revenues	6		33		618		—		(3)		654
Oil, natural gas, and natural gas liquids production revenues	2,707		1,178		3,265		—		(3)		7,147
Purchased oil and gas sales	—		—		1,451		5		—		1,456
Midstream service affiliate revenues	—		—		—		16		(16)		—
	2,707		1,178		4,716		21		(19)		8,603
Operating Expenses:
Lease operating expenses	381		321		366		—		(1)		1,067
Gathering, processing, and transmission	15		31		241		5		(18)		274
Purchased oil and gas costs	—		—		1,452		—		—		1,452
Taxes other than income	—		—		227		3		—		230
Exploration	56		8		21		—		108		193
Depreciation, depletion, and amortization	285		168		424		2		—		879
Asset retirement obligation accretion	—		61		25		1		—		87

	737		589		2,756		11		89		4,182
Operating Income (Loss)(2)	$	1,970	$	589	$	1,960	$	10	$	(108)	4,421

Other Income (Expense):
Derivative instrument losses, net											(138)

Gain on divestitures, net											1,180
Other, net											107
General and administrative											(314)
Transaction, reorganization, and separation											(21)
Financing costs, net											(303)
Income Before Income Taxes											$	4,932

Total Assets(3)	$	3,242	$	2,185	$	7,675	$	—	$	527	$	13,629


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Quarter Ended September 30, 2021	(In millions)
Revenues:
Oil revenues	$	465	$	233	$	484	$	—	$	—	$	1,182
Natural gas revenues	63		42		188		—		—		293
Natural gas liquids revenues	2		6		202		—		—		210
Oil, natural gas, and natural gas liquids production revenues	530		281		874		—		—		1,685
Purchased oil and gas sales	—		—		374		—		—		374
Midstream service affiliate revenues	—		—		—		35		(35)		—
	530		281		1,248		35		(35)		2,059
Operating Expenses:
Lease operating expenses	117		101		98		—		—		316
Gathering, processing, and transmission	4		8		82		9		(35)		68
Purchased oil and gas costs	—		—		396		—		—		396
Taxes other than income	—		—		52		2		—		54
Exploration	14		4		3		—		13		34
Depreciation, depletion, and amortization	128		61		143		3		—		335
Asset retirement obligation accretion	—		20		8		1		—		29
Impairments	—		18		—		—		—		18
	263		212		782		15		(22)		1,250
Operating Income (Loss)(2)	$	267	$	69	$	466	$	20	$	(13)	809

Other Income (Expense):
Loss on offshore decommissioning contingency											(446)

Loss on divestitures, net											(2)
Other, net											40
General and administrative											(70)
Transaction, reorganization, and separation											(4)
Financing costs, net											(205)
Income Before Income Taxes											$	122


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Nine Months Ended September 30, 2021	(In millions)
Revenues:
Oil revenues	$	1,299	$	690	$	1,325	$	—	$	—	$	3,314
Natural gas revenues	198		100		533		—		—		831
Natural gas liquids revenues	6		16		463		—		—		485
Oil, natural gas, and natural gas liquids production revenues	1,503		806		2,321		—		—		4,630
Purchased oil and gas sales	—		—		1,050		6		—		1,056
Midstream service affiliate revenues	—		—		—		99		(99)		—
	1,503		806		3,371		105		(99)		5,686
Operating Expenses:
Lease operating expenses	335		274		283		—		(1)		891
Gathering, processing, and transmission	8		28		225		24		(98)		187
Purchased oil and gas costs	—		—		1,147		5		—		1,152
Taxes other than income	—		—		139		10		—		149
Exploration	36		27		21		—		25		109
Depreciation, depletion, and amortization	395		208		416		9		—		1,028
Asset retirement obligation accretion	—		59		23		3		—		85
Impairments	—		18		—		—		—		18
	774		614		2,254		51		(74)		3,619
Operating Income (Loss)(2)	$	729	$	192	$	1,117	$	54	$	(25)	2,067

Other Income (Expense):
Derivative instrument gains, net											45
Loss on offshore decommissioning contingency											(446)
Gain on divestitures, net											65
Other, net											175
General and administrative											(239)
Transaction, reorganization, and separation											(8)
Financing costs, net											(422)
Income Before Income Taxes											$	1,237

Total Assets(3)	$	2,887	$	2,080	$	6,197	$	1,853	$	293	$	13,310

(1)Includes revenue from non-customers for the quarters and nine months ended September 30, 2022 and 2021 of:


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021

	(In millions)
Oil	$	227	$	112	$	779	$	302
Natural gas	26		11		87		33
Natural gas liquids	—		1		2		1

(2)Operating income of U.S. and Egypt includes leasehold impairments of $15 million and $1 million, respectively, for the third quarter of 2022.
Operating income of U.S. and Egypt includes leasehold impairments of $19 million and $3 million, respectively, for the first nine months of 2022.
Operating income of U.S., Egypt, and North Sea includes leasehold and other asset impairments of $2 million, $2 million, and $19 million, respectively, for the third quarter of 2021.
Operating income of U.S., Egypt, and North Sea includes leasehold impairments and other asset impairments of $19 million, $6 million, and $19 million, respectively, for the first nine months of 2021.

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests in Egypt and Altus prior to deconsolidation.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of APA and its subsidiaries after elimination of intercompany balances and transactions. The implementation of the Holding Company Reorganization was accounted for as a merger under common control. APA recognized the assets and liabilities of Apache at carryover basis. The consolidated financial statements of APA present comparative information for prior years on a combined basis, as if both APA and Apache were under common control for all periods presented. The Company’s undivided interests in oil and gas exploration and production ventures and partnerships are proportionately consolidated. The Company consolidates all other investments in which, either through direct or indirect ownership, it has more than a 50 percent voting interest or controls the financial and operating decisions. Noncontrolling interests represent third-party ownership in the net assets of a consolidated subsidiary of APA and are reflected separately in the Company’s financial statements. Sinopec International Petroleum Exploration and Production Corporation (Sinopec) owns a one-third minority participation in the Company’s consolidated Egypt oil and gas business as a noncontrolling interest, which is reflected as a separate noncontrolling interest component of equity in the Company’s consolidated balance sheet. Additionally, prior to the BCP Business Combination defined below, third-party investors owned a minority interest of approximately 21 percent of Altus Midstream Company (ALTM or Altus), which was reflected as a separate noncontrolling interest component of equity in the Company’s consolidated balance sheet. ALTM qualified as a variable interest entity under GAAP, which APA consolidated because a wholly owned subsidiary of APA had a controlling financial interest and was determined to be the primary beneficiary. Additionally, the assets of ALTM could only be used to settle obligations of ALTM. There was no recourse to the Company for ALTM’s liabilities. On February 22, 2022, ALTM closed a previously announced transaction to combine with privately owned BCP Raptor Holdco LP (BCP and, together with BCP Raptor Holdco GP, LLC, the Contributed Entities) in an all-stock transaction, pursuant to the Contribution Agreement entered into by and among ALTM, Altus Midstream LP, New BCP Raptor Holdco, LLC (the Contributor), and BCP (the BCP Contribution Agreement). Pursuant to the BCP Contribution Agreement, the Contributor contributed all of the equity interests of the Contributed Entities (the Contributed Interests) to Altus Midstream LP, with each Contributed Entity becoming a wholly owned subsidiary of Altus Midstream LP (the BCP Business Combination). Upon closing the transaction, the combined entity was renamed Kinetik Holdings Inc. (Kinetik), and the Company determined that it was no longer the primary beneficiary of ALTM. The Company further determined that ALTM no longer qualified as a variable interest entity under GAAP. As a result, the Company deconsolidated ALTM on February 22, 2022. Refer to Note 2—Acquisitions and Divestitures for further detail. The stockholders agreement entered into by and among the Company, ALTM, BCP, and other related and affiliated entities provides that the Company, through one of its wholly owned subsidiaries, retains the ability to designate a director to the board of directors of Kinetik for so long as the Company and its affiliates beneficially own 10 percent or more of Kinetik’s outstanding common stock. Based on this board representation, combined with the Company’s stock ownership, management determined it has significant influence over Kinetik. Investments in which the Company has significant influence, but not control, are accounted for under the equity method of accounting. These investments are recorded separately as “Equity method interests” in the Company’s consolidated balance sheet. The Company elected the fair value option to account for its equity method interest in Kinetik. Refer to Note 6—Equity Method Interests for further detail.
Use of Estimates	Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of the Company’s financial statements, and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimates of fair value for long-lived assets (refer to “Fair Value Measurements” and “Property and Equipment” sections in this Note 1 below), the fair value determination of acquired assets and liabilities (refer to Note 2—Acquisitions and Divestitures), the fair value of equity method interests (refer to “Equity Method Interests” within this Note 1 below and Note 6—Equity Method Interests), the assessment of asset retirement obligations (refer to Note 8—Asset Retirement Obligation), the estimate of income taxes (refer to Note 10—Income Taxes), the estimation of the contingent liability representing Apache’s potential obligation to decommission sold properties in the Gulf of Mexico (refer to Note 11—Commitments and Contingencies), and the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are reported at fair value on a recurring basis in the Company’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).
Revenue Recognition	Revenue Recognition There have been no significant changes to the Company’s contracts with customers during the nine months ended September 30, 2022 and 2021. Payments under all contracts with customers are typically due and received within a short-term period of one year or less after physical delivery of the product or service has been rendered. Oil and gas production revenues from non-customers represent income taxes paid to the Arab Republic of Egypt by Egyptian General Petroleum Corporation on behalf of the Company. Revenue and associated expenses related to such tax volumes are recorded as “Oil, natural gas, and natural gas liquids production revenues” and “Current income tax provision,” respectively, in the Company’s statement of consolidated operations. Refer to Note 14—Business Segment Information for a disaggregation of oil, gas, and natural gas production revenue by product and reporting segment. In accordance with the provisions of ASC 606, “Revenue from Contracts with Customers,” variable market prices for each short-term commodity sale are allocated entirely to each performance obligation as the terms of payment relate specifically to the Company’s efforts to satisfy its obligations. As such, the Company has elected the practical expedients available under the standard to not disclose the aggregate transaction price allocated to unsatisfied, or partially unsatisfied, performance obligations as of the end of the reporting period.
Property and Equipment	Property and Equipment The carrying value of the Company’s property and equipment represents the cost incurred to acquire the property and equipment, including capitalized interest, net of any impairments. For business combinations, property and equipment cost is based on the fair values at the acquisition date.
Oil and Gas Property	Oil and Gas Property The Company follows the successful efforts method of accounting for its oil and gas property. Under this method of accounting, exploration costs, such as exploratory geological and geophysical costs, delay rentals, and exploration overhead, are expensed as incurred. All costs related to production, general corporate overhead, and similar activities are expensed as incurred. If an exploratory well provides evidence to justify potential development of reserves, drilling costs associated with the well are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. This determination may take longer than one year in certain areas depending on, among other things, the amount of hydrocarbons discovered, the outcome of planned geological and engineering studies, the need for additional appraisal drilling activities to determine whether the discovery is sufficient to support an economic development plan, and government sanctioning of development activities in certain international locations. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Acquisition costs of unproved properties are assessed for impairment at least annually and are transferred to proved oil and gas properties to the extent the costs are associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment based on the Company’s current exploration plans. Unproved oil and gas properties with individually insignificant lease acquisition costs are amortized on a group basis over the average lease term at rates that provide for full amortization of unsuccessful leases upon lease expiration or abandonment. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. Costs of maintaining and retaining unproved properties, as well as amortization of individually insignificant leases and impairment of unsuccessful leases, are included in exploration costs in the statement of consolidated operations. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of crude oil and natural gas, are capitalized. Depreciation of the cost of proved oil and gas properties is calculated using the unit-of-production (UOP) method. The UOP calculation multiplies the percentage of estimated proved reserves produced each quarter by the carrying value of associated proved oil and gas properties. The reserve base used to calculate depreciation for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. The reserve base used to calculate the depreciation for capitalized well costs is the sum of proved developed reserves only. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are included in the depreciable cost. Oil and gas properties are grouped for depreciation in accordance with ASC 932 “Extractive Activities—Oil and Gas.” The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. When circumstances indicate that the carrying value of proved oil and gas properties may not be recoverable, the Company compares unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on the Company’s estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized cost, the capitalized cost is reduced to fair value. Fair value is generally estimated using the income approach described in ASC 820. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments, a Level 3 fair value measurement. Unproved leasehold impairments are typically recorded as a component of “Exploration” expense in the Company’s statement of consolidated operations. Gains and losses on divestitures of the Company’s oil and gas properties are recognized in the statement of consolidated operations upon closing of the transaction.
Gathering, Processing, and Transmission Facilities	Gathering, Processing, and Transmission (GPT) Facilities GPT facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GPT assets, whether APA-operated or third party-operated, as well as potential development plans by the Company for undeveloped acreage within, or close to, those fields. The Company assesses the carrying amount of its GPT facilities whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount of these facilities is more than the sum of the undiscounted cash flows, an impairment loss is recognized for the excess of the carrying value over its fair value.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS AND DIVESTITURES (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Components of Deconsolidation

A summary of components of the gain, including the ALTM balance sheet amounts deconsolidated at the time of close, is included below:


	As of February 22, 2022
	(In millions)

Fair value of Kinetik Class A Common Stock held by Company	$	802

ASSETS:
Cash and cash equivalents	$	143
Other current assets	29
Property and equipment, net	184
Equity method interests	1,367
Other noncurrent assets	12
Total assets deconsolidated	$	1,735

LIABILITIES:
Current liabilities	$	3
Long-term debt	657
Other noncurrent liabilities	168
Total liabilities deconsolidated	$	828

NONCONTROLLING INTERESTS:
Redeemable noncontrolling interest preferred unit limited partners	$	642
Noncontrolling interest-Altus	72
Total noncontrolling interests deconsolidated	$	714

Net effect of deconsolidating balance sheet	$	(193)

Gain on deconsolidation of ALTM	$	609

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Commodity Derivative Positions

As of September 30, 2022, the Company had the following open natural gas financial basis swap contracts:


		Basis Swap Purchased		Basis Swap Sold
Production Period	Settlement Index	MMBtu (in 000’s)	Weighted Average Price Differential	MMBtu (in 000’s)	Weighted Average Price Differential
October—December 2022	NYMEX Henry Hub/IF Waha	22,080	$(0.71)	—	—
October—December 2022	NYMEX Henry Hub/IF HSC	—	—	22,080	$(0.12)
January—March 2023	NYMEX Henry Hub/IF Waha	3,150	$(1.06)	—	—
January—March 2023	NYMEX Henry Hub/IF HSC	—	—	3,150	$(0.03)
January—June 2023	NYMEX Henry Hub/IF Waha	4,525	$(1.54)	—	—
January—June 2023	NYMEX Henry Hub/IF HSC	—	—	4,525	$(0.11)
July—September 2023	NYMEX Henry Hub/IF Waha	1,840	$(1.62)	—	—
July—September 2023	NYMEX Henry Hub/IF HSC	—	—	1,840	$(0.19)
January—December 2023	NYMEX Henry Hub/IF Waha	73,000	$(1.15)	—	—
January—December 2023	NYMEX Henry Hub/IF HSC	—	—	73,000	$(0.08)
January—June 2024	NYMEX Henry Hub/IF Waha	16,380	$(1.15)	—	—
January—June 2024	NYMEX Henry Hub/IF HSC	—	—	16,380	$(0.10)

Schedule of Derivative Assets Measured at Fair Value

The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:


	Fair Value Measurements Using
	Quoted Price in Active Markets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value		Netting(1)		Carrying Amount

	(In millions)
September 30, 2022
Assets:
Commodity derivative instruments	$	—	$	—	$	—	$	—	$	3	$	3
Liabilities:
Commodity derivative instruments	—		88		—		88		3		91
Foreign currency derivative instruments	—		8		—		8		—		8



December 31, 2021


Liabilities:
Commodity derivative instruments	$	—	$	10	$	—	$	10	$	—	$	10
Pipeline capacity embedded derivative	—		46		—		46		—		46
Preferred Units embedded derivative	—		—		57		57		—		57

Schedule of Derivative Liabilities Measured at Fair Value

The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis:


	Fair Value Measurements Using
	Quoted Price in Active Markets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value		Netting(1)		Carrying Amount

	(In millions)
September 30, 2022
Assets:
Commodity derivative instruments	$	—	$	—	$	—	$	—	$	3	$	3
Liabilities:
Commodity derivative instruments	—		88		—		88		3		91
Foreign currency derivative instruments	—		8		—		8		—		8



December 31, 2021


Liabilities:
Commodity derivative instruments	$	—	$	10	$	—	$	10	$	—	$	10
Pipeline capacity embedded derivative	—		46		—		46		—		46
Preferred Units embedded derivative	—		—		57		57		—		57

Schedule of Derivative Instruments on Consolidated Balance Sheet and Statement of Consolidated Operations

The carrying value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:


	September 30, 2022		December 31, 2021

	(In millions)
Current Assets: Other current assets	$	—	$	—
Other Assets: Deferred charges and other	3		—
Total derivative assets	$	3	$	—

Current Liabilities: Other current liabilities	$	96	$	4
Deferred Credits and Other Noncurrent Liabilities: Other	3		109
Total derivative liabilities	$	99	$	113

Derivative Activity Recorded in the Statement of Consolidated Operations

The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations:


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021

	(In millions)
Realized:
Commodity derivative instruments	$	(2)	$	(37)	$	(11)	$	63
Foreign currency derivative instruments	(6)		—		(8)		—
Realized gain (loss), net	(8)		(37)		(19)		63
Unrealized:
Commodity derivative instruments	(35)		29		(79)		(43)
Pipeline capacity embedded derivatives	—		3		—		6
Foreign currency derivative instruments	(1)		—		(9)		—
Preferred Units embedded derivative	—		5		(31)		19
Unrealized gain (loss), net	(36)		37		(119)		(18)
Derivative instrument gains (losses), net	$	(44)	$	—	$	(138)	$	45

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Other Current Assets

The following table provides detail of the Company’s other current assets:


	September 30, 2022		December 31, 2021

	(In millions)
Inventories	$	491	$	473
Drilling advances	75		55

Prepaid assets and other	23		56
Current decommissioning security for sold Gulf of Mexico assets	350		100
Total Other current assets	$	939	$	684

EQUITY METHOD INTERESTS (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of of Equity Method Investment Information

The following table presents the activity in the Company’s equity method interest in Kinetik for the nine months ended September 30, 2022:


		Kinetik Holdings Inc

	(In millions)
Balance at December 31, 2021		$	—
Initial interest upon closing the BCP Business Combination		802
Sale of Class A shares		(250)
Paid-in-kind dividend		27
Fair value adjustments		23
Balance at September 30, 2022		$	602

The table below presents the ownership percentages held by the Company and associated carrying values for each entity:


	Interest	December 31, 2021

		(In millions)
Gulf Coast Express Pipeline, LLC	16.0%	$	274
EPIC Crude Holdings, LP	15.0%	—
Permian Highway Pipeline, LLC	26.7%	630
Shin Oak Pipeline (Breviloba, LLC)	33.0%	461
Total Altus equity method interests		$	1,365

The following table presents the activity in Altus’ equity method interests for the nine months ended September 30, 2022:


	Gulf Coast Express Pipeline LLC		EPIC Crude Holdings, LP		Permian Highway Pipeline LLC		Breviloba, LLC		Total

	(In millions)






Balance at December 31, 2021	$	274	$	—	$	630	$	461	$	1,365
Capital contributions	—		2		—		—		2
Distributions	(5)		—		(9)		(7)		(21)

Equity income (loss), net	8		(2)		10		5		21

Deconsolidation of Altus	(277)		—		(631)		(459)		(1,367)
Balance at September 30, 2022	$	—	$	—	$	—	$	—	$	—

OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Schedule of Other Current Liabilities

The following table provides detail of the Company’s other current liabilities:


	September 30, 2022		December 31, 2021

	(In millions)
Accrued operating expenses	$	157	$	129
Accrued exploration and development	368		207
Accrued compensation and benefits	308		292
Accrued interest	69		107
Accrued income taxes	145		28
Current asset retirement obligation	40		41
Current operating lease liability	114		99
Current portion of derivatives at fair value	96		4
Current decommissioning contingency for sold Gulf of Mexico properties	350		100
Other	258		164
Total Other current liabilities	$	1,905	$	1,171

ASSET RETIREMENT OBLIGATION (Tables)

9 Months Ended

Sep. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligation

The following table describes changes to the Company’s asset retirement obligation (ARO) liability:


	September 30, 2022
	(In millions)
Asset retirement obligation, December 31, 2021	$	2,130
Liabilities incurred	4
Liabilities acquired	4
Liabilities settled	(34)
Liabilities divested	(4)

Deconsolidation of Altus	(69)
Accretion expense	87

Asset retirement obligation, September 30, 2022	2,118
Less current portion	(40)
Asset retirement obligation, long-term	$	2,078

DEBT AND FINANCING COSTS (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

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


	September 30, 2022		December 31, 2021

	(In millions)
Apache notes and debentures before unamortized discount and debt issuance costs(1)	$	5,032	$	6,344
Altus credit facility(2)	—		657
Syndicated credit facilities(2)	520		542
Apache finance lease obligations	34		36
Unamortized discount	(28)		(30)
Debt issuance costs	(29)		(39)
Total debt	5,529		7,510
Current maturities	(125)		(215)
Long-term debt	$	5,404	$	7,295

(1) The fair values of the Apache notes and debentures were $4.3 billion and $7.1 billion as of September 30, 2022 and December 31, 2021, respectively.

(2) The carrying value of borrowings on 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 September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021

	(In millions)
Interest expense	$	80	$	102	$	249	$	324
Amortization of debt issuance costs	1		1		8		6
Capitalized interest	(5)		(2)		(13)		(6)
Loss on extinguishment of debt	—		105		67		104
Interest income	(1)		(1)		(8)		(6)
Financing costs, net	$	75	$	205	$	303	$	422

REDEMABLE NONCONTROLLING INTEREST - ALTUS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Preferred Units

Activity related to the Preferred Units is as follows:


	Units Outstanding	Financial Position

	(In millions, except unit data)
Redeemable noncontrolling interest — Preferred Units at: December 31, 2020	660,694	$	608
Cash distributions to Altus Preferred Unit limited partners	—	(46)
Distributions payable to Altus Preferred Unit limited partners	—	(12)
Allocation of Altus Midstream LP net income	N/A	80
Accreted value adjustment	N/A	82
Redeemable noncontrolling interest — Preferred Units at: December 31, 2021	660,694	712

Allocation of Altus Midstream LP net income	N/A	12
Accreted value adjustment(1)	N/A	(82)
Redeemable noncontrolling interest — Preferred Units at: February 22, 2022	660,694	642
Preferred Units embedded derivative		89
Deconsolidation of Altus		(731)
		$	—

(1) Includes the reversal of previously recorded accreted value adjustments of $53 million due to the deconsolidation of Altus.

N/A - not applicable.

CAPITAL STOCK (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Reconciliation of the Components of Basic and Diluted Net Income (Loss) Per Common Share

The following table presents a reconciliation of the components of basic and diluted net income per common share in the consolidated financial statements:


	For the Quarter Ended September 30,
	2022					2021
	Income		Shares	Per Share		Loss		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income (loss) attributable to common stock	$	422	329	$	1.28	$	(113)	379	$	(0.30)
Effect of Dilutive Securities:
Stock options and other	$	—	1	$	—	$	—	—	$	—

Diluted:
Income (loss) attributable to common stock	$	422	330	$	1.28	$	(113)	379	$	(0.30)

	For the Nine Months Ended September 30,
	2022					2021
	Income		Shares	Per Share		Income		Shares	Per Share
	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	3,231	339	$	9.54	$	591	378	$	1.56
Effect of Dilutive Securities:
Stock options and other	$	—	1	$	(0.03)	$	—	1	$	—
Redeemable noncontrolling interest - Altus Preferred Unit limited partners	—		—	—		(10)		—	(0.03)
Diluted:
Income attributable to common stock	$	3,231	340	$	9.51	$	581	379	$	1.53

BUSINESS SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Financial Segment Information

Financial information for each segment is presented below:


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Quarter Ended September 30, 2022	(In millions)
Revenues:
Oil revenues	$	739	$	303	$	630	$	—	$	—	$	1,672
Natural gas revenues	84		44		300		—		—		428
Natural gas liquids revenues	—		5		197		—		—		202
Oil, natural gas, and natural gas liquids production revenues	823		352		1,127		—		—		2,302
Purchased oil and gas sales	—		—		585		—		—		585

	823		352		1,712		—		—		2,887
Operating Expenses:
Lease operating expenses	119		107		138		—		—		364
Gathering, processing, and transmission	5		7		87		—		—		99
Purchased oil and gas costs	—		—		573		—		—		573
Taxes other than income	—		—		82		—		—		82
Exploration	29		1		16		—		49		95
Depreciation, depletion, and amortization	97		52		161		—		—		310
Asset retirement obligation accretion	—		21		8		—		—		29

	250		188		1,065		—		49		1,552
Operating Income (Loss)(2)	$	573	$	164	$	647	$	—	$	(49)	1,335

Other Income (Expense):
Derivative instrument losses, net											(44)

Gain on divestitures, net											31
Other, net											(2)
General and administrative											(69)
Transaction, reorganization, and separation											(4)
Financing costs, net											(75)
Income Before Income Taxes											$	1,172


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Nine Months Ended September 30, 2022	(In millions)
Revenues:
Oil revenues	$	2,431	$	938	$	1,883	$	—	$	—	$	5,252
Natural gas revenues	270		207		764		—		—		1,241
Natural gas liquids revenues	6		33		618		—		(3)		654
Oil, natural gas, and natural gas liquids production revenues	2,707		1,178		3,265		—		(3)		7,147
Purchased oil and gas sales	—		—		1,451		5		—		1,456
Midstream service affiliate revenues	—		—		—		16		(16)		—
	2,707		1,178		4,716		21		(19)		8,603
Operating Expenses:
Lease operating expenses	381		321		366		—		(1)		1,067
Gathering, processing, and transmission	15		31		241		5		(18)		274
Purchased oil and gas costs	—		—		1,452		—		—		1,452
Taxes other than income	—		—		227		3		—		230
Exploration	56		8		21		—		108		193
Depreciation, depletion, and amortization	285		168		424		2		—		879
Asset retirement obligation accretion	—		61		25		1		—		87

	737		589		2,756		11		89		4,182
Operating Income (Loss)(2)	$	1,970	$	589	$	1,960	$	10	$	(108)	4,421

Other Income (Expense):
Derivative instrument losses, net											(138)

Gain on divestitures, net											1,180
Other, net											107
General and administrative											(314)
Transaction, reorganization, and separation											(21)
Financing costs, net											(303)
Income Before Income Taxes											$	4,932

Total Assets(3)	$	3,242	$	2,185	$	7,675	$	—	$	527	$	13,629


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Quarter Ended September 30, 2021	(In millions)
Revenues:
Oil revenues	$	465	$	233	$	484	$	—	$	—	$	1,182
Natural gas revenues	63		42		188		—		—		293
Natural gas liquids revenues	2		6		202		—		—		210
Oil, natural gas, and natural gas liquids production revenues	530		281		874		—		—		1,685
Purchased oil and gas sales	—		—		374		—		—		374
Midstream service affiliate revenues	—		—		—		35		(35)		—
	530		281		1,248		35		(35)		2,059
Operating Expenses:
Lease operating expenses	117		101		98		—		—		316
Gathering, processing, and transmission	4		8		82		9		(35)		68
Purchased oil and gas costs	—		—		396		—		—		396
Taxes other than income	—		—		52		2		—		54
Exploration	14		4		3		—		13		34
Depreciation, depletion, and amortization	128		61		143		3		—		335
Asset retirement obligation accretion	—		20		8		1		—		29
Impairments	—		18		—		—		—		18
	263		212		782		15		(22)		1,250
Operating Income (Loss)(2)	$	267	$	69	$	466	$	20	$	(13)	809

Other Income (Expense):
Loss on offshore decommissioning contingency											(446)

Loss on divestitures, net											(2)
Other, net											40
General and administrative											(70)
Transaction, reorganization, and separation											(4)
Financing costs, net											(205)
Income Before Income Taxes											$	122


	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream

For the Nine Months Ended September 30, 2021	(In millions)
Revenues:
Oil revenues	$	1,299	$	690	$	1,325	$	—	$	—	$	3,314
Natural gas revenues	198		100		533		—		—		831
Natural gas liquids revenues	6		16		463		—		—		485
Oil, natural gas, and natural gas liquids production revenues	1,503		806		2,321		—		—		4,630
Purchased oil and gas sales	—		—		1,050		6		—		1,056
Midstream service affiliate revenues	—		—		—		99		(99)		—
	1,503		806		3,371		105		(99)		5,686
Operating Expenses:
Lease operating expenses	335		274		283		—		(1)		891
Gathering, processing, and transmission	8		28		225		24		(98)		187
Purchased oil and gas costs	—		—		1,147		5		—		1,152
Taxes other than income	—		—		139		10		—		149
Exploration	36		27		21		—		25		109
Depreciation, depletion, and amortization	395		208		416		9		—		1,028
Asset retirement obligation accretion	—		59		23		3		—		85
Impairments	—		18		—		—		—		18
	774		614		2,254		51		(74)		3,619
Operating Income (Loss)(2)	$	729	$	192	$	1,117	$	54	$	(25)	2,067

Other Income (Expense):
Derivative instrument gains, net											45
Loss on offshore decommissioning contingency											(446)
Gain on divestitures, net											65
Other, net											175
General and administrative											(239)
Transaction, reorganization, and separation											(8)
Financing costs, net											(422)
Income Before Income Taxes											$	1,237

Total Assets(3)	$	2,887	$	2,080	$	6,197	$	1,853	$	293	$	13,310

(1)Includes revenue from non-customers for the quarters and nine months ended September 30, 2022 and 2021 of:


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021

	(In millions)
Oil	$	227	$	112	$	779	$	302
Natural gas	26		11		87		33
Natural gas liquids	—		1		2		1

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests in Egypt and Altus prior to deconsolidation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule Of Significant Accounting Policies [Line Items]
Impairments	$ 0	$ 18,000,000	$ 0	$ 18,000,000
Receivables from contracts with customer, net	$ 1,800,000,000		$ 1,800,000,000		$ 1,300,000,000
Kinetik
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	10.00%		10.00%
Sinopec \| Apache Egypt
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	33.33%		33.33%
Third-Party Investors \| ALTM
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	21.00%		21.00%

ACQUISITIONS AND DIVESTITURES - Additional Information (Details) - USD ($) shares in Millions, $ in Millions			1 Months Ended	3 Months Ended			9 Months Ended
	Jul. 29, 2022	Feb. 22, 2022	Mar. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 21, 2022
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties							$ 778	$ 239
Gain on deconsolidation of ALTM		$ 609
Shares sold (in shares)			4
Proceeds from sale of stock			$ 224
Kinetik
Business Acquisition [Line Items]
Shares sold (in shares)			4
Loss on sale of stock			$ 25
Expected future minimum investment, period					24 months
Expected future minimum investment, amount			$ 100		$ 100
Kinetik
Business Acquisition [Line Items]
Ownership percentage by noncontrolling owners				10.00%			10.00%
Apache Midstream LLC \| ALTM
Business Acquisition [Line Items]
Ownership percentage by parent									79.00%
BCP Business Combination \| ALTM \| ALTM
Business Acquisition [Line Items]
Ownership percentage by noncontrolling owners		20.00%
BCP Business Combination \| ALTM \| Class C Common Stock
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares (in shares)		50
BCP Business Combination \| BCP Business Combination Contributor \| Kinetik
Business Acquisition [Line Items]
Ownership percentage by parent		75.00%
Non-Core Assets And Leasehold \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties				$ 37			$ 52
Gain (loss) on sale of non-core assets				34			36
Non-Core Mineral Rights \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties					726
Gain (loss) on sale of non-core assets					$ 560
Delaware Basin
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration	$ 593
Abandonment obligations	4
Permian Basin
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration				$ 3			$ 30	6
Permian Basin \| Disposed of by Sale
Business Acquisition [Line Items]
Gain (loss) on sale of non-core assets								2
Permian Basin \| Non-Core Assets And Leasehold \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties								$ 65
Permian Basin \| Non-Core Assets \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties						$ 176
Gain (loss) on sale of non-core assets						63
Carrying value of non-core assets disposed						157
Asset retirement obligation assumed						$ 44
Proved Properties \| Delaware Basin
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration	567
Unproved Leasehold \| Delaware Basin
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration	$ 30

ACQUISITIONS AND DIVESTITURES - Components of Deconsolidation (Details) - USD ($)
$ in Millions

Feb. 22, 2022

Sep. 30, 2022

Dec. 31, 2021

Business Acquisition [Line Items]

Fair value of Kinetik Class A Common Stock held by Company

^[1]

$ 602

$ 1,365

ASSETS:

Cash and cash equivalents

$ 143

Other current assets

Property and equipment, net

184

Total assets deconsolidated

1,367

Other noncurrent assets

1,735

LIABILITIES:

Current liabilities

Long-term debt

657

Other noncurrent liabilities

168

Total liabilities deconsolidated

828

Noncontrolling Interest [Abstract]

Redeemable noncontrolling interest preferred unit limited partners

642

Noncontrolling interest-Altus

Total noncontrolling interests deconsolidated

714

Net effect of deconsolidating balance sheet

(193)

Gain on deconsolidation of ALTM

609

Kinetik

Business Acquisition [Line Items]

Fair value of Kinetik Class A Common Stock held by Company

$ 802

$ 602

$ 0

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

CAPITALIZED EXPLORATORY WELL COSTS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Extractive Industries [Abstract]
Capitalized exploratory well costs	$ 519	$ 321

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) £ in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2021 USD ($)	Sep. 30, 2022 GBP (£) Counterparty $ / MMBTU
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative counterparties \| Counterparty		12
Foreign currency derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| £		£ 15
Derivative, weighted average floor price (USD per MMBtu)		1.29
Derivative, weighted average ceiling price (USD per MMBtu)		1.39
Financial Contracts, Gas Daily Pricing
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain in connection with contracts \| $	$ 147

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Derivative asset	$ 3	$ 0
Liabilities:
Derivative liability	99	113
Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Derivative asset, netting	3
Derivative asset	3
Liabilities:
Derivative liability, fair value	88	10
Derivative liability, netting	3	0
Derivative liability	91	10
Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	8
Derivative liability, netting	0
Derivative liability	8
Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		46
Derivative liability, netting		0
Derivative liability		46
Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		57
Derivative liability, netting		0
Derivative liability		57
Quoted Price in Active Markets (Level 1) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	0	0
Quoted Price in Active Markets (Level 1) \| Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	0
Quoted Price in Active Markets (Level 1) \| Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		0
Quoted Price in Active Markets (Level 1) \| Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		0
Significant Other Inputs (Level 2) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	88	10
Significant Other Inputs (Level 2) \| Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	8
Significant Other Inputs (Level 2) \| Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		46
Significant Other Inputs (Level 2) \| Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		0
Significant Unobservable Inputs (Level 3) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	$ 0
Significant Unobservable Inputs (Level 3) \| Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		0
Significant Unobservable Inputs (Level 3) \| Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		$ 57

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities and Locations on Consolidated Balance Sheet (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3	$ 0
Derivative liability	99	113
Current Assets: Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Other Assets: Deferred charges and other
Derivatives, Fair Value [Line Items]
Derivative asset	3	0
Current Liabilities: Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	96	4
Deferred Credits and Other Noncurrent Liabilities: Other
Derivatives, Fair Value [Line Items]
Derivative liability	$ 3	$ 109

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Activities Recorded in the Statement of Consolidated Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss), net			$ (119)	$ (18)
Derivative instrument gains (losses), net	$ (44)	$ 0	(138)	45
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss), net	(8)	(37)	(19)	63
Unrealized gain (loss), net	(36)	37	(119)	(18)
Derivative instrument gains (losses), net	(44)	0	(138)	45
Commodity derivative instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss), net	(2)	(37)	(11)	63
Unrealized gain (loss), net	(35)	29	(79)	(43)
Foreign currency derivative instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss), net	(6)	0	(8)	0
Unrealized gain (loss), net	(1)	0	(9)	0
Pipeline capacity embedded derivatives \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss), net	0	3	0	6
Preferred Units embedded derivative \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss), net	$ 0	$ 5	$ (31)	$ 19

OTHER CURRENT ASSETS (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Inventories

$ 491

$ 473

Drilling advances

Prepaid assets and other

Current decommissioning security for sold Gulf of Mexico assets

350

100

Total Other current assets

^[1]

$ 939

$ 684

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

EQUITY METHOD INTERESTS - Additional Information (Details) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022	Sep. 30, 2022 USD ($) shares	Feb. 22, 2022 shares	Dec. 31, 2021 entity
Schedule of Equity Method Investments [Line Items]
Shares sold (in shares) \| shares	4.0
Kinetik
Schedule of Equity Method Investments [Line Items]
Equity method investment, number of shares (in share) \| shares		18.5		18.5	12.9
Shares sold (in shares) \| shares	4.0
Loss on sale of stock \| $	$ 25
Dividends paid-in-kind (in shares) \| shares		0.4		0.7
Equity method investment, fair value adjustment gain (loss) \| $		$ (30)		$ 23
Interest percentage		13.00%		13.00%
Gathering, processing and transportation costs \| $		$ 28		$ 64
Gathering, processing and transportation costs payable \| $		$ 18		$ 18
Kinetik \| Kinetik
Schedule of Equity Method Investments [Line Items]
Stock split conversion ratio			2
ALTM
Schedule of Equity Method Investments [Line Items]
Number of long-haul pipeline entities \| entity						4

EQUITY METHOD INTERESTS - Roll forward Activity of Kinetik Holdings (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2022

Movement In Equity Method Interests [Roll Forward]

^[1]

$ 1,365

Movement In Equity Method Interests [Roll Forward]

^[1]

$ 602

602

Kinetik

Initial interest upon closing the BCP Business Combination

802

Sale of Class A shares

(250)

Paid-in-kind dividend

Fair value adjustments

(30)

Schedule of Equity Method Investments [Line Items]

$ 602

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

EQUITY METHOD INTERESTS - Summary of Investments (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Schedule of Equity Method Investments [Line Items]

^[1]

$ 602

$ 1,365

ALTM

Gulf Coast Express Pipeline, LLC

$ 1,365

Schedule of Equity Method Investments [Line Items]

Gulf Coast Express Pipeline, LLC | ALTM

16.00%

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

$ 274

EPIC Crude Holdings, LP

EPIC Crude Holdings, LP | ALTM

15.00%

Schedule of Equity Method Investments [Line Items]

Permian Highway Pipeline, LLC

$ 0

Schedule of Equity Method Investments [Line Items]

Permian Highway Pipeline, LLC | ALTM

26.70%

Schedule of Equity Method Investments [Line Items]

Shin Oak Pipeline (Breviloba, LLC)

$ 630

Schedule of Equity Method Investments [Line Items]

Shin Oak Pipeline (Breviloba, LLC) | ALTM

33.00%

Schedule of Equity Method Investments [Line Items]

Movement In Equity Method Interests [Roll Forward]

$ 0

$ 461

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

EQUITY METHOD INTERESTS - Rollforward Activity (Details)
$ in Millions

9 Months Ended

Sep. 30, 2022

USD ($)

$ 1,365

^[1]

Movement In Equity Method Interests [Roll Forward]

602

^[1]

ALTM

1,365

(21)

(1,367)

Gulf Coast Express Pipeline LLC | ALTM

Movement In Equity Method Interests [Roll Forward]

274

(5)

(277)

EPIC Crude Holdings, LP | ALTM

Movement In Equity Method Interests [Roll Forward]

(2)

Permian Highway Pipeline LLC | ALTM

Movement In Equity Method Interests [Roll Forward]

630

(9)

(631)

Movement In Equity Method Interests [Roll Forward]

Breviloba, LLC | ALTM

461

(7)

(459)

Accrued operating expenses

$ 0

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Payables and Accruals [Abstract]

$ 157

$ 129

Accrued exploration and development

368

207

Accrued compensation and benefits

308

292

Accrued interest

107

Accrued income taxes

145

Current asset retirement obligation

Current operating lease liability

114

Current portion of derivatives at fair value

Current decommissioning contingency for sold Gulf of Mexico properties

350

100

Total Other current liabilities

258

164

^[1]

$ 1,905

$ 1,171

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

ASSET RETIREMENT OBLIGATION (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Asset retirement obligation at the beginning of period

$ 2,130

(34)

(4)

Asset retirement obligation at the end of period

(69)

Accretion expense

$ 29

$ 85

2,118

Less current portion

(40)

$ (41)

Asset retirement obligation, long-term

^[1]

$ 2,078

$ 2,089

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

DEBT AND FINANCING COSTS - Schedule of Debt (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Apache finance lease obligations

$ 34

$ 36

Unamortized discount

(28)

(30)

Debt issuance costs

(29)

(39)

Total debt

5,529

7,510

Current maturities

(125)

(215)

Long-term debt

^[1]

5,404

7,295

Apache notes and debentures

Debt instrument, fair value

4,300

7,100

Apache notes and debentures | Unsecured Debt

Altus credit facility | Line of Credit | Revolving Credit Facility

Long-term debt, gross

5,032

6,344

Syndicated credit facility | Line of Credit | Revolving Credit Facility

Credit facility

657

Credit facility

$ 520

$ 542

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

DEBT AND FINANCING COSTS - Additional Information (Details)		3 Months Ended			9 Months Ended
	Apr. 29, 2022 USD ($) agreement option	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 GBP (£)	Apr. 29, 2022 GBP (£) agreement	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)
Debt Instrument [Line Items]
Finance lease obligations, current		$ 2,000,000			$ 2,000,000				$ 2,000,000
Loss on extinguishment of debt		0		$ 105,000,000	67,000,000	$ 104,000,000
Number of syndicated credit agreements \| agreement	2							2
Senior Notes \| Cash Tender Offers
Debt Instrument [Line Items]
Debt repurchased principal amount			$ 1,100,000,000
Debt instrument repurchase program			1,200,000,000
Loss on extinguishment of debt			66,000,000
Debt instrument, unamortized discount and issuance costs			11,000,000
Senior Notes \| Open Market Repurchase
Debt Instrument [Line Items]
Debt repurchased principal amount			15,000,000
Debt instrument repurchase program			16,000,000
Loss on extinguishment of debt			1,000,000
Premium (discount) to par of debt repurchase			1,000,000
Senior Notes Due April 15, 2022 \| Senior Notes
Debt Instrument [Line Items]
Current debt outstanding amount			$ 213,000,000
Debt instrument, stated interest rate			3.25%
Redemption price, percentage of principal amount			100.00%
Former Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, terminated Amount	$ 4,000,000,000
Line of credit facility, covenant benchmark amount	$ 1,000,000,000
Apache credit facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount							£ 117,000,000		17,000,000
Senior Notes \| Senior Notes Due January 15, 2023
Debt Instrument [Line Items]
Current debt outstanding amount		$ 123,000,000			$ 123,000,000
Debt instrument, stated interest rate		2.625%			2.625%		2.625%
Redemption price, percentage of principal amount		100.00%
Senior Notes \| Senior Notes Due April 15, 2022
Debt Instrument [Line Items]
Current debt outstanding amount									$ 213,000,000
Debt instrument, stated interest rate									3.25%	3.25%
Line of Credit \| USD Agreement
Debt Instrument [Line Items]
Debt instrument term	5 years
Line of credit facility, committed amount	$ 1,800,000,000
Line of credit facility, increased committed amount	$ 2,300,000,000
Line of credit facility, number of extension options \| option	2
Debt extension term	1 year
Line of Credit \| USD Agreement \| Letter of Credit
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 750,000,000
Line of credit facility, current borrowing capacity	150,000,000
Principal amount outstanding	$ 300,000,000
Letters of credit outstanding, amount		$ 20,000,000			$ 20,000,000
Line of Credit \| GBP Agreement
Debt Instrument [Line Items]
Debt instrument term	5 years
Line of credit facility, committed amount \| £								£ 1,500,000,000
Line of credit facility, number of extension options \| option	2
Debt extension term	1 year
Line of Credit \| GBP Agreement \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount \| £							£ 748,000,000
Line of Credit \| Former Facility
Debt Instrument [Line Items]
Credit facility									$ 542,000,000
Line of Credit \| Former Facility \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount									20,000,000	£ 748,000,000
Line of Credit \| Syndicated credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 520,000,000			$ 520,000,000				$ 542,000,000

DEBT AND FINANCING COSTS - Components of Financing Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Interest expense	$ 80	$ 102	$ 249	$ 324
Amortization of debt issuance costs	1	1	8	6
Capitalized interest	(5)	(2)	(13)	(6)
Loss on extinguishment of debt	0	105	67	104
Interest income	(1)	(1)	(8)	(6)
Financing costs, net	$ 75	$ 205	$ 303	$ 422

INCOME TAXES (Details) $ in Millions	3 Months Ended
INCOME TAXES (Details) $ in Millions	Sep. 30, 2022 USD ($)
Foreign Tax Authority
Deferred Tax Expense [Line Items]
Deferred tax expense, remeasurement of deferred tax liability	$ 230

COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions

12 Months Ended

Sep. 10, 2020

defendant

Sep. 11, 2019

USD ($)

plaintiff

Dec. 20, 2017

Action

Jul. 17, 2017

Action

defendant

Mar. 21, 2016

USD ($)

Mar. 20, 2016

USD ($)

Dec. 31, 2020

USD ($)

sidetrack

Dec. 31, 2013

USD ($)

source

Sep. 30, 2022

USD ($)

bond

subsidiary

Dec. 31, 2021

USD ($)

Dec. 31, 2017

AUD ($)

Apr. 30, 2017

AUD ($)

Mar. 12, 2014

USD ($)

Accrued liability for legal contingencies

$ 30,000,000

Environmental tax and royalty obligations

$ 100,000,000

Retain right of obligations

45,000,000

Undiscounted reserve for environmental remediation

2,000,000

Standby loan agreed to provide related to ARO

400,000,000

Decommissioning contingency for sold

1,200,000,000

Decommissioning Contingency for sold properties

^[1]

801,000,000

$ 1,086,000,000

Current decommissioning contingency for sold Gulf of Mexico properties

350,000,000

100,000,000

Decommissioning security for sold properties

726,000,000

Trust account for disposal group, number of net profits interests

^[1]

376,000,000

$ 640,000,000

Current decommissioning security for sold Gulf of Mexico assets

$ 350,000,000

Gulf Of Mexico Shelf Operations and Properties | Disposed of by Sale

Proceeds from sale of operations and properties

$ 3,750,000,000

Trust account for disposal group, number of net profits interests | source

Number of bond held | bond

Number of debt instrument held | subsidiary

Minimum

AROs, estimated liability

$ 1,200,000,000

Maximum

AROs, estimated liability

1,400,000,000

Apollo Exploration Lawsuit

Apollo Exploration Lawsuit | Minimum

$ 200,000,000

Australian Operations Divestiture Dispute | Apache Australia Operation

$ 1,100,000,000

Gain contingency, unrecorded amount

$ 80

Loss contingency, estimated of possible loss amount

$ 200

Canadian Operations Divestiture Dispute

Number of plaintiffs | plaintiff

$ 60,000,000

California Litigation

Number of actions filed | Action

Number of defendants | defendant

Delaware Litigation

Number of defendants | defendant

Castex Lawsuit

Loss contingency, estimated of possible loss amount

$ 200,000,000

$ 60,000,000

$ 13,500,000

Number of sidetracks | sidetrack

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

REDEMABLE NONCONTROLLING INTEREST - ALTUS - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended
	Jun. 12, 2019	Mar. 31, 2022
Class of Stock [Line Items]
Proceeds from sale of stock		$ 224
Altus Midstream LP \| Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners
Class of Stock [Line Items]
Proceeds from sale of stock	$ 625
Proceeds from issuance or sale of equity	$ 611

REDEMABLE NONCONTROLLING INTEREST - ALTUS - Activity Related to Preferred Units (Details) - USD ($)
$ in Millions

2 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Feb. 22, 2022

Sep. 30, 2022

Sep. 30, 2021

^[3]

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Increase (Decrease) in Temporary Equity [Roll Forward]

Beginning balance

^[1]

$ 712

Ending balance

^[1]

$ 0

$ 712

Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners

Increase (Decrease) in Temporary Equity [Roll Forward]

Beginning balance

712

^[2]

^[3]

$ 617

712

^[2]

$ 608

^[2]

608

^[2]

Cash distributions to Altus Preferred Unit limited partners

^[2]

(34)

Distributions payable to Altus Preferred Unit limited partners

(12)

^[2]

Ending balance

$ 0

^[3]

$ 635

$ 0

^[3]

$ 635

^[3]

$ 712

^[2]

Altus Midstream LP

Increase (Decrease) in Temporary Equity [Roll Forward]

Accreted value adjustment

Preferred Units embedded derivative

Redeemable noncontrolling interest, net of embedded derivative liability

(731)

$ 0

Altus Midstream LP | Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners

Movement In Preferred Units [Roll Forward]

Preferred units: beginning of period (in shares)

660,694

Preferred units: end of period (in shares)

660,694,000

660,694

Increase (Decrease) in Temporary Equity [Roll Forward]

Beginning balance

$ 712

$ 608

Cash distributions to Altus Preferred Unit limited partners

(46)

Distributions payable to Altus Preferred Unit limited partners

(12)

Allocation of Altus Midstream LP net income

Accreted value adjustment

(82)

Ending balance

$ 642

$ 712

[1]	The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.
[2]	As a result of the BCP Business Combination, the Company deconsolidated Altus on February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.
[3]	As a result of the BCP Business Combination, the Company deconsolidated Altus on February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

CAPITAL STOCK - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended				9 Months Ended		36 Months Ended
	Oct. 31, 2022 $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 $ / shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares	Dec. 31, 2018 shares
Class of Stock [Line Items]
Common stock, conversion ratio		1				1
Options and restricted stock, anti-dilutive (in shares)		2,100,000		3,200,000		2,500,000	3,400,000
Number of shares authorized to be repurchased (in shares)									40,000,000
Treasury shares acquired (in shares)		9,800,000				24,000,000		0
Additional number of shares authorized to be repurchased (in shares)		40,000,000	40,000,000
Treasure stock acquired, average price (in USD per share) \| $ / shares		$ 33.86				$ 36.78
Remaining authorized repurchase amount (in shares)		64,800,000				64,800,000
Payments of dividend on common stock \| $		$ 41		$ 9		$ 127	$ 28
Common stock, dividends, per share (in USD per share) \| $ / shares		$ 0.25	$ 0.125	$ 0.0625	$ 0.025	$ 0.50	$ 0.1125
Subsequent Event
Class of Stock [Line Items]
Treasury shares acquired (in shares)	2,100,000
Treasure stock acquired, average price (in USD per share) \| $ / shares	$ 40.40
Remaining authorized repurchase amount (in shares)	62,700,000

CAPITAL STOCK - Net Income (loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic:
Net income (loss) attributable to common stock	$ 422	$ (113)	$ 3,231	$ 591
Weighted average number of shares outstanding, basic (in shares)	329	379	339	378
Basic net income (loss) per share (in USD per share)	$ 1.28	$ (0.30)	$ 9.54	$ 1.56
Diluted:
Income (loss) attributable to common stock	$ 422	$ (113)	$ 3,231	$ 581
Income (loss) attributable to common stock (in shares)	330	379	340	379
Diluted net income(loss) per share (in USD per share)	$ 1.28	$ (0.30)	$ 9.51	$ 1.53
Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners
Effect of Dilutive Securities:
Stock options and other, per share (in USD per share)			$ 0	$ (0.03)
Stock options and other			$ 0	$ (10)
Stock options and other
Effect of Dilutive Securities:
Stock options and other, shares (in shares)	1	0	1	1
Stock options and other, per share (in USD per share)	$ 0	$ 0	$ (0.03)	$ 0
Stock options and other	$ 0	$ 0	$ 0	$ 0

BUSINESS SEGMENT INFORMATION - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reporting segments	3

BUSINESS SEGMENT INFORMATION - Financial Segment Information (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

^[1]

$ 364,000,000

$ 316,000,000

$ 1,067,000,000

$ 891,000,000

82,000,000

54,000,000

230,000,000

149,000,000

95,000,000

34,000,000

193,000,000

109,000,000

310,000,000

335,000,000

879,000,000

1,028,000,000

29,000,000

87,000,000

85,000,000

18,000,000

1,552,000,000

1,250,000,000

4,182,000,000

3,619,000,000

1,335,000,000

809,000,000

4,421,000,000

2,067,000,000

Loss on offshore decommissioning contingency

(446,000,000)

Derivative instrument losses, net

(44,000,000)

(138,000,000)

45,000,000

Loss on divestitures, net

31,000,000

(2,000,000)

1,180,000,000

65,000,000

Other, net

(2,000,000)

40,000,000

107,000,000

175,000,000

General and administrative

(69,000,000)

(70,000,000)

(314,000,000)

(239,000,000)

Transaction, reorganization, and separation

(4,000,000)

(21,000,000)

(8,000,000)

Financing costs, net

(75,000,000)

(205,000,000)

(303,000,000)

(422,000,000)

NET INCOME BEFORE INCOME TAXES

1,172,000,000

122,000,000

4,932,000,000

1,237,000,000

Operating Segments | Egypt

13,629,000,000

^[1]

13,310,000,000

13,629,000,000

^[1]

13,310,000,000

$ 13,303,000,000

119,000,000

117,000,000

381,000,000

335,000,000

29,000,000

14,000,000

56,000,000

36,000,000

97,000,000

128,000,000

285,000,000

395,000,000

1,000,000

2,000,000

3,000,000

6,000,000

250,000,000

263,000,000

737,000,000

774,000,000

573,000,000

267,000,000

1,970,000,000

729,000,000

Operating Segments | North Sea

3,242,000,000

2,887,000,000

3,242,000,000

2,887,000,000

107,000,000

101,000,000

321,000,000

274,000,000

1,000,000

4,000,000

8,000,000

27,000,000

52,000,000

61,000,000

168,000,000

208,000,000

21,000,000

20,000,000

61,000,000

59,000,000

18,000,000

19,000,000

188,000,000

212,000,000

589,000,000

614,000,000

164,000,000

69,000,000

589,000,000

192,000,000

Operating Segments | U.S.

2,185,000,000

2,080,000,000

2,185,000,000

2,080,000,000

138,000,000

98,000,000

366,000,000

283,000,000

82,000,000

52,000,000

227,000,000

139,000,000

16,000,000

3,000,000

21,000,000

161,000,000

143,000,000

424,000,000

416,000,000

8,000,000

25,000,000

23,000,000

15,000,000

2,000,000

19,000,000

1,065,000,000

782,000,000

2,756,000,000

2,254,000,000

647,000,000

466,000,000

1,960,000,000

1,117,000,000

Reportable Legal Entities | Altus Midstream

7,675,000,000

6,197,000,000

7,675,000,000

6,197,000,000

35,000,000

16,000,000

99,000,000

2,000,000

3,000,000

10,000,000

3,000,000

2,000,000

9,000,000

1,000,000

3,000,000

15,000,000

11,000,000

51,000,000

20,000,000

10,000,000

54,000,000

Intersegment Eliminations & Other

1,853,000,000

(35,000,000)

(16,000,000)

(99,000,000)

(1,000,000)

49,000,000

13,000,000

108,000,000

25,000,000

49,000,000

(22,000,000)

89,000,000

(74,000,000)

(49,000,000)

(13,000,000)

(108,000,000)

(25,000,000)

Oil and gas, excluding purchased

527,000,000

293,000,000

527,000,000

293,000,000

Oil, natural gas, and natural gas liquids production revenues

2,302,000,000

1,685,000,000

7,147,000,000

4,630,000,000

Oil and gas, excluding purchased | Operating Segments | Egypt

^[2]

99,000,000

68,000,000

274,000,000

187,000,000

Oil, natural gas, and natural gas liquids production revenues

823,000,000

530,000,000

2,707,000,000

1,503,000,000

Oil and gas, excluding purchased | Operating Segments | North Sea

5,000,000

4,000,000

15,000,000

8,000,000

Oil, natural gas, and natural gas liquids production revenues

352,000,000

281,000,000

1,178,000,000

806,000,000

Oil and gas, excluding purchased | Operating Segments | U.S.

7,000,000

8,000,000

31,000,000

28,000,000

Oil, natural gas, and natural gas liquids production revenues

1,127,000,000

874,000,000

3,265,000,000

2,321,000,000

Oil and gas, excluding purchased | Reportable Legal Entities | Altus Midstream

87,000,000

82,000,000

241,000,000

225,000,000

Oil, natural gas, and natural gas liquids production revenues

Oil and gas, excluding purchased | Intersegment Eliminations & Other

9,000,000

5,000,000

24,000,000

Oil, natural gas, and natural gas liquids production revenues

(3,000,000)

(35,000,000)

(18,000,000)

(98,000,000)

585,000,000

374,000,000

1,456,000,000

1,056,000,000

Purchased oil and gas sales | Operating Segments | Egypt

573,000,000

396,000,000

1,452,000,000

1,152,000,000

Purchased oil and gas sales | Operating Segments | North Sea

Purchased oil and gas sales | Operating Segments | U.S.

585,000,000

374,000,000

1,451,000,000

1,050,000,000

Purchased oil and gas sales | Reportable Legal Entities | Altus Midstream

573,000,000

396,000,000

1,452,000,000

1,147,000,000

5,000,000

6,000,000

Purchased oil and gas sales | Intersegment Eliminations & Other

5,000,000

Oil and gas

Oil and gas | Operating Segments | Egypt

2,887,000,000

2,059,000,000

8,603,000,000

5,686,000,000

Oil and gas | Operating Segments | North Sea

823,000,000

530,000,000

2,707,000,000

1,503,000,000

Oil and gas | Operating Segments | U.S.

352,000,000

281,000,000

1,178,000,000

806,000,000

Oil and gas | Reportable Legal Entities | Altus Midstream

1,712,000,000

1,248,000,000

4,716,000,000

3,371,000,000

Oil and gas | Intersegment Eliminations & Other

35,000,000

21,000,000

105,000,000

(35,000,000)

(19,000,000)

(99,000,000)

Oil revenues

Revenue from non-customers

227,000,000

112,000,000

779,000,000

302,000,000

Oil revenues | Oil and gas, excluding purchased

Oil, natural gas, and natural gas liquids production revenues

1,672,000,000

1,182,000,000

5,252,000,000

3,314,000,000

Oil revenues | Oil and gas, excluding purchased | Operating Segments | Egypt

Oil, natural gas, and natural gas liquids production revenues

739,000,000

465,000,000

2,431,000,000

1,299,000,000

Oil revenues | Oil and gas, excluding purchased | Operating Segments | North Sea

Oil, natural gas, and natural gas liquids production revenues

303,000,000

233,000,000

938,000,000

690,000,000

Oil revenues | Oil and gas, excluding purchased | Operating Segments | U.S.

Oil, natural gas, and natural gas liquids production revenues

630,000,000

484,000,000

1,883,000,000

1,325,000,000

Oil revenues | Oil and gas, excluding purchased | Reportable Legal Entities | Altus Midstream

Oil, natural gas, and natural gas liquids production revenues

Oil revenues | Oil and gas, excluding purchased | Intersegment Eliminations & Other

Oil, natural gas, and natural gas liquids production revenues

Natural gas revenues

Revenue from non-customers

26,000,000

11,000,000

87,000,000

33,000,000

Natural gas revenues | Oil and gas, excluding purchased

Oil, natural gas, and natural gas liquids production revenues

428,000,000

293,000,000

1,241,000,000

831,000,000

Natural gas revenues | Oil and gas, excluding purchased | Operating Segments | Egypt

Oil, natural gas, and natural gas liquids production revenues

84,000,000

63,000,000

270,000,000

198,000,000

Natural gas revenues | Oil and gas, excluding purchased | Operating Segments | North Sea

Oil, natural gas, and natural gas liquids production revenues

44,000,000

42,000,000

207,000,000

100,000,000

Natural gas revenues | Oil and gas, excluding purchased | Operating Segments | U.S.

Oil, natural gas, and natural gas liquids production revenues

300,000,000

188,000,000

764,000,000

533,000,000

Natural gas revenues | Oil and gas, excluding purchased | Reportable Legal Entities | Altus Midstream

Oil, natural gas, and natural gas liquids production revenues

Natural gas revenues | Oil and gas, excluding purchased | Intersegment Eliminations & Other

Oil, natural gas, and natural gas liquids production revenues

Natural gas liquids revenues

Revenue from non-customers

1,000,000

2,000,000

1,000,000

Natural gas liquids revenues | Oil and gas, excluding purchased

Oil, natural gas, and natural gas liquids production revenues

202,000,000

210,000,000

654,000,000

485,000,000

Natural gas liquids revenues | Oil and gas, excluding purchased | Operating Segments | Egypt

Oil, natural gas, and natural gas liquids production revenues

2,000,000

6,000,000

Natural gas liquids revenues | Oil and gas, excluding purchased | Operating Segments | North Sea

Oil, natural gas, and natural gas liquids production revenues

5,000,000

6,000,000

33,000,000

16,000,000

Natural gas liquids revenues | Oil and gas, excluding purchased | Operating Segments | U.S.

Oil, natural gas, and natural gas liquids production revenues

197,000,000

202,000,000

618,000,000

463,000,000

Natural gas liquids revenues | Oil and gas, excluding purchased | Reportable Legal Entities | Altus Midstream

Oil, natural gas, and natural gas liquids production revenues

Natural gas liquids revenues | Oil and gas, excluding purchased | Intersegment Eliminations & Other