0001673379-23-000003 | 10-K | XBRL Viewer | Apache Offshore Investment Partnership

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Cover	12 Months Ended
Cover	Dec. 31, 2022 USD ($) shares
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-13546
Entity Registrant Name	APACHE OFFSHORE INVESTMENT PARTNERSHIP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1464066
Entity Address, Address Line One	One Post Oak Central, 2000 Post Oak Boulevard, Suite 100,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056-4400
City Area Code	713
Local Phone Number	296-6000
Title of 12(g) Security	Partnership Units
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float \| $	$ 0
Entity Common Stock, Shares Outstanding \| shares	1,018.5
Documents Incorporated by Reference	Portions of APA Corporation’s proxy statement relating to its 2023 annual meeting of stockholders (the APA Proxy Statement) have been incorporated by reference into Part III hereof. On March 1, 2021, Apache Corporation (Apache) consummated a holding company reorganization (the Holding Company Reorganization), pursuant to which, Apache became a wholly-owned subsidiary of APA Corporation (APA), APA became the successor issuer to Apache pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended, and APA replaced Apache as the public company trading on the Nasdaq Global Select Market under the ticker symbol “APA.”
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000727538

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Location	Houston, Texas
Auditor Name	Ernst & Young LLP

STATEMENT OF CONSOLIDATED OPERATIONS - USD ($)	12 Months Ended
STATEMENT OF CONSOLIDATED OPERATIONS - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Oil and gas sales	$ 1,754,553	$ 468,438	$ 619,161
Interest income	48,122	341	24,034
Total Revenues	1,802,675	468,779	643,195
EXPENSES:
Depreciation, depletion and amortization recurring	390,497	162,564	200,045
Asset retirement obligation accretion	81,770	52,858	52,943
Lease operating expenses	433,988	613,284	391,751
Gathering and transportation costs	22,919	6,879	10,736
Administrative	298,285	289,925	320,704
Total Expenses	1,227,459	1,125,510	976,179
NET INCOME (LOSS)	575,216	(656,731)	(332,984)
NET INCOME (LOSS) ALLOCATED TO:
Managing Partner	175,569	(103,179)	(35,828)
Investing Partners	399,647	(553,552)	(297,156)
NET INCOME (LOSS)	$ 575,216	$ (656,731)	$ (332,984)
NET INCOME (LOSS) PER INVESTING PARTNER UNIT - Basic (in USD per share)	$ 392	$ (543)	$ (291)
WEIGHTED AVERAGE INVESTING PARTNER UNITS OUTSTANDING - Basic (in shares)	1,018.5	1,020.2	1,021.5

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($)	12 Months Ended
STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 575,216	$ (656,731)	$ (332,984)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	390,497	162,564	200,045
Asset retirement obligation accretion	81,770	52,858	52,943
Changes in operating assets and liabilities:
Accrued revenues receivable	(259,936)	95,590	13,103
Receivable from/Payable to Apache Corporation	29,960	2,805	(12,419)
Accrued operating expenses	(171,164)	160,100	(1,152)
Asset retirement expenditures	(26,934)	(232,456)	(492,120)
Net cash provided by (used in) operating activities	619,409	(415,270)	(572,584)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties	0	0	(9)
Net cash used in investing activities	0	0	(9)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from Managing Partner	0	61,587	67,627
Distributions to Managing Partner	(112,108)	0	0
Net cash provided by (used in) financing activities	(112,108)	61,587	67,627
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	507,301	(353,683)	(504,966)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	4,161,783	4,515,466	5,020,432
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 4,669,084	$ 4,161,783	$ 4,515,466

CONSOLIDATED BALANCE SHEET - USD ($)	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 4,669,084	$ 4,161,783
Accrued revenues receivable	259,936	0
Receivable from Apache Corporation	0	2,025
Total Current Assets	4,929,020	4,163,808
OIL AND GAS PROPERTIES, on the basis of full cost accounting:
Proved properties	195,923,083	196,449,399
Less – Accumulated depreciation, depletion and amortization	(192,212,321)	(191,821,824)
Total oil and gas properties, on the basis of full cost accounting	3,710,762	4,627,575
Total Assets	8,639,782	8,791,383
CURRENT LIABILITIES:
Payable to Apache Corporation	27,935	0
Current asset retirement obligation	408,339	450,996
Accrued operating expenses	64,784	235,948
Accrued decommissioning, abandonment, and development costs	9,919	112,852
Total Current Liabilities	510,977	799,796
ASSET RETIREMENT OBLIGATION	1,037,174	1,363,064
PARTNERS’ CAPITAL:
Managing Partner	545,276	481,815
Investing Partners (1,018.5 units outstanding)	6,546,355	6,146,708
Total Partners' Capital	7,091,631	6,628,523
Total liabilities and partners' capital	$ 8,639,782	$ 8,791,383

CONSOLIDATED BALANCE SHEET (Parenthetical) - shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Investing partners, units outstanding (in shares)	1,018.5	1,018.5

STATEMENT OF CONSOLIDATED CHANGES IN PARTNERS' CAPITAL - USD ($)	Total	Managing Partner	Investing Partners
BEGINNING BALANCE at Dec. 31, 2019	$ 7,489,024	$ 491,608	$ 6,997,416
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions (Distributions)	67,627	67,627
Net income (loss)	(332,984)	(35,828)	(297,156)
ENDING BALANCE at Dec. 31, 2020	7,223,667	523,407	6,700,260
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions (Distributions)	61,587	61,587
Net income (loss)	(656,731)	(103,179)	(553,552)
ENDING BALANCE at Dec. 31, 2021	6,628,523	481,815	6,146,708
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions (Distributions)	(112,108)	(112,108)
Net income (loss)	575,216	175,569	399,647
ENDING BALANCE at Dec. 31, 2022	$ 7,091,631	$ 545,276	$ 6,546,355

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Nature of Operations Apache Offshore Investment Partnership, a Delaware general partnership (the Investment Partnership), was formed on October 31, 1983, consisting of Apache Corporation (Apache or Managing Partner) as Managing Partner and public investors (the Investing Partners). The Investment Partnership invested its entire capital in Apache Offshore Petroleum Limited Partnership, a Delaware limited partnership (the Operating Partnership). The primary business of the Investment Partnership is to serve as the sole limited partner of the Operating Partnership. The primary business of the Operating Partnership is to conduct oil and gas development and production operations. The Operating Partnership conducts the operations of the Investment Partnership. The accompanying financial statements include the accounts of both the Investment Partnership and Operating Partnership. The Investing Partners purchased Units of Partnership Interests (Units) in the Investment Partnership at $150,000 per Unit, with five percent down and the balance in payments as called by the Investment Partnership. In 1989, the Investment Partnership determined that the full $150,000 per Unit was not needed, fixed the total calls at $85,000 per Unit, and released the Investing Partners from liability for future calls. The Investment Partnership invested, and will continue to invest, its entire capital in the Operating Partnership. Apache is the managing partner of the Investment Partnership and the general partner of the Operating Partnership, and held approximately five percent of the 1,018.5 Units outstanding at December 31, 2022. As used hereafter, the term “Partnership” refers to the Investment Partnership or the Operating Partnership, as the case may be. Except for an additional interest acquired in Matagorda Island Block 681 and 682 in 1992, the Partnership acquired its oil and gas interests through the purchase of an 85 percent interest in offshore properties acquired by Apache as a co-venturer in a series of oil and gas exploration, development and production activities on 87 federal lease tracts in the Gulf of Mexico, offshore Louisiana and Texas. The remaining 15 percent interest was purchased by an affiliated partnership or retained by Apache. As of December 31, 2022, the Partnership has only one active venture prospect at South Timbalier 295, located offshore Louisiana, with a 7.08 percent working interest. The Partnership’s future financial condition and results of operations will depend largely upon prices received for its oil and natural gas production and the costs of developing and producing reserves. A substantial portion of the Partnership’s production is sold under market-sensitive contracts. Prices for oil and natural gas are subject to fluctuations in response to changes in supply, market uncertainty and a variety of factors beyond the Partnership’s control. These factors include worldwide political instability, the foreign supply of oil and natural gas, the price of foreign imports, the level of consumer demand, and the price and availability of alternative fuels. Under the terms of the Partnership Agreement of the Investment Partnership (the Partnership Agreement), the Investing Partners receive 80 percent and Apache receives 20 percent of revenue. Lease operating, gathering and transportation, and administrative expenses are allocated to the Investing Partners and Apache in the same proportion as revenues. The Investing Partners receive 100 percent of the interest income earned on short-term cash investments. The Investing Partners generally pay for 90 percent and Apache generally pays for 10 percent of exploration and development costs and expenses incurred by the Partnership. However, intangible drilling costs, interest costs and fees or expenses related to the loans incurred by the Partnership are allocated 99 percent to the Investing Partners and one percent to Apache until such time as the amount so allocated to the Investing Partners equals 90 percent of the total amount of such costs, including such costs incurred by Apache prior to the formation of the Partnership. Notice of Withdrawal On March 22, 2019, Apache, as the Managing Partner of the Investment Partnership, gave notice of its intention to withdraw as Managing Partner of the Investment Partnership. The notice described the withdrawal process and certain notice periods required by that process. No party assumed the role of Managing Partner within the 120-day notice period specified by the notice of intention to withdraw. Consequently, Apache will oversee the process of winding up and liquidating the business and affairs of the Investment Partnership. Apache has not made a decision as to when it will complete the process to withdraw as Managing Partner. Right of Presentment In February 1994, an amendment to the Partnership Agreement created a right of presentment under which all Investing Partners had a limited and voluntary right to offer their Units to the Partnership twice each year to be purchased for cash. On April 26, 2019, the Managing Partner determined that, during the withdrawal and dissolution process noted above, it would be inconsistent with the Managing Partner’s fiduciary duties to purchase (or to cause the Investment Partnership to purchase) outstanding Units from the holders thereof pursuant to the right of presentment provided for in Sections 6.9 through 6.14 of the Partnership Agreement. As a result of this determination by the Managing Partner, pursuant to Section 6.12 of the Partnership Agreement, the right of presentment was terminated for 2019 and future periods. Sections 6.9 through 6.14 have “become null and void and of no further force or effect” as provided in Section 6.12 of the Partnership Agreement. Prior to terminating the right of presentment, the Investment Partnership had not made a repurchase under the right of presentment since 2008.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting policies used by the Partnership reflect industry practices and conform to accounting principles generally accepted in the United States (GAAP). Significant policies are discussed below.

Statement Presentation

The accompanying consolidated financial statements include the accounts of the Investment Partnership and the Operating Partnership after elimination of intercompany balances and transactions.

Use of Estimates

The preparation of financial statements in conformity with GAAP and the 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 Partnership bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. The Partnership evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows therefrom (see Note 10—Supplemental Oil and Gas Disclosures (Unaudited)) and the assessment of asset retirement obligations (see Note 8—Asset Retirement Obligation).

Cash Equivalents

The Partnership considers all highly liquid short-term investments with an original maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2022 and 2021, the Partnership had $4.7 million and $4.2 million, respectively, of cash and cash equivalents.

Oil and Gas Properties

The Partnership follows the full-cost method of accounting for its investment in oil and gas properties for financial statement purposes. Under this method of accounting, the Partnership capitalizes all acquisition, exploration and development costs incurred for the purpose of finding oil and gas reserves. The amounts capitalized under this method include dry hole costs, leasehold costs, engineering, geological, exploration, development and other similar costs. All costs related to production and administrative functions are expensed in the period incurred. The Partnership includes the present value of its dismantlement, restoration, and abandonment costs within the capitalized oil and gas property balance as described in Note 8—Asset Retirement Obligation. Unless greater than 25 percent of the Partnership’s reserve volumes are sold, proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs, and gains or losses are not recognized.

Capitalized costs of oil and gas properties are amortized on the future gross revenue method whereby depreciation, depletion and amortization (DD&A) expense is computed quarterly by dividing current period oil and gas sales by estimated future gross revenue from proved oil and gas reserves (including current period oil and gas sales) and applying the resulting rate to the net cost of evaluated oil and gas properties, including estimated future development costs.

Under the full-cost method of accounting, the Partnership limits the capitalized costs of proved oil and gas properties, net of accumulated DD&A, to the estimated future net cash flows from proved oil and gas reserves discounted at 10 percent, plus the lower of cost or fair value of unproved properties included in the costs being amortized, if any. This ceiling test is performed each quarter. If capitalized costs exceed this limit, the excess is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated operations. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. The Partnership did not record any write-downs of capitalized costs during 2022, 2021, or 2020. See Note 10—Supplemental Oil and Gas Disclosures (Unaudited) for a discussion on the calculation of estimated future net cash flows.

Asset Retirement Costs and Obligation

The initial estimated asset retirement obligation related to property and equipment is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to oil and gas properties on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. Accretion expense on the liability is recognized over the estimated productive life of the related assets.

Revenue Recognition

The Partnership applies the provisions of Accounting Standards Codification 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, MMBtu of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Partnership considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Partnership’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant.

Apache, as Managing Partner of the Partnership, markets the Partnership’s share of oil production from South Timbalier 295, the Partnership’s only source of oil and gas revenue. Apache primarily markets to major oil companies, marketing and transportation companies, and refiners at current index prices, adjusted for quality, transportation, and market reflective differentials. The Partnership markets all other production under the joint operating agreements with the operator of its properties. The operator seeks and negotiates oil and gas marketing arrangements with various marketers and purchasers. These contracts provide for sales that are priced at prevailing market prices.

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments-Credit Losses.” The standard changes the impairment model for trade receivables, held-to-maturity debt securities, net investments in leases, loans, and other financial assets measured at amortized cost. This ASU requires the use of a new forward-looking “expected loss” model compared to the previous “incurred loss” model, resulting in accelerated recognition of credit losses. The Partnership adopted this update in the first quarter of 2022. The adoption and implementation of this ASU did not have a material impact on the the Partnership’s financial statements.

The Partnership records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers, which is measured at amortized cost net of any allowance for credit losses. The Partnership routinely assesses the collectability of all material trade and other receivables. The Partnership would accrue an allowance for expected credit losses when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any expected credit losses may be reasonably estimated. As of December 31, 2022, the carrying amounts of trade accounts receivables approximate fair value because of the short-term nature of these instruments. Receivables from contracts with customers totaled $259,936 and nil as of December 31, 2022 and 2021, respectively.

The Partnership has concluded that disaggregating revenue by product appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The table below presents the total oil, gas, and NGLs revenues of the Partnership for the years ended December 31, 2022, 2021 and 2020:


	For the Year Ended December 31,
	2022		2021		2020
Oil	$	1,486,731	$	400,224	$	532,261
Gas	$	227,267	52,273		70,999
NGLs	$	40,555	15,941		15,901
Total Oil and Gas Sales Revenue	$	1,754,553	$	468,438	$	619,161

The Partnership did not have any revenue from non-customers.

Net Income (Loss) Per Investing Unit

The net income (loss) per Investing Partner Unit is calculated by dividing the aggregate Investing Partners’ net income (loss) for the period by the number of weighted average Investing Partner Units outstanding for that period.

Income Taxes

The profit or loss of the Partnership for federal income tax reporting purposes is included in the income tax returns of the partners. Accordingly, no recognition has been given to income taxes in the accompanying financial statements.

Receivable from/Payable to Apache Corporation

The receivable from/payable to Apache Corporation, the Partnership’s Managing Partner, represents the net result of the Investing Partners’ revenue and expenditure transactions in the current month. Generally, cash in this amount will be paid by Apache to the Partnership or transferred to Apache in the month after the Partnership’s transactions are processed and the net results of operations are determined.

Maintenance and Repairs

Maintenance and repairs are charged to expense as incurred.

COMPENSATION TO AFFILIATES

12 Months Ended

Dec. 31, 2022

Text Block [Abstract]

COMPENSATION TO AFFILIATES

Apache is entitled to the following types of compensation and reimbursement for costs and expenses.


	Total Reimbursed by the Investing Partners for the Year Ended December 31,
	2022		2021		2020
	(In thousands)
Apache is reimbursed for general, administrative and overhead expenses incurred in connection with the management and operation of the Partnership’s business	$	239	$	232	$	257

OIL AND GAS PROPERTIES

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

OIL AND GAS PROPERTIES

The following tables contain direct cost information and changes in the Partnership’s oil and gas properties for each of the years referenced. All costs of oil and gas properties are currently being amortized.


	2022		2021		2020
	(In thousands)
Oil and Gas Properties
Balance, beginning of year	$	196,449	$	195,727	$	195,401
Costs incurred during the year:
Development –
Investing Partners	(477)		653		293
Managing Partner	(49)		69		33
Balance, end of year	$	195,923	$	196,449	$	195,727

Development costs for 2022 included downward decommissioning revisions related to future plugging and abandonment cost estimates. During 2021, development costs included upward decommissioning revisions of approximately $671 thousand, primarily related to abandonment cost estimates at South Timbalier 295 properties. During 2020, approximately $326 thousand of upward revisions were recorded for estimated abandonment costs primarily related to revised cost estimates on the Ship Shoal 258/259 properties.


	Managing Partner		Investing Partners		Total
	(In thousands)
Accumulated Depreciation, Depletion and Amortization
Balance, December 31, 2019	$	21,134	$	170,325	$	191,459
Provision	11		189		200
Balance, December 31, 2020	$	21,145	$	170,514	$	191,659
Provision	10		153		163
Balance, December 31, 2021	$	21,155	$	170,667	$	191,822
Provision	20		370		390
Balance, December 31, 2022	$	21,175	$	171,037	$	192,212

The Partnership’s aggregate DD&A expense as a percentage of oil and gas sales for 2022, 2021, and 2020 was 22 percent, 35 percent and 32 percent, respectively.

MAJOR CUSTOMER AND RELATED PARTIES INFORMATION	12 Months Ended
MAJOR CUSTOMER AND RELATED PARTIES INFORMATION	Dec. 31, 2022
Risks and Uncertainties [Abstract]
MAJOR CUSTOMER AND RELATED PARTIES INFORMATION	MAJOR CUSTOMER AND RELATED PARTIES INFORMATION Revenues received from major third-party customers that equaled ten percent or more of oil and gas sales are discussed below. No other third-party customers individually accounted for ten percent or more of oil and gas sales. Remittances from QuarterNorth Energy LLC (formerly Fieldwood Energy LLC) accounted for 15 percent, 15 percent and 14 percent of the Partnership’s oil and gas sales for the years 2022, 2021 and 2020, respectively. During December 2022, Commodore Offshore LLC took over as the third-party contract operator at South Timbalier 295. Approximately 85 percent, 85 percent and 86 percent of the Partnership’s oil and gas sales in 2022, 2021 and 2020, respectively, were to Chevron Products Company. The Partnership’s revenues are derived principally from uncollateralized sales to customers in the oil and gas industry; therefore, customers may be similarly affected by changes in economic and other conditions within the industry. The Partnership has not experienced material credit losses on such sales.

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTSCertain assets and liabilities are reported at fair value on a recurring basis in the Partnership’s consolidated balance sheet. As of December 31, 2022 and December 31, 2021, the carrying amounts of cash, cash equivalents, accounts receivable, and accounts payable were determined to approximate fair value because of the short-term nature or maturity of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation – The Partnership is subject to governmental and regulatory controls arising in the ordinary course of business. It is the opinion of Apache’s management that all claims and litigation involving the Partnership are not likely to have a material adverse effect on its financial position or results of operations. Environmental – The Partnership, as an owner or lessee of interests in oil and gas properties, is subject to various federal, state and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. Apache maintains insurance coverage on the Partnership’s properties, which it believes is customary in the industry, although the Partnership is not fully insured against all environmental risks. On August 3, 2020, Fieldwood Energy LLC, the operator of the Partnership’s producing lease, and certain of its affiliated debtors (collectively, Fieldwood) filed for protection under Chapter 11 of the United States 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, Fieldwood separated its ownership in, and operatorship of, the Partnership’s producing lease, together with several of Fieldwood’s other leases, into a standalone company (GOM Shelf, LLC), which will continue to perform Fieldwood’s obligations with respect to the Partnership’s properties. The reorganization of Fieldwood under the plan is not expected to have any material adverse effect on the Partnership’s operations. With respect to oil and gas operations in the Gulf of Mexico, the Bureau of Ocean Energy Management (BOEM) has issued Notice to Lessees (NTL) No. 2016-N01 pertaining to the obligations of companies to provide supplemental assurances for performance with respect to plugging, abandonment, decommissioning, and site clearance obligations associated with wells, platforms, structures, and facilities located upon or used in connection with such companies’ oil and gas leases. Under this NTL, the implementation of which is currently suspended and which may be revised by the BOEM, the Partnership may be required to provide additional security to BOEM with respect to plugging, abandonment, and decommissioning obligations relating to the Partnership’s current ownership interests in various Gulf of Mexico leases. The Partnership will likely satisfy such requirements through the provision of bonds or other forms of security.

ASSET RETIREMENT OBLIGATION

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATION

The following table describes the changes to the Partnership’s asset retirement obligation (ARO) liability for the years ended December 31, 2022 and 2021:


	2022		2021
Asset retirement obligation at beginning of year	$	1,814,060	$	1,384,524
Accretion expense	81,770		52,858
Liabilities settled	(26,934)		(294,218)
Revisions in estimated liabilities	(423,383)		670,896
Asset retirement obligation at end of year	$	1,445,513	$	1,814,060
Less current portion	(408,339)		(450,996)
Asset retirement obligation, long-term	$	1,037,174	$	1,363,064

The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Partnership’s oil and gas properties. The Partnership utilizes estimates from property operators and current market costs to estimate the expected cash outflows for retirement obligations. The Partnership estimates the ultimate productive life of the properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance.

Liabilities settled primarily relate to individual wells plugged and abandoned and platform decommissioning during the periods presented. The current portion of the ARO liability represents the retirement obligation expected to be incurred in the next twelve months.

During 2021, the upward revision in abandonment liabilities primarily represented higher estimated costs and increased inflation assumptions for South Timbalier 295. During 2022, as certain cost data and assessments became available from increased decommissioning activity on GOM Shelf LLC properties, the Partnership further updated and refined its estimates for abandonment liabilities. This resulted in a downward revision in estimated abandonment liabilities for South Timbalier 295.

Decommissioning and abandonment activities began at Ship Shoal 258/259 upon cessation of the lease in 2018 and were substantially completed during 2021.

TAX-BASIS FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

TAX-BASIS FINANCIAL INFORMATION

A reconciliation of ordinary income for federal income tax reporting purposes to net income under GAAP is as follows:


	2022		2021		2020
Net partnership ordinary income (loss) for federal income tax reporting purposes	$	1,057,799	$	(801,635)	$	(549,623)
Plus: Items of current expense for tax reporting purposes only –
Intangible drilling cost	(38,318)		38,318		9
Dismantlement and abandonment cost	(24,907)		294,218		415,710

Tax depreciation	52,909		27,790		53,908
	(10,316)		360,326		469,627
Less: full cost DD&A expense	(390,497)		(162,564)		(200,045)
Less: asset retirement obligation accretion	(81,770)		(52,858)		(52,943)
Net income (loss)	$	575,216	(656,731)		(332,984)

The Partnership’s tax basis in net oil and gas properties at December 31, 2022, and 2021 was $2,408,881 and $3,260,012, respectively, lower than the carrying value of oil and gas properties under full cost accounting. The difference reflects the timing deductions for depreciation, depletion and amortization, intangible drilling costs and dismantlement and abandonment costs. For federal income tax reporting, the Partnership had capitalized syndication cost of $8,660,878 at each of December 31, 2022 and 2021.

A reconciliation of liabilities for federal income tax reporting purposes to liabilities under GAAP is as follows:


	December 31,
	2022		2021
Liabilities for federal income tax purposes	$	102,638	$	348,800
Asset retirement liability	1,445,513		1,814,060
Liabilities under GAAP	$	1,548,151	$	2,162,860

Asset retirement liabilities for future dismantlement and abandonment costs are not recognized for federal income tax reporting purposes until settled.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited)

Oil and Gas Reserve Information

Proved oil and gas reserves are the estimated quantities of natural gas, crude oil, condensate, and NGLs that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing conditions, operating conditions, and government regulations.

There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The following reserve data represents estimates only and should not be construed as being exact.

(Oil and NGL in Mbbls and gas in MMcf)


	2022			2021			2020
	Oil	NGL	Gas	Oil	NGL	Gas	Oil	NGL	Gas
Proved Reserves
Beginning of year	354	23	654	350	26	597	361	27	626
Extensions, discoveries and other additions	—	—	—	—	—	—	—	—	—
Revisions of previous estimates	20	1	118	11	(2)	74	3	—	(1)
Production	(16)	(1)	(32)	(7)	(1)	(17)	(14)	(1)	(28)
End of year	358	23	740	354	23	654	350	26	597
Proved Developed
Beginning of year	354	23	654	350	26	597	361	27	626
End of year	358	23	740	354	23	654	350	26	597

Oil includes crude oil and condensate.

All the Partnership’s reserves as of December 31, 2022 are located on federal lease tracts in the Gulf of Mexico, offshore Louisiana. Approximately 91 percent of the Partnership’s current proved developed reserves on a barrels of oil equivalent basis are classified as proved not producing. These reserves relate to zones that are either behind pipe, or that have been completed but not yet produced or zones that have been produced in the past, but are now not producing due to mechanical reasons. These reserves may be regarded as less certain than producing reserves because they are frequently based on volumetric calculations rather than performance data. Future production associated with behind pipe reserves is scheduled to follow depletion of the currently producing zones in the same wellbores. It should be noted that additional capital will have to be spent to access these reserves. The capital and economic impact of production timing is reflected in the Partnership’s standardized measure under Future Net Cash Flows.

Future Net Cash Flows

Future cash inflows as of December 31, 2022, 2021, and 2020 were calculated using an unweighted arithmetic average of oil and gas prices in effect on the first day of each month in the respective year, except where prices are defined by contractual arrangements. Operating costs, production and ad valorem taxes and future development costs are based on current costs with no escalation.

The following table sets forth unaudited information concerning future net cash flows from proved oil and gas reserves. As the Partnership pays no income taxes, estimated future income tax expenses are omitted. This information does not purport to present the fair value of the Partnership’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used.

Discounted Future Net Cash Flows Relating to Proved Reserves


	December 31,
	2022		2021		2020
	(In thousands)
Future cash inflows	$	39,193	$	26,244	$	15,329
Future production costs	(7,534)		(6,117)		(5,116)
Future development costs(1)	(4,889)		(5,426)		(3,204)
Net cash flows	26,770		14,701		7,009
10 percent annual discount rate	(10,868)		(6,492)		(2,267)
Discounted future net cash flows	$	15,902	$	8,209	$	4,742

(1) This amount includes estimated abandonment costs.

The following table sets forth the principal sources of change in the discounted future net cash flows:


	For the Year Ended December 31,
	2022		2021		2020
	(In thousands)
Sales, net of production costs	$	(1,298)	$	152	$	(217)
Net change in prices and production costs	5,751		6,044		(5,668)
Revisions of quantities	1,417		577		43

Accretion of discount	821		474		1,040
Changes in future development costs(1)	287		(1,270)		(122)
Previously estimated development costs incurred during the period	27		294		492
Changes in production rates and other	688		(2,804)		(1,226)
	$	7,693	$	3,467	$	(5,658)

(1) This amount includes estimated abandonment costs.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Statement Presentation	Statement Presentation The accompanying consolidated financial statements include the accounts of the Investment Partnership and the Operating Partnership after elimination of intercompany balances and transactions.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP and the 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 Partnership bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. The Partnership evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows therefrom
Cash Equivalents	Cash Equivalents The Partnership considers all highly liquid short-term investments with an original maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2022 and 2021, the Partnership had $4.7 million and $4.2 million, respectively, of cash and cash equivalents.
Oil and Gas Properties	Oil and Gas Properties The Partnership follows the full-cost method of accounting for its investment in oil and gas properties for financial statement purposes. Under this method of accounting, the Partnership capitalizes all acquisition, exploration and development costs incurred for the purpose of finding oil and gas reserves. The amounts capitalized under this method include dry hole costs, leasehold costs, engineering, geological, exploration, development and other similar costs. All costs related to production and administrative functions are expensed in the period incurred. The Partnership includes the present value of its dismantlement, restoration, and abandonment costs within the capitalized oil and gas property balance as described in Note 8—Asset Retirement Obligation. Unless greater than 25 percent of the Partnership’s reserve volumes are sold, proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs, and gains or losses are not recognized. Capitalized costs of oil and gas properties are amortized on the future gross revenue method whereby depreciation, depletion and amortization (DD&A) expense is computed quarterly by dividing current period oil and gas sales by estimated future gross revenue from proved oil and gas reserves (including current period oil and gas sales) and applying the resulting rate to the net cost of evaluated oil and gas properties, including estimated future development costs. Under the full-cost method of accounting, the Partnership limits the capitalized costs of proved oil and gas properties, net of accumulated DD&A, to the estimated future net cash flows from proved oil and gas reserves discounted at 10 percent, plus the lower of cost or fair value of unproved properties included in the costs being amortized, if any. This ceiling test is performed each quarter. If capitalized costs exceed this limit, the excess is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated operations. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. The Partnership did not record any write-downs of capitalized costs during 2022, 2021, or 2020.
Asset Retirement Costs and Obligation	Asset Retirement Costs and Obligation The initial estimated asset retirement obligation related to property and equipment is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to oil and gas properties on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. Accretion expense on the liability is recognized over the estimated productive life of the related assets.
Revenue Recognition	Revenue Recognition The Partnership applies the provisions of Accounting Standards Codification 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, MMBtu of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Partnership considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Partnership’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant. Apache, as Managing Partner of the Partnership, markets the Partnership’s share of oil production from South Timbalier 295, the Partnership’s only source of oil and gas revenue. Apache primarily markets to major oil companies, marketing and transportation companies, and refiners at current index prices, adjusted for quality, transportation, and market reflective differentials. The Partnership markets all other production under the joint operating agreements with the operator of its properties. The operator seeks and negotiates oil and gas marketing arrangements with various marketers and purchasers. These contracts provide for sales that are priced at prevailing market prices. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, “Financial Instruments-Credit Losses.” The standard changes the impairment model for trade receivables, held-to-maturity debt securities, net investments in leases, loans, and other financial assets measured at amortized cost. This ASU requires the use of a new forward-looking “expected loss” model compared to the previous “incurred loss” model, resulting in accelerated recognition of credit losses. The Partnership adopted this update in the first quarter of 2022. The adoption and implementation of this ASU did not have a material impact on the the Partnership’s financial statements. The Partnership records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers, which is measured at amortized cost net of any allowance for credit losses. The Partnership routinely assesses the collectability of all material trade and other receivables. The Partnership would accrue an allowance for expected credit losses when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any expected credit losses may be reasonably estimated. As of December 31, 2022, the carrying amounts of trade accounts receivables approximate fair value because of the short-term nature of these instruments.
Net Income (Loss) Per Investing Unit	Net Income (Loss) Per Investing Unit The net income (loss) per Investing Partner Unit is calculated by dividing the aggregate Investing Partners’ net income (loss) for the period by the number of weighted average Investing Partner Units outstanding for that period.
Income Taxes	Income Taxes The profit or loss of the Partnership for federal income tax reporting purposes is included in the income tax returns of the partners. Accordingly, no recognition has been given to income taxes in the accompanying financial statements.
Receivable from / Payable to Apache Corporation	Receivable from/Payable to Apache Corporation The receivable from/payable to Apache Corporation, the Partnership’s Managing Partner, represents the net result of the Investing Partners’ revenue and expenditure transactions in the current month. Generally, cash in this amount will be paid by Apache to the Partnership or transferred to Apache in the month after the Partnership’s transactions are processed and the net results of operations are determined.
Maintenance and Repairs	Maintenance and Repairs Maintenance and repairs are charged to expense as incurred.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The table below presents the total oil, gas, and NGLs revenues of the Partnership for the years ended December 31, 2022, 2021 and 2020:


	For the Year Ended December 31,
	2022		2021		2020
Oil	$	1,486,731	$	400,224	$	532,261
Gas	$	227,267	52,273		70,999
NGLs	$	40,555	15,941		15,901
Total Oil and Gas Sales Revenue	$	1,754,553	$	468,438	$	619,161

COMPENSATION TO AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2022

Text Block [Abstract]

Schedule of Compensation and Reimbursement for Costs and Expenses

Apache is entitled to the following types of compensation and reimbursement for costs and expenses.


	Total Reimbursed by the Investing Partners for the Year Ended December 31,
	2022		2021		2020
	(In thousands)
Apache is reimbursed for general, administrative and overhead expenses incurred in connection with the management and operation of the Partnership’s business	$	239	$	232	$	257

OIL AND GAS PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Schedule of Direct Cost Information


	2022		2021		2020
	(In thousands)
Oil and Gas Properties
Balance, beginning of year	$	196,449	$	195,727	$	195,401
Costs incurred during the year:
Development –
Investing Partners	(477)		653		293
Managing Partner	(49)		69		33
Balance, end of year	$	195,923	$	196,449	$	195,727

Schedule of Changes in Partnership's Oil and Gas Properties


	Managing Partner		Investing Partners		Total
	(In thousands)
Accumulated Depreciation, Depletion and Amortization
Balance, December 31, 2019	$	21,134	$	170,325	$	191,459
Provision	11		189		200
Balance, December 31, 2020	$	21,145	$	170,514	$	191,659
Provision	10		153		163
Balance, December 31, 2021	$	21,155	$	170,667	$	191,822
Provision	20		370		390
Balance, December 31, 2022	$	21,175	$	171,037	$	192,212

ASSET RETIREMENT OBLIGATION (Tables)

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Changes to Partnership's Asset Retirement Obligation Liability

The following table describes the changes to the Partnership’s asset retirement obligation (ARO) liability for the years ended December 31, 2022 and 2021:


	2022		2021
Asset retirement obligation at beginning of year	$	1,814,060	$	1,384,524
Accretion expense	81,770		52,858
Liabilities settled	(26,934)		(294,218)
Revisions in estimated liabilities	(423,383)		670,896
Asset retirement obligation at end of year	$	1,445,513	$	1,814,060
Less current portion	(408,339)		(450,996)
Asset retirement obligation, long-term	$	1,037,174	$	1,363,064

TAX-BASIS FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Ordinary Income for Federal Income Tax Reporting Purposes

A reconciliation of ordinary income for federal income tax reporting purposes to net income under GAAP is as follows:


	2022		2021		2020
Net partnership ordinary income (loss) for federal income tax reporting purposes	$	1,057,799	$	(801,635)	$	(549,623)
Plus: Items of current expense for tax reporting purposes only –
Intangible drilling cost	(38,318)		38,318		9
Dismantlement and abandonment cost	(24,907)		294,218		415,710

Tax depreciation	52,909		27,790		53,908
	(10,316)		360,326		469,627
Less: full cost DD&A expense	(390,497)		(162,564)		(200,045)
Less: asset retirement obligation accretion	(81,770)		(52,858)		(52,943)
Net income (loss)	$	575,216	(656,731)		(332,984)

Schedule of Reconciliation of Liabilities for Federal Income Tax Reporting Purposes

A reconciliation of liabilities for federal income tax reporting purposes to liabilities under GAAP is as follows:


	December 31,
	2022		2021
Liabilities for federal income tax purposes	$	102,638	$	348,800
Asset retirement liability	1,445,513		1,814,060
Liabilities under GAAP	$	1,548,151	$	2,162,860

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Schedule of Proved Reserves and Projecting Future Rates of Production and Timing of Development Expenditures

The following reserve data represents estimates only and should not be construed as being exact.

(Oil and NGL in Mbbls and gas in MMcf)


	2022			2021			2020
	Oil	NGL	Gas	Oil	NGL	Gas	Oil	NGL	Gas
Proved Reserves
Beginning of year	354	23	654	350	26	597	361	27	626
Extensions, discoveries and other additions	—	—	—	—	—	—	—	—	—
Revisions of previous estimates	20	1	118	11	(2)	74	3	—	(1)
Production	(16)	(1)	(32)	(7)	(1)	(17)	(14)	(1)	(28)
End of year	358	23	740	354	23	654	350	26	597
Proved Developed
Beginning of year	354	23	654	350	26	597	361	27	626
End of year	358	23	740	354	23	654	350	26	597

Schedule of Discounted Future Net Cash Flows Relating to Proved Reserves

Discounted Future Net Cash Flows Relating to Proved Reserves


	December 31,
	2022		2021		2020
	(In thousands)
Future cash inflows	$	39,193	$	26,244	$	15,329
Future production costs	(7,534)		(6,117)		(5,116)
Future development costs(1)	(4,889)		(5,426)		(3,204)
Net cash flows	26,770		14,701		7,009
10 percent annual discount rate	(10,868)		(6,492)		(2,267)
Discounted future net cash flows	$	15,902	$	8,209	$	4,742

(1) This amount includes estimated abandonment costs.

Schedule of Discounted Future Net Cash Flows

The following table sets forth the principal sources of change in the discounted future net cash flows:


	For the Year Ended December 31,
	2022		2021		2020
	(In thousands)
Sales, net of production costs	$	(1,298)	$	152	$	(217)
Net change in prices and production costs	5,751		6,044		(5,668)
Revisions of quantities	1,417		577		43

Accretion of discount	821		474		1,040
Changes in future development costs(1)	287		(1,270)		(122)
Previously estimated development costs incurred during the period	27		294		492
Changes in production rates and other	688		(2,804)		(1,226)
	$	7,693	$	3,467	$	(5,658)

(1) This amount includes estimated abandonment costs.

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details

ORGANIZATION (Detail)		12 Months Ended
ORGANIZATION (Detail)	Mar. 22, 2019	Dec. 31, 2022 Lease Venture shares	Dec. 31, 1989 $ / shares	Dec. 31, 1988 $ / shares	Dec. 31, 2021 shares
Schedule Of Organization [Line Items]
Full purchase price (in USD per share)			$ 150,000	$ 150,000
Discount percentage on full purchase price				5.00%
Investor subscription units (in USD per share)			$ 85,000
Investing partners, units outstanding (in shares) \| shares		1,018.5			1,018.5
Percentage interest Purchased in offshore leasehold		85.00%
Number of federal lease tracts \| Lease		87
Percentage of remaining interest purchased		15.00%
Number of remaining ventures \| Venture		1
Working percentage interest		7.08%
Percentage of exploration and development costs incurred paid by Company		10.00%
Percentage of expenses related to loans		1.00%
Notice of intention to withdrawal, notice period	120 days
Investing Partners
Schedule Of Organization [Line Items]
Percent of revenues		80.00%
Percentage of interest income earned on short term cash investments		100.00%
Percentage of exploration and development costs incurred paid by Partners		90.00%
Percentage of expenses related to loans		99.00%
Percentage of partner's total amount equals to cost		90.00%
Managing Partner
Schedule Of Organization [Line Items]
Percent of revenues		20.00%
Apache
Schedule Of Organization [Line Items]
Percentage share held in partnership		5.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,669,084	$ 4,161,783
Percentage of reserve volumes sold	25.00%
Estimated future net cash flows from proved oil and gas reserves	10.00%
Non-cash write-downs of carrying value of proved oil and gas properties	$ 0	0	$ 0
Receivables from contracts with customers	$ 259,936	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 1,754,553	$ 468,438	$ 619,161
Oil
Disaggregation of Revenue [Line Items]
Oil and gas sales	1,486,731	400,224	532,261
Gas
Disaggregation of Revenue [Line Items]
Oil and gas sales	227,267	52,273	70,999
NGLs
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 40,555	$ 15,941	$ 15,901

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

COMPENSATION TO AFFILIATES (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Apache is reimbursed for general, administrative and overhead expenses incurred in connection with the management and operation of the Partnership’s business	$ 239	$ 232	$ 257

OIL AND GAS PROPERTIES - Direct Cost Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Direct Cost Changes In Partnership's Oil And Gas Properties [Roll Forward]
Balance, beginning of year	$ 196,449	$ 195,727	$ 195,401
Development - Investing Partners	(477)	653	293
Development - Managing Partner	(49)	69	33
Balance, end of year	$ 195,923	$ 196,449	$ 195,727

OIL AND GAS PROPERTIES - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Development costs, revision of abandonment cost estimates		$ 671	$ 326
DD&A rate as percentage of oil and gas sales	22.00%	35.00%	32.00%

OIL AND GAS PROPERTIES - Changes in Partnership's Oil and Gas Properties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Depreciation, Depletion and Amortization
Beginning Balance	$ 191,822	$ 191,659	$ 191,459
Provision	390	163	200
Ending Balance	192,212	191,822	191,659
Managing Partner
Accumulated Depreciation, Depletion and Amortization
Beginning Balance	21,155	21,145	21,134
Provision	20	10	11
Ending Balance	21,175	21,155	21,145
Investing Partners
Accumulated Depreciation, Depletion and Amortization
Beginning Balance	170,667	170,514	170,325
Provision	370	153	189
Ending Balance	$ 171,037	$ 170,667	$ 170,514

MAJOR CUSTOMER AND RELATED PARTIES INFORMATION (Detail) - Customer Concentration Risk - Sales	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fieldwood Energy LLC
Revenue, Major Customer [Line Items]
Concentration risk percentage	15.00%	15.00%	14.00%
Chevron Products Company
Revenue, Major Customer [Line Items]
Concentration risk percentage	85.00%	85.00%	86.00%

ASSET RETIREMENT OBLIGATION (Detail) - USD ($)	12 Months Ended
ASSET RETIREMENT OBLIGATION (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at beginning of year	$ 1,814,060	$ 1,384,524
Accretion expense	81,770	52,858	$ 52,943
Liabilities settled	(26,934)	(294,218)
Revisions in estimated liabilities	(423,383)	670,896
Asset retirement obligation at end of year	1,445,513	1,814,060	1,384,524
Asset retirement obligation at end of year	1,445,513	1,814,060	$ 1,384,524
Less current portion	(408,339)	(450,996)
Asset retirement obligation, long-term	$ 1,037,174	$ 1,363,064

TAX-BASIS FINANCIAL INFORMATION - Reconciliation of Ordinary Income for Federal Income Tax Reporting Purposes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net partnership ordinary income (loss) for federal income tax reporting purposes	$ 1,057,799	$ (801,635)	$ (549,623)
Plus: Items of current expense for tax reporting purposes only –
Intangible drilling cost	(38,318)	38,318	9
Dismantlement and abandonment cost	(24,907)	294,218	415,710
Tax depreciation	52,909	27,790	53,908
Non deductible expenses for federal income tax purposes	(10,316)	360,326	469,627
Less: full cost DD&A expense	(390,497)	(162,564)	(200,045)
Less: asset retirement obligation accretion	(81,770)	(52,858)	(52,943)
Net loss	$ 575,216	$ (656,731)	$ (332,984)

TAX-BASIS FINANCIAL INFORMATION - Additional Information (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax bases in net oil and gas properties	$ 2,408,881	$ 3,260,012
Capitalized syndication cost	$ 8,660,878	$ 8,660,878

TAX-BASIS FINANCIAL INFORMATION - Reconciliation of Liabilities for Federal Income Tax Reporting Purposes (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Liabilities for federal income tax purposes	$ 102,638	$ 348,800
Asset retirement liability	1,445,513	1,814,060	$ 1,384,524
Liabilities under GAAP	$ 1,548,151	$ 2,162,860

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) - Proved Reserves and Projecting Future Rates of Production and Timing of Development Expenditures (Detail)	12 Months Ended
	Dec. 31, 2022 MBbls MMcf	Dec. 31, 2021 MBbls MMcf	Dec. 31, 2020 MBbls MMcf
Proved Developed and Undeveloped Reserves [Roll Forward]
Percentage of estimated proved developed reserves classified as proved not producing	91.00%
Oil \| Proved Reserves
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning of year	354	350	361
Extensions, discoveries and other additions	0	0	0
Revisions of previous estimates	20	11	3
Production	(16)	(7)	(14)
End of year	358	354	350
Oil \| Proved Developed
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning of year	354	350	361
End of year	358	354	350
NGLs \| Proved Reserves
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning of year	23	26	27
Extensions, discoveries and other additions	0	0	0
Revisions of previous estimates	1	(2)	0
Production	(1)	(1)	(1)
End of year	23	23	26
NGLs \| Proved Developed
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning of year	23	26	27
End of year	23	23	26
Gas \| Proved Reserves
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning of year \| MMcf	654	597	626
Extensions, discoveries and other additions \| MMcf	0	0	0
Revisions of previous estimates \| MMcf	118	74	(1)
Production \| MMcf	(32)	(17)	(28)
End of year \| MMcf	740	654	597
Gas \| Proved Developed
Proved Developed and Undeveloped Reserves [Roll Forward]
Beginning of year \| MMcf	654	597	626
End of year \| MMcf	740	654	597

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) - Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Oil And Gas Disclosures [Abstract]
Future cash inflows	$ 39,193	$ 26,244	$ 15,329
Future production costs	(7,534)	(6,117)	(5,116)
Future development costs	(4,889)	(5,426)	(3,204)
Net cash flows	26,770	14,701	7,009
10 percent annual discount rate	(10,868)	(6,492)	(2,267)
Discounted future net cash flows	$ 15,902	$ 8,209	$ 4,742

SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) - Discounted Future Net Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Oil And Gas Disclosures [Abstract]
Sales, net of production costs	$ (1,298)	$ 152	$ (217)
Net change in prices and production costs	5,751	6,044	(5,668)
Revisions of quantities	1,417	577	43
Accretion of discount	821	474	1,040
Changes in future development costs	287	(1,270)	(122)
Previously estimated development costs incurred during the period	27	294	492
Changes in production rates and other	688	(2,804)	(1,226)
Total	$ 7,693	$ 3,467	$ (5,658)