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STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME INCLUDING NONCONTROLLING INTERESTS	$ 212	$ 326
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Pension and postretirement benefit plan	0	3
COMPREHENSIVE INCOME INCLUDING NONCONTROLLING INTERESTS	212	329
Comprehensive income attributable to noncontrolling interest	80	84
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCK	$ 132	$ 245

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2024

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

OTHER CURRENT ASSETS

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


	March 31, 2024		December 31, 2023

	(In millions)
Inventories	$	472	$	453
Drilling advances	116		88

Prepaid assets and other	54		46
Current decommissioning security for sold Gulf of Mexico assets	165		178
Total Other current assets	$	807	$	765

BUSINESS SEGMENT INFORMATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
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. The Company’s effective income tax rate for the three months ended March 31, 2024 differed from the U.S. federal statutory income tax rate of 21 percent due to taxes on foreign operations. The Company’s effective income tax rate for the three months ended March 31, 2023 differed from the U.S. federal statutory income tax rate of 21 percent due to taxes on foreign operations, a deferred tax expense related to the remeasurement of taxes in the U.K. as a result of the enactment of Finance Act 2023, and a decrease in the amount of valuation allowance against its U.S. deferred tax assets. In December 2021, the Organisation for Economic Co-operation and Development issued Pillar Two Model Rules introducing a new global minimum tax of 15 percent on a country-by-country basis, with certain aspects effective in certain jurisdictions on January 1, 2024. Although the Company continues to monitor enacted legislation to implement these rules in countries where the Company could be impacted, APA does not expect that the Pillar Two framework will have a material impact on its consolidated financial statements. The Company and its subsidiaries are subject to U.S. federal income tax as well as income or capital taxes in various states and foreign jurisdictions. The Company’s tax reserves are related to tax years that may be subject to examination by the relevant taxing authority.

- 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

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+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions						3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 10, 2020 defendant	Dec. 20, 2017 action	Jul. 17, 2017 action defendant	Mar. 21, 2016 USD ($)	Mar. 20, 2016 USD ($)	Mar. 31, 2024 USD ($) lawsuit bond	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 21, 2023 surety	Apr. 05, 2022 letter	Dec. 31, 2017 AUD ($)	Apr. 30, 2017 AUD ($)	Mar. 12, 2014 USD ($)
Commitment And Contingencies [Line Items]
Accrued liability for legal contingencies						$ 84,000,000
Environmental tax and royalty obligations													$ 100,000,000
Retain right of obligations						45,000,000
Undiscounted reserve for environmental remediation						5,000,000
Environmental remediation payments						4,000,000
Standby loan agreed to provide related to ARO (up to)						400,000,000
Number of prior letters notifying unable to fund decommissioning obligations \| letter										2
Sureties issued bonds directly \| surety									2
Sureties issued bonds to issuing bank \| surety									2
Decommissioning security for sold properties						186,000,000
Loss on previously sold Gulf of Mexico properties						66,000,000	$ 0
Additional decommissioning contingency liability						$ 33,000,000
Gulf Of Mexico Shelf Operations and Properties \| Disposed of by Sale
Commitment And Contingencies [Line Items]
Number of bond held \| bond						2
Minimum
Commitment And Contingencies [Line Items]
Decommissioning contingency for sold						$ 847,000,000		$ 824,000,000
Apollo Exploration Lawsuit
Commitment And Contingencies [Line Items]
Plaintiffs alleged damages				$ 200,000,000
Apollo Exploration Lawsuit \| Minimum
Commitment And Contingencies [Line Items]
Plaintiffs alleged damages					$ 1,100,000,000
Australian Operations Divestiture Dispute \| Apache Australia Operation
Commitment And Contingencies [Line Items]
Gain contingency, unrecorded amount												$ 80
Loss contingency, estimated of possible loss amount											$ 200
California Litigation
Commitment And Contingencies [Line Items]
Number of actions filed \| action		2	3
Number of defendants \| defendant			30
Delaware Litigation
Commitment And Contingencies [Line Items]
Number of defendants \| defendant	25
Louisiana Restoration, Coastal Zone Lawsuits
Commitment And Contingencies [Line Items]
Number of pending lawsuits \| lawsuit						2

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Operating Expenses:

Lease operating expenses

^[1]

$ 338,000,000

$ 321,000,000

Taxes other than income

57,000,000

52,000,000

Exploration

148,000,000

52,000,000

Depreciation, depletion, and amortization

430,000,000

332,000,000

Asset retirement obligation accretion

40,000,000

28,000,000

Total operating expenses

1,260,000,000

1,079,000,000

Operating Income (Loss)

691,000,000

929,000,000

Other Income (Expense):

Derivative instrument gains (losses), net

(4,000,000)

53,000,000

Loss on previously sold Gulf of Mexico properties

(66,000,000)

Gain on divestitures, net

7,000,000

1,000,000

Other, net

15,000,000

(32,000,000)

General and administrative

(93,000,000)

(65,000,000)

Transaction, reorganization, and separation

(27,000,000)

(4,000,000)

Financing costs, net

(76,000,000)

(72,000,000)

NET INCOME BEFORE INCOME TAXES

447,000,000

810,000,000

Total assets

14,952,000,000

13,213,000,000

$ 15,244,000,000

Operating Segments | Segment United States

Operating Expenses:

Lease operating expenses

140,000,000

147,000,000

Taxes other than income

57,000,000

52,000,000

Exploration

70,000,000

3,000,000

Depreciation, depletion, and amortization

214,000,000

151,000,000

Asset retirement obligation accretion

15,000,000

10,000,000

Total operating expenses

723,000,000

639,000,000

Operating Income (Loss)

256,000,000

295,000,000

Other Income (Expense):

Total assets

8,887,000,000

7,525,000,000

Impairments

10,000,000

2,000,000

Operating Segments | Egypt

Operating Expenses:

Lease operating expenses

120,000,000

97,000,000

Taxes other than income

Exploration

31,000,000

36,000,000

Depreciation, depletion, and amortization

145,000,000

123,000,000

Asset retirement obligation accretion

Total operating expenses

302,000,000

263,000,000

Operating Income (Loss)

432,000,000

459,000,000

Other Income (Expense):

Total assets

3,651,000,000

3,334,000,000

Operating Segments | North Sea

Operating Expenses:

Lease operating expenses

78,000,000

77,000,000

Taxes other than income

Exploration

5,000,000

Depreciation, depletion, and amortization

71,000,000

58,000,000

Asset retirement obligation accretion

25,000,000

18,000,000

Total operating expenses

188,000,000

169,000,000

Operating Income (Loss)

50,000,000

183,000,000

Other Income (Expense):

Total assets

1,897,000,000

1,836,000,000

Impairments

3,000,000

Intersegment Eliminations & Other

Operating Expenses:

Lease operating expenses

Taxes other than income

Exploration

47,000,000

8,000,000

Depreciation, depletion, and amortization

Asset retirement obligation accretion

Total operating expenses

47,000,000

8,000,000

Operating Income (Loss)

(47,000,000)

(8,000,000)

Other Income (Expense):

Total assets

517,000,000

518,000,000

Gathering, processing, and transmission costs

Segment Reporting Information [Line Items]

Revenues

^[1]

1,748,000,000

1,769,000,000

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

^[1]

84,000,000

78,000,000

Gathering, processing, and transmission costs | Operating Segments | Segment United States

Segment Reporting Information [Line Items]

Revenues

776,000,000

695,000,000

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

64,000,000

60,000,000

Gathering, processing, and transmission costs | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

734,000,000

722,000,000

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

6,000,000

7,000,000

Gathering, processing, and transmission costs | Operating Segments | North Sea

Segment Reporting Information [Line Items]

Revenues

238,000,000

352,000,000

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

14,000,000

11,000,000

Gathering, processing, and transmission costs | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

Purchased oil and gas sales

Segment Reporting Information [Line Items]

Revenues

^[1]

203,000,000

239,000,000

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

^[1]

163,000,000

216,000,000

Purchased oil and gas sales | Operating Segments | Segment United States

Segment Reporting Information [Line Items]

Revenues

203,000,000

239,000,000

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

163,000,000

216,000,000

Purchased oil and gas sales | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

Purchased oil and gas sales | Operating Segments | North Sea

Segment Reporting Information [Line Items]

Revenues

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

Purchased oil and gas sales | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Operating Expenses:

Gathering, processing, and transmission & purchased oil and gas costs

Oil and gas

Segment Reporting Information [Line Items]

Revenues

1,951,000,000

2,008,000,000

Oil and gas | Operating Segments | Segment United States

Segment Reporting Information [Line Items]

Revenues

979,000,000

934,000,000

Oil and gas | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

734,000,000

722,000,000

Oil and gas | Operating Segments | North Sea

Segment Reporting Information [Line Items]

Revenues

238,000,000

352,000,000

Oil and gas | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Oil revenues

Other Income (Expense):

Revenue from non-customers

174,000,000

172,000,000

Oil revenues | Gathering, processing, and transmission costs

Segment Reporting Information [Line Items]

Revenues

1,432,000,000

1,397,000,000

Oil revenues | Gathering, processing, and transmission costs | Operating Segments | Segment United States

Segment Reporting Information [Line Items]

Revenues

588,000,000

486,000,000

Oil revenues | Gathering, processing, and transmission costs | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

657,000,000

629,000,000

Oil revenues | Gathering, processing, and transmission costs | Operating Segments | North Sea

Segment Reporting Information [Line Items]

Revenues

187,000,000

282,000,000

Oil revenues | Gathering, processing, and transmission costs | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Natural gas revenues

Other Income (Expense):

Revenue from non-customers

21,000,000

26,000,000

Natural gas revenues | Gathering, processing, and transmission costs

Segment Reporting Information [Line Items]

Revenues

176,000,000

242,000,000

Natural gas revenues | Gathering, processing, and transmission costs | Operating Segments | Segment United States

Segment Reporting Information [Line Items]

Revenues

57,000,000

89,000,000

Natural gas revenues | Gathering, processing, and transmission costs | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

77,000,000

93,000,000

Natural gas revenues | Gathering, processing, and transmission costs | Operating Segments | North Sea

Segment Reporting Information [Line Items]

Revenues

42,000,000

60,000,000

Natural gas revenues | Gathering, processing, and transmission costs | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Natural gas liquids revenues | Gathering, processing, and transmission costs

Segment Reporting Information [Line Items]

Revenues

140,000,000

130,000,000

Natural gas liquids revenues | Gathering, processing, and transmission costs | Operating Segments | Segment United States

Segment Reporting Information [Line Items]

Revenues

131,000,000

120,000,000

Natural gas liquids revenues | Gathering, processing, and transmission costs | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

Natural gas liquids revenues | Gathering, processing, and transmission costs | Operating Segments | North Sea

Segment Reporting Information [Line Items]

Revenues

9,000,000

10,000,000

Natural gas liquids revenues | Gathering, processing, and transmission costs | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

$ 0

[1]	For transactions with Kinetik prior to the Company’s sale of its remaining shares of Kinetik Class A Common Stock and the resignation of the Company’s designated director from the Kinetik board of directors, refer to Note 6—Equity Method Interests.

OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Other Current Liabilities

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


	March 31, 2024		December 31, 2023

	(In millions)
Accrued operating expenses	$	165	$	162
Accrued exploration and development	530		371
Accrued compensation and benefits	136		390
Accrued interest	67		93
Accrued income taxes	86		138
Current asset retirement obligation	75		76
Current operating lease liability	119		116

Current decommissioning contingency for sold Gulf of Mexico properties	40		60
Other	238		338
Total Other current liabilities	$	1,456	$	1,744

ACQUISITIONS AND DIVESTITURES (Details) shares in Millions, $ in Millions			3 Months Ended
	Apr. 01, 2024 USD ($) shares	Mar. 18, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Proceeds from sale of Kinetik Shares			$ 428	$ 0
Payments to acquire leasehold and property			63	6
Proceeds from asset divestitures			27	21
Permian Basin
Business Acquisition [Line Items]
Payments to acquire leasehold and property				6
Disposed of by Sale \| Non-Core Assets And Leasehold
Business Acquisition [Line Items]
Proceeds from asset divestitures			27	21
Gain on sale of non-core assets			$ 7	$ 1
Kinetik
Business Acquisition [Line Items]
Proceeds from sale of Kinetik Shares		$ 428
Callon Petroleum Company \| Subsequent Event
Business Acquisition [Line Items]
Consideration transferred	$ 4,500
Business acquisition, equity interests exchange ratio	1.0425
Business acquisition, equity interest issued or issuable, number of shares (in shares) \| shares	70

BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Segment Information

Financial information for each segment is presented below:


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


For the Quarter Ended March 31, 2024	(In millions)
Revenues:
Oil revenues	$	588	$	657	$	187	$	—	$	1,432
Natural gas revenues	57		77		42		—		176
Natural gas liquids revenues	131		—		9		—		140
Oil, natural gas, and natural gas liquids production revenues	776		734		238		—		1,748
Purchased oil and gas sales	203		—		—		—		203

	979		734		238		—		1,951
Operating Expenses:
Lease operating expenses	140		120		78		—		338
Gathering, processing, and transmission	64		6		14		—		84
Purchased oil and gas costs	163		—		—		—		163
Taxes other than income	57		—		—		—		57
Exploration	70		31		—		47		148
Depreciation, depletion, and amortization	214		145		71		—		430
Asset retirement obligation accretion	15		—		25		—		40

	723		302		188		47		1,260
Operating Income (Loss)(2)	$	256	$	432	$	50	$	(47)	691

Other Income (Expense):
Derivative instrument losses, net									(4)
Loss on previously sold Gulf of Mexico properties									(66)
Gain on divestitures, net									7
Other, net									15
General and administrative									(93)
Transaction, reorganization, and separation									(27)
Financing costs, net									(76)
Income Before Income Taxes									$	447


































Total Assets(3)	$	8,887	$	3,651	$	1,897	$	517	$	14,952


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


For the Quarter Ended March 31, 2023	(In millions)
Revenues:
Oil revenues	$	486	$	629	$	282	$	—	$	1,397
Natural gas revenues	89		93		60		—		242
Natural gas liquids revenues	120		—		10		—		130
Oil, natural gas, and natural gas liquids production revenues	695		722		352		—		1,769
Purchased oil and gas sales	239		—		—		—		239
	934		722		352		—		2,008
Operating Expenses:
Lease operating expenses	147		97		77		—		321
Gathering, processing, and transmission	60		7		11		—		78
Purchased oil and gas costs	216		—		—		—		216
Taxes other than income	52		—		—		—		52
Exploration	3		36		5		8		52
Depreciation, depletion, and amortization	151		123		58		—		332
Asset retirement obligation accretion	10		—		18		—		28

	639		263		169		8		1,079
Operating Income (Loss)(2)	$	295	$	459	$	183	$	(8)	929

Other Income (Expense):

Derivative instrument gains, net									53
Gain on divestitures, net									1
Other, net									(32)
General and administrative									(65)
Transaction, reorganization, and separation									(4)
Financing costs, net									(72)
Income Before Income Taxes									$	810




































Total Assets(3)	$	7,525	$	3,334	$	1,836	$	518	$	13,213

(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters ended March 31, 2024 and 2023 of:


	For the Quarter Ended March 31,
	2024		2023

	(In millions)
Oil	$	174	$	172
Natural gas	21		26

(2)Operating income of U.S. includes leasehold impairments of $10 million for the first quarter of 2024.
Operating income of U.S. and North Sea includes leasehold impairments of $2 million and $3 million, respectively, for the first quarter of 2023.

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests in Egypt.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Activities Recorded in the Statement of Consolidated Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Realized gains, net	$ 4	$ 20
Unrealized gains (losses), net	(8)	33
Derivative instrument gains (losses), net	(4)	53
Commodity derivative instruments
Derivative Instruments, Gain (Loss) [Line Items]
Realized gains, net	4	20
Unrealized gains (losses), net	$ (8)	$ 33

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

DEBT AND FINANCING COSTS

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT AND FINANCING COSTS

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


	March 31, 2024		December 31, 2023

	(In millions)
Apache notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835
Commercial paper and syndicated credit facilities(2)	370		372

Apache finance lease obligations	31		32
Unamortized discount	(26)		(26)
Debt issuance costs	(30)		(25)
Total debt	5,180		5,188
Current maturities	(2)		(2)
Long-term debt	$	5,178	$	5,186

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

The Company uses a market approach to determine the fair values of its notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement).

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

At each of March 31, 2024 and December 31, 2023, current debt included $2 million of finance lease obligations.

Financing Costs, Net

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


	For the Quarter Ended March 31,
	2024		2023

	(In millions)
Interest expense	$	85	$	88
Amortization of debt issuance costs	1		1
Capitalized interest	(7)		(6)
Gain on extinguishment of debt	—		(9)
Interest income	(3)		(2)
Financing costs, net	$	76	$	72

During the quarter ended March 31, 2023, Apache purchased in the open market and canceled senior notes issued under its indentures in an aggregate principal amount of $74 million for an aggregate purchase price of $65 million in cash. The Company recognized a $9 million gain on these repurchases.

Unsecured 2022 Committed Bank Credit Facilities

On April 29, 2022, the Company entered into two unsecured syndicated credit agreements for general corporate purposes.

•One 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 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.

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 of the USD Agreement and GBP Agreement effective until the aggregate principal amount of indebtedness under senior notes and debentures outstanding under Apache’s existing indentures first is less than US$1.0 billion.

As of March 31, 2024, there were $30 million of borrowings under the USD Agreement and an aggregate £348 million in letters of credit outstanding under the GBP Agreement. As of March 31, 2024, there were no letters of credit outstanding under the USD Agreement. As of December 31, 2023, there were $372 million of borrowings under the USD Agreement and an aggregate £348 million in letters of credit outstanding under the GBP Agreement. As of December 31, 2023, there were no letters of credit outstanding under the USD Agreement. The letters of credit denominated in pounds were issued to support North Sea decommissioning obligations, the terms of which require such support while Apache’s credit rating by Standard & Poor’s remains below BBB; on March 26, 2020, Standard & Poor’s reduced Apache’s rating from BBB to BB+, which was affirmed in 2023.

Uncommitted Lines of Credit

Each of the Company and Apache, from time to time, has and uses uncommitted credit and letter of credit facilities for working capital and credit support purposes. As of March 31, 2024 and December 31, 2023, there were no outstanding borrowings under these facilities. At each of March 31, 2024 and December 31, 2023, there were £416 million and $2 million in letters of credit outstanding under these facilities.

Commercial Paper Program

In December 2023, the Company established a commercial paper program under which it from time to time may issue in private placements exempt from registration under the Securities Act short-term unsecured promissory notes (CP Notes) up to a maximum aggregate face amount of $1.8 billion outstanding at any time. The maturities of CP Notes may vary but may not exceed 397 days from the date of issuance. Outstanding CP Notes are supported by available borrowing capacity under the Company’s committed $1.8 billion USD Agreement.

Payment of CP Notes has been unconditionally guaranteed on an unsecured basis by Apache, such guarantee effective until the first time that 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 March 31, 2024, there was $340 million in aggregate face amount of CP Notes outstanding, which is classified as long-term debt. As of December 31, 2023, there were no CP Notes outstanding.

Unsecured Committed Term Loan Facility

On January 30, 2024, APA entered into a syndicated credit agreement under which the lenders have committed an aggregate $2.0 billion for senior unsecured delayed-draw term loans to APA (Term Loan Credit Agreement), the proceeds of which could be used to refinance certain indebtedness of Callon only on the date of closing of transactions under the Merger Agreement. Refer to “Subsequent Events” for further detail. Apache has guaranteed obligations under the Term Loan Credit Agreement effective until the aggregate principal amount of indebtedness under senior notes and debentures outstanding under Apache’s existing indentures first is less than $1.0 billion.

Subsequent Events

On April 1, 2024, APA closed the transactions under the Term Loan Credit Agreement. APA borrowed an aggregate $1.5 billion in senior unsecured term loans that mature April 1, 2027. Loan proceeds were used to refinance certain indebtedness of Callon upon the substantially simultaneous closing of APA’s acquisition of Callon pursuant to the Merger Agreement and to pay related fees and expenses. APA may at any time prepay loans under the Term Loan Credit Agreement.

The lenders under the Term Loan Credit Agreement committed an aggregate $2.0 billion for senior unsecured delayed-draw term loans to APA available for borrowing only once upon the date of the closings under the Merger Agreement and Term Loan Credit Agreement, of which $1.5 billion was for term loans that would mature three years after the date of such closings (3-Year Tranche Loans) and $500 million was for term loans that would mature 364 days after the date of such closings (364-Day Tranche Loans). APA elected to borrow only under the 3-Year Tranche Loans and to allow the lender commitments for the 364-Day Tranche Loans to expire.

Indebtedness of Callon that APA could refinance by borrowing under the Term Loan Credit Agreement included indebtedness outstanding under (i) the Amended and Restated Credit Agreement, dated October 19, 2022, among Callon, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (Callon Credit Agreement), (ii) Callon’s 6.375% Senior Notes due 2026 (Callon’s 2026 Notes), (iii) Callon’s 8.00% Senior Notes due 2028 (Callon’s 2028 Notes), and (iv) Callon’s 7.500% Senior Notes due 2030 (Callon’s 2030 Notes). On April 1, 2024, all indebtedness under the Callon Credit Agreement and Callon’s 2026 Notes was repaid, and the aggregate principal balance remaining outstanding under Callon’s 2028 Notes and Callon’s 2030 Notes was reduced to $24 million. Given the aggregate principal balance remaining outstanding under Callon’s 2028 Notes and Callon’s 2030 Notes, no guarantee by Callon of APA’s obligations under the Term Loan Credit Agreement is required.

On April 1, 2024, the following Callon indebtedness was repaid by borrowings under the Term Loan Credit Agreement and USD Agreement:

•Callon closed cash tender offers for Callon’s 2028 Notes and Callon’s 2030 Notes, accepting for purchase $1.2 billion aggregate principal amount of notes. Callon paid holders an aggregate $1.3 billion in cash, reflecting principal, premium to par, early tender consent fee, and accrued and unpaid interest.

•Callon redeemed the outstanding $321 million principal amount of Callon’s 2026 Notes at a redemption price equal to 101.063% of their principal amount, plus accrued and unpaid interest to the redemption date.

•Callon repaid the aggregate $472 million owed under the Callon Credit Agreement, including principal, accrued and unpaid interest, and certain fees.

On April 26, 2024, Callon notified holders of its election to fully redeem on May 6, 2024 the outstanding $8.3 million principal amount of Callon’s 2028 Notes at a redemption price equal to 101.588% of their principal amount and $15.6 million principal amount of Callon’s 2030 Notes at a redemption price equal to 102.803% of their principal amount, in each case, plus accrued and unpaid interest to the redemption date.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 212,000,000	$ 326,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized derivative instrument (gains) losses, net	8,000,000	(33,000,000)
Gain on divestitures, net	(7,000,000)	(1,000,000)
Exploratory dry hole expense and unproved leasehold impairments	133,000,000	35,000,000
Depreciation, depletion, and amortization	430,000,000	332,000,000
Asset retirement obligation accretion	40,000,000	28,000,000
Provision for (benefit from) deferred income taxes	(65,000,000)	138,000,000
Gain on extinguishment of debt	0	(9,000,000)
Loss on previously sold Gulf of Mexico properties	66,000,000	0
Other, net	10,000,000	30,000,000
Changes in operating assets and liabilities:
Receivables	18,000,000	(53,000,000)
Inventories	(17,000,000)	(31,000,000)
Drilling advances and other current assets	(26,000,000)	1,000,000
Deferred charges and other long-term assets	6,000,000	79,000,000
Accounts payable	37,000,000	(110,000,000)
Accrued expenses	(432,000,000)	(319,000,000)
Deferred credits and noncurrent liabilities	(45,000,000)	(78,000,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES	368,000,000	335,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to upstream oil and gas property	(467,000,000)	(543,000,000)
Leasehold and property acquisitions	(63,000,000)	(6,000,000)
Proceeds from asset divestitures	27,000,000	21,000,000
Proceeds from sale of Kinetik Shares	428,000,000	0
Other, net	(13,000,000)	(4,000,000)
NET CASH USED IN INVESTING ACTIVITIES	(88,000,000)	(532,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (payments on) commercial paper and revolving credit facilities, net	(2,000,000)	417,000,000
Payments on Apache fixed-rate debt	0	(65,000,000)
Distributions to noncontrolling interest	(70,000,000)	(17,000,000)
Treasury stock activity, net	(101,000,000)	(142,000,000)
Dividends paid to APA common stockholders	(76,000,000)	(78,000,000)
Other, net	(16,000,000)	(9,000,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(265,000,000)	106,000,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	15,000,000	(91,000,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	87,000,000	245,000,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	102,000,000	154,000,000
SUPPLEMENTARY CASH FLOW DATA:
Interest paid, net of capitalized interest	104,000,000	112,000,000
Income taxes paid, net of refunds	$ 366,000,000	$ 286,000,000

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Inventories	$ 472	$ 453
Drilling advances	116	88
Prepaid assets and other	54	46
Current decommissioning security for sold Gulf of Mexico assets	165	178
Total Other current assets	$ 807	$ 765

DEBT AND FINANCING COSTS - Unsecured Committed Term Loan Facility (Details) - Delayed-Drawn Term Loan - Unsecured Debt	Jan. 30, 2024 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,000,000,000
Debt instrument guarantee terms, benchmark amount (less than)	$ 1,000,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EQUITY METHOD INTERESTS

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INTERESTS

As of December 31, 2023, the Company held 13.1 million Kinetik Shares, which were recorded at fair value of $437 million and reflected separately as “Equity method interests” in the Company’s consolidated balance sheet. 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 was determined using observable share prices on a major exchange, a Level 1 fair value measurement. On March 18, 2024, the Company sold its remaining Kinetik Shares for cash proceeds of $428 million.

Prior to the Company’s sale of its remaining Kinetik Shares and the resignation of the Company’s designated director from the Kinetik board of directors, the Company recorded changes in the fair value of its equity method interest in Kinetik totaling losses of $9 million and $19 million in the first quarters of 2024 and 2023, respectively. These losses were recorded as a component of “Revenues and Other” in the Company’s statement of consolidated operations.

The following table represents related party sales and costs associated with Kinetik prior to the Company’s sale of its remaining Kinetik Shares and the resignation of the Company’s designated director from the Kinetik board of directors:


	For the Quarter Ended March 31,
	2024		2023

	(In millions)
Natural gas and NGLs sales	$	13	$	14
Purchased oil and gas sales	22		—
	$	35	$	14

Gathering, processing, and transmission costs	$	23	$	26
Purchased oil and gas costs	23		—
Lease operating expenses	2		—
	$	48	$	26

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Open natural Gas Financial Basis Swap Contracts (Details) - April—June 2024 - Natural gas revenues MMBTU in Thousands	3 Months Ended
	Mar. 31, 2024 $ / MMBTU MMBTU
Basis Swap Purchased \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	8,190
Weighted average price differential (in USD per MMBtu ) \| $ / MMBTU	(1.15)
Basis Swap Sold \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	8,190
Weighted average price differential (in USD per MMBtu ) \| $ / MMBTU	(0.10)

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Unaudited) - USD ($) $ in Millions	Total	Noncontrolling interest	APA SHAREHOLDERS’ EQUITY	Common Stock	Paid-In Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income	Noncontrolling Interests	Noncontrolling Interests Noncontrolling interest
Beginning balance at Dec. 31, 2022	$ 1,345		$ 423	$ 262	$ 11,420	$ (5,814)	$ (5,459)	$ 14	$ 922
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock	242		242			242
Net income attributable to noncontrolling interest		$ 84								$ 84
Distributions to noncontrolling interest		(17)								(17)
Common dividends declared	(78)		(78)		(78)
Treasury stock activity, net	(142)		(142)				(142)
Other	(1)		(1)	1	(5)			3
Ending balance at Mar. 31, 2023	1,433		444	263	11,337	(5,572)	(5,601)	17	989
Beginning balance at Dec. 31, 2023	3,691		2,655	263	11,126	(2,959)	(5,790)	15	1,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock	132		132			132
Net income attributable to noncontrolling interest		80								80
Distributions to noncontrolling interest		$ (70)								$ (70)
Common dividends declared	(75)		(75)		(75)
Treasury stock activity, net	(101)		(101)				(101)
Other	(4)		(4)		(4)
Ending balance at Mar. 31, 2024	$ 3,653		$ 2,607	$ 263	$ 11,047	$ (2,827)	$ (5,891)	$ 15	$ 1,046

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

DEBT AND FINANCING COSTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Finance lease obligations, current	$ 2		$ 2
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 0	$ 9
Open Market Repurchase \| Senior Notes
Debt Instrument [Line Items]
Debt repurchased principal amount		74
Debt repurchase amount		65
Gain (loss) on extinguishment of debt		$ 9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BUSINESS SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

As of March 31, 2024, the Company’s consolidated subsidiaries are engaged in exploration and production (Upstream) activities across three operating segments: the U.S., Egypt, and North Sea. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The Company also has active exploration and planned appraisal operations ongoing in Suriname, as well as interests in Uruguay and other international locations that may, over time, result in reportable discoveries and development opportunities. Financial information for each segment is presented below:


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


For the Quarter Ended March 31, 2024	(In millions)
Revenues:
Oil revenues	$	588	$	657	$	187	$	—	$	1,432
Natural gas revenues	57		77		42		—		176
Natural gas liquids revenues	131		—		9		—		140
Oil, natural gas, and natural gas liquids production revenues	776		734		238		—		1,748
Purchased oil and gas sales	203		—		—		—		203

	979		734		238		—		1,951
Operating Expenses:
Lease operating expenses	140		120		78		—		338
Gathering, processing, and transmission	64		6		14		—		84
Purchased oil and gas costs	163		—		—		—		163
Taxes other than income	57		—		—		—		57
Exploration	70		31		—		47		148
Depreciation, depletion, and amortization	214		145		71		—		430
Asset retirement obligation accretion	15		—		25		—		40

	723		302		188		47		1,260
Operating Income (Loss)(2)	$	256	$	432	$	50	$	(47)	691

Other Income (Expense):
Derivative instrument losses, net									(4)
Loss on previously sold Gulf of Mexico properties									(66)
Gain on divestitures, net									7
Other, net									15
General and administrative									(93)
Transaction, reorganization, and separation									(27)
Financing costs, net									(76)
Income Before Income Taxes									$	447


































Total Assets(3)	$	8,887	$	3,651	$	1,897	$	517	$	14,952


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


For the Quarter Ended March 31, 2023	(In millions)
Revenues:
Oil revenues	$	486	$	629	$	282	$	—	$	1,397
Natural gas revenues	89		93		60		—		242
Natural gas liquids revenues	120		—		10		—		130
Oil, natural gas, and natural gas liquids production revenues	695		722		352		—		1,769
Purchased oil and gas sales	239		—		—		—		239
	934		722		352		—		2,008
Operating Expenses:
Lease operating expenses	147		97		77		—		321
Gathering, processing, and transmission	60		7		11		—		78
Purchased oil and gas costs	216		—		—		—		216
Taxes other than income	52		—		—		—		52
Exploration	3		36		5		8		52
Depreciation, depletion, and amortization	151		123		58		—		332
Asset retirement obligation accretion	10		—		18		—		28

	639		263		169		8		1,079
Operating Income (Loss)(2)	$	295	$	459	$	183	$	(8)	929

Other Income (Expense):

Derivative instrument gains, net									53
Gain on divestitures, net									1
Other, net									(32)
General and administrative									(65)
Transaction, reorganization, and separation									(4)
Financing costs, net									(72)
Income Before Income Taxes									$	810




































Total Assets(3)	$	7,525	$	3,334	$	1,836	$	518	$	13,213

(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters ended March 31, 2024 and 2023 of:


	For the Quarter Ended March 31,
	2024		2023

	(In millions)
Oil	$	174	$	172
Natural gas	21		26

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests in Egypt.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT AND FINANCING COSTS (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	March 31, 2024		December 31, 2023

	(In millions)
Apache notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835
Commercial paper and syndicated credit facilities(2)	370		372

Apache finance lease obligations	31		32
Unamortized discount	(26)		(26)
Debt issuance costs	(30)		(25)
Total debt	5,180		5,188
Current maturities	(2)		(2)
Long-term debt	$	5,178	$	5,186

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

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

Schedule Of Financing Costs, Net

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


	For the Quarter Ended March 31,
	2024		2023

	(In millions)
Interest expense	$	85	$	88
Amortization of debt issuance costs	1		1
Capitalized interest	(7)		(6)
Gain on extinguishment of debt	—		(9)
Interest income	(3)		(2)
Financing costs, net	$	76	$	72

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
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 March 31, 2024, the Company has an accrued liability of approximately $84 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. With respect to material matters for which 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, 2023. 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, 2023, 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 2023, several parishes in Louisiana have pending lawsuits against many oil and gas producers, including the Company. 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. Without acknowledging or admitting any liability and solely to avoid the expense and uncertainty of future litigation, the Company agreed to settle with the State of Louisiana and Louisiana coastal Parishes to resolve any potential liability on the part of the Company for claims that were or could have been asserted by the coastal Parishes and/or the State of Louisiana in the pending litigation. The settlement is subject to court approval, which the parties hope to receive at some point in the first half of 2024. The consideration to be provided by the Company in the settlement will not have a material impact on the Company’s financial position. Following settlement of these various lawsuits, the Company will be a defendant in only two remaining coastal zone lawsuits, one filed by the City of New Orleans against the Company and a number of oil and gas operators and the other filed against Callon Offshore Production, Inc., among many other oil and gas operators, and pending in St. Bernard Parish, Louisiana. The Company will now oversee the latter lawsuit as a result of the merger with Callon Petroleum Company. 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 plaintiffs’ claims. The Texas Supreme Court granted the Company’s petition for review and heard oral argument in October 2022. On April 28, 2023, the Texas Supreme Court reversed the court of appeals’ decision and remanded the case back to the court of appeals for further proceedings. After plaintiffs’ request for rehearing, on July 21, 2023, the Texas Supreme Court reaffirmed its reversal of the court of appeals’ decision and remand of the case back to the court of appeals for further proceedings. 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 will vigorously prosecute its claim while vigorously defending against Quadrant’s counter claims. California and Delaware Litigation On July 17, 2017, in three separate actions, San Mateo and Marin Counties, 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 filed similar lawsuits against many of the same defendants. On January 22, 2018, the City of Richmond filed a similar lawsuit. 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. The Company intends to challenge personal jurisdiction in California and to vigorously defend the Delaware lawsuit. Kulp Minerals Lawsuit On or about April 7, 2023, Apache was sued in a purported class action in New Mexico styled Kulp Minerals LLC v. Apache Corporation, Case No. D-506-CV-2023-00352 in the Fifth Judicial District. The Kulp Minerals case has not been certified and seeks to represent a group of owners allegedly owed statutory interest under New Mexico law as a result of purported late oil and gas payments. The amount of this claim is not yet reasonably determinable. The Company intends to vigorously defend against the claims asserted in this lawsuit. 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, alleges, among other things, that (1) the Company intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (2) 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) certain statements and omissions artificially inflated the value of the Company’s operations in the Permian Basin; and (4) as a result, the Company’s public statements were materially false and misleading. With no admission, concession, or finding of any fault, liability, or wrongdoing, but only to avoid the expense and uncertainty of litigation, the parties have agreed to a settlement resolving all claims made against the defendants by the class. The settlement agreement will be subject to court approval, and a hearing is expected to 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 and is subject to insurance coverage that companies have for these types of claims. On February 21, 2023, a case captioned Steve Silverman, Derivatively and on behalf of Nominal Defendant APA Corp. v. John J. Christmann IV, et al. was filed in federal district court for the Southern District of Texas. Then, on July 21, 2023, a case captioned Yang-Li-Yu, Derivatively and on behalf of Nominal Defendant APA Corp. v. John J. Christmann IV, et al. was filed in federal district court for the Southern District of Texas. These cases have now been consolidated as In Re APA Corporation Derivative Litigation, Case No. 4:23-cv-00636 in the Southern District of Texas and purport to be derivative actions 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. The defendants filed a motion to dismiss the consolidated lawsuits, which is fully briefed and will remain pending following settlement of the Plymouth County Retirement System case noted above. Environmental Matters As of March 31, 2024, the Company had an undiscounted reserve for environmental remediation of approximately $5 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. Then 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 notices and information requests involved alleged emissions control and reporting violations. The Company cooperated with the EPA, responded to the information requests, and negotiated and entered into a consent decree to resolve the alleged violations in both New Mexico and Texas, which has been approved and entered by the Court. The consideration provided by the Company in connection with the consent decree, which includes a $4 million payment, will not have a material impact on the Company’s financial position. The Company is not aware of any environmental claims existing as of March 31, 2024, 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). 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). On February 14, 2018, Fieldwood filed for (and subsequently emerged from) Chapter 11 bankruptcy protection. On August 3, 2020, Fieldwood filed for (and subsequently emerged from) Chapter 11 bankruptcy protection for a second time. Upon emergence from this second bankruptcy, 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 are to be used to fund the operation of GOM Shelf and the decommissioning of Legacy GOM Assets. Pursuant to the terms of the original transaction, as amended in the first bankruptcy, the securing of the asset retirement obligations for the Legacy GOM Assets as and when Apache is required to perform or pay for any such decommissioning was accomplished through the posting of letters of credit in favor of Apache (Letters of Credit), the provision of two bonds (Bonds) in favor of Apache, and the establishment of a trust account of which Apache was a beneficiary and which was funded by net profits interests (NPIs) depending on future oil prices. In addition, after such sources have been exhausted, Apache agreed upon resolution of GOM Shelf’s second bankruptcy to provide a standby loan to GOM Shelf of up to $400 million to perform decommissioning, with such standby loan secured by a first and prior lien on the Legacy GOM Assets. By letter dated April 5, 2022 (replacing two earlier letters) and by subsequent letter dated March 1, 2023, GOM Shelf notified the Bureau of Safety and Environmental Enforcement (BSEE) that it was unable to fund the decommissioning obligations that it was 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 and demands from third parties to decommission certain of the Legacy GOM Assets included in GOM Shelf’s notifications to BSEE. Apache expects to receive similar orders and demands on the other Legacy GOM Assets included in GOM Shelf’s notification letters. Apache has also received orders to decommission other Legacy GOM Assets that were not included in GOM Shelf’s notification letters. 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. On June 21, 2023, two sureties that issued Bonds directly to Apache and two sureties that issued bonds to the issuing bank on the Letters of Credit filed suit against Apache in a case styled Zurich American Insurance Company, HCC International Insurance Company PLC, Philadelphia Indemnity Insurance Company and Everest Reinsurance Company (Insurers) v. Apache Corporation, Cause No. 2023-38238 in the 281st Judicial District Court, Harris County Texas. The sureties sought to prevent Apache from drawing on the Bonds and Letters of Credit and further alleged that they are discharged from their reimbursement obligations related to decommissioning costs and are entitled to other relief. On July 20, 2023, the 281st Judicial District Court denied the Insurers’ request for a temporary injunction. On July 26, 2023, Apache removed the suit to the United States Bankruptcy Court for the Southern District of Texas (Houston Division) which subsequently held that the sureties’ state court lawsuit violated the terms of the Bankruptcy Confirmation Order and is void. Since the time the sureties filed their state court lawsuit, Apache has drawn down the entirety of the Letters of Credit. Apache has also sought to draw down on the Bonds; however, the sureties refuse to pay such Bond draws. Apache is vigorously pursuing its claims against the sureties. As of March 31, 2024, the Company has recorded a $186 million asset, which represents the remaining amount the Company expects to be reimbursed from security related to these decommissioning costs. The Company has recorded contingent liabilities in the amounts of $847 million and $824 million as of March 31, 2024 and December 31, 2023, respectively, representing the estimated costs of decommissioning it may be required to perform on legacy GOM properties previously sold to Fieldwood and other GOM operators. During the first quarter of 2024, the Company recognized $66 million of “Loss on previously sold Gulf of Mexico properties,” which includes increases of $33 million related to orders received during the period from BSEE to decommission properties previously sold to Cox Operating LLC. The Company recognized no losses for decommissioning previously sold properties during the first quarter of 2023. There have been no other changes in estimates from December 31, 2023 that would have a material impact on the Company’s financial position, results of operations, or liquidity.

NATURE OF OPERATIONS	3 Months Ended
NATURE OF OPERATIONS	Mar. 31, 2024
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, 2023, which contains a summary of the Company’s significant accounting policies and other disclosures.

OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

OTHER CURRENT LIABILITIES

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


	March 31, 2024		December 31, 2023

	(In millions)
Accrued operating expenses	$	165	$	162
Accrued exploration and development	530		371
Accrued compensation and benefits	136		390
Accrued interest	67		93
Accrued income taxes	86		138
Current asset retirement obligation	75		76
Current operating lease liability	119		116

Current decommissioning contingency for sold Gulf of Mexico properties	40		60
Other	238		338
Total Other current liabilities	$	1,456	$	1,744

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CAPITAL STOCK - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic:
Income attributable to common stock	$ 132	$ 242
Income attributable to common stock (in shares)	302	311
Income attributable to common stock (in USD per share)	$ 0.44	$ 0.78
Diluted:
Income attributable to common stock	$ 132	$ 242
Income attributable to common stock (in shares)	302	312
Income attributable to common stock (in USD per share)	$ 0.44	$ 0.78
Stock compensation awards
Effect of Dilutive Securities:
Stock compensation awards	$ 0	$ 0
Stock compensation awards (in shares)	0	1
Stock options and other, per share (in USD per share)	$ 0	$ 0

CAPITALIZED EXPLORATORY WELL COSTS	3 Months Ended
CAPITALIZED EXPLORATORY WELL COSTS	Mar. 31, 2024
Extractive Industries [Abstract]
CAPITALIZED EXPLORATORY WELL COSTS	CAPITALIZED EXPLORATORY WELL COSTS The Company’s capitalized exploratory well costs were $587 million and $586 million as of March 31, 2024 and December 31, 2023, respectively. Approximately $51 million of suspended well costs previously capitalized for greater than one year at December 31, 2023 were charged to dry hole expense during the first quarter of 2024. This was offset by increased capital exploratory well costs attributable to additional drilling activity in Egypt and in the U.S. in the first quarter of 2024. 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.

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued operating expenses	$ 165	$ 162
Accrued exploration and development	530	371
Accrued compensation and benefits	136	390
Accrued interest	67	93
Accrued income taxes	86	138
Current asset retirement obligation	75	76
Current operating lease liability	119	116
Current decommissioning contingency for sold Gulf of Mexico properties	40	60
Other	238	338
Total Other current liabilities	$ 1,456	$ 1,744

CAPITAL STOCK - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Options and restricted stock, anti-dilutive (in shares)	2,100,000	2,400,000
Additional number of shares authorized to be repurchased (in shares)			40,000,000	40,000,000
Treasury shares acquired (in shares)	3,000,000	3,700,000
Treasure stock acquired, average price (in USD per share)	$ 33.27	$ 38.93
Remaining authorized repurchase amount (in shares)	40,900,000
Payments of dividend on common stock	$ 76	$ 78

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Liabilities:
Derivative liabilities	$ 2	$ 0
Assets:
Derivative asset	0	6
Recurring \| Commodity derivative instruments
Liabilities:
Derivative liability, fair value	2
Derivative liability, netting	0
Derivative liabilities	2
Assets:
Derivative asset, fair value		6
Derivative asset, netting		0
Derivative asset		6
Recurring \| Quoted Price in Active Markets (Level 1) \| Commodity derivative instruments
Liabilities:
Derivative liability, fair value	0
Assets:
Derivative asset, fair value		0
Recurring \| Significant Other Inputs (Level 2) \| Commodity derivative instruments
Liabilities:
Derivative liability, fair value	2
Assets:
Derivative asset, fair value		6
Recurring \| Significant Unobservable Inputs (Level 3) \| Commodity derivative instruments
Liabilities:
Derivative liability, fair value	$ 0
Assets:
Derivative asset, fair value		$ 0

DEBT AND FINANCING COSTS - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Apache finance lease obligations	$ 31	$ 32
Unamortized discount	(26)	(26)
Debt issuance costs	(30)	(25)
Total debt	5,180	5,188
Current maturities	(2)	(2)
Long-term debt	5,178	5,186
Apache notes and debentures
Debt Instrument [Line Items]
Long-term debt, gross	4,835	4,835
Debt instrument, fair value	4,300	4,300
Commercial paper and syndicated credit facilities
Debt Instrument [Line Items]
Long-term debt, gross	$ 370	$ 372

ASSET RETIREMENT OBLIGATION (Tables)

3 Months Ended

Mar. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligation

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


	March 31, 2024
	(In millions)
Asset retirement obligation, December 31, 2023	$	2,438
Liabilities incurred	1
Liabilities acquired	4
Liabilities settled	(9)


Accretion expense	40
Revisions in estimated liabilities	1
Asset retirement obligation, March 31, 2024	2,475
Less current portion	(75)
Asset retirement obligation, long-term	$	2,400

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
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 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. 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. The Company has determined that a limited partnership and APA subsidiary, which has control over APA’s Egyptian operations, qualifies as a variable interest entity (VIE) under GAAP. Apache consolidates the activities of APA’s Egyptian operations because it has concluded that a wholly owned subsidiary has a controlling financial interest in APA’s Egyptian operations and was determined to be the primary beneficiary of the VIE. Investments in which the Company has significant influence, but not control, are accounted for under the equity method of accounting. During each of the periods ended March 31, 2024 and 2023, the Company had a designated director on the Kinetik Holdings Inc. (Kinetik) board of directors. As a result, the Company is considered to have had significant influence over Kinetik for all periods presented. The Company’s designated director resigned from the Kinetik board of directors on April 3, 2024. As of December 31, 2023, the Company held shares of Kinetik Class A Common Stock (Kinetik Shares), which were recorded separately as “Equity method interests” in the Company’s consolidated balance sheet. On March 18, 2024, the Company sold its remaining Kinetik Shares.
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 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 decommissioning obligations on 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 Receivables from contracts with customers, including receivables for purchased oil and gas sales and net of allowance for credit losses, were $1.4 billion and $1.5 billion as of March 31, 2024 and December 31, 2023, respectively. 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. Over the past year, the Company experienced a gradual decline in the timeliness of receipts from the Egyptian General Petroleum Corporation (EGPC) for the Company’s Egyptian oil and gas sales. Although the Company continues to receive periodic payments from EGPC, economic conditions in Egypt have lessened the availability of U.S. dollars in Egypt, resulting in a delay in receipts from EGPC. Continuation of the currency shortage in Egypt could lead to further delays, deferrals of payment, or non-payment in the future; however, the Company currently anticipates that it will ultimately be able to collect its receivable from EGPC. Oil and gas production revenues include income taxes that will be paid to the Arab Republic of Egypt by EGPC 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 13—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.
Inventories	Inventories Inventories consist principally of tubular goods and equipment and are stated at the lower of weighted-average cost or net realizable value. Oil produced but not sold, primarily in the North Sea, is also recorded to inventory and is stated at the lower of the cost to produce or net realizable value.
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 and acquisitions, 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, production costs, 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. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities, and if management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. 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. 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. 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 (GPT) 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.
New Pronouncements Issued But Not Yet Adopted	New Pronouncements Issued But Not Yet Adopted There were no material changes in recently issued or adopted accounting standards from those disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

CAPITAL STOCK

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

CAPITAL STOCK

Net Income 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 March 31,
	2024					2023
	Income		Shares	Per Share		Income		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	132	302	$	0.44	$	242	311	$	0.78
Effect of Dilutive Securities:
Stock compensation awards	$	—	—	$	—	$	—	1	$	—

Diluted:
Income attributable to common stock	$	132	302	$	0.44	$	242	312	$	0.78

The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive of 2.1 million and 2.4 million during the first quarters of 2024 and 2023, respectively.

Stock Repurchase Program

During the fourth quarter of 2021, the Company’s Board of Directors authorized the purchase of 40 million shares of the Company’s common stock. During the third quarter of 2022, the Company's Board of Directors authorized the purchase of an additional 40 million shares of the Company's common stock.

In the first quarter of 2024, the Company repurchased approximately 3.0 million shares at an average price of $33.27 per share, and as of March 31, 2024, the Company had remaining authorization to repurchase up to 40.9 million shares. In the first quarter of 2023, the Company repurchased 3.7 million shares at an average price of $38.93 per share.

The Company is not obligated to acquire any additional shares. Shares may be purchased either in the open market or through privately negotiated transactions.

Common Stock Dividend

For the quarters ended March 31, 2024 and 2023, the Company paid $76 million and $78 million, respectively, in dividends on its common stock.

- Definition

The entire disclosure for equity.

+ References

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, the Company had derivative positions with four 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 March 31, 2024, 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
April—June 2024	NYMEX Henry Hub/IF Waha	8,190	$(1.15)	—	—
April—June 2024	NYMEX Henry Hub/IF HSC	—	—	8,190	$(0.10)

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)
March 31, 2024


Liabilities:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	—	$	2



December 31, 2023
Assets:
Commodity derivative instruments	$	—	$	6	$	—	$	6	$	—	$	6

(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:


	March 31, 2024		December 31, 2023

	(In millions)
Current Assets: Other current assets	$	—	$	6

Total derivative assets	$	—	$	6

Current Liabilities: Other current liabilities	$	2	$	—

Total derivative liabilities	$	2	$	—

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 March 31,
	2024		2023

	(In millions)
Realized:
Commodity derivative instruments	$	4	$	20

Realized gains, net	4		20
Unrealized:
Commodity derivative instruments	(8)		33



Unrealized gains (losses), net	(8)		33
Derivative instrument gains (losses), net	$	(4)	$	53

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 (gains) losses, net” under “Adjustments to reconcile net income to net cash provided by operating activities.”

EQUITY METHOD INTERESTS - Additional Information (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended
	Mar. 18, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method interests		$ 0		$ 437
Proceeds from sale of Kinetik Shares		428	$ 0
Kinetik
Schedule of Equity Method Investments [Line Items]
Equity method investment, number of shares (in shares)				13.1
Equity method interests				$ 437
Proceeds from sale of Kinetik Shares	$ 428
Losses on changes in fair value of equity method interest		$ 9	$ 19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule Of Significant Accounting Policies [Line Items]
Other asset impairments	$ 0	$ 0
Receivables from contracts with customer, net	$ 1,400,000,000		$ 1,500,000,000
Sinopec \| Apache Egypt
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	33.33%

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share (in USD per share)	$ 0.25	$ 0.25

ACQUISITIONS AND DIVESTITURES	3 Months Ended
ACQUISITIONS AND DIVESTITURES	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES 2024 Activity Callon Petroleum Company Acquisition On April 1, 2024, APA completed its acquisition of Callon Petroleum Company (Callon) in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s debt (the Callon acquisition). The transaction was approved by APA and Callon shareholders at special meetings held on March 27, 2024. Subject to the terms of the merger agreement, each share of Callon common stock was converted into the right to receive 1.0425 shares of APA common stock, with cash in lieu of fractional shares. As a result, APA issued approximately 70 million shares of APA common stock in connection with the transaction, and following the acquisition, Callon common stock is no longer listed for trading on the NYSE. Upon completing the acquisition, APA refinanced substantially all of Callon’s debt by borrowing under APA’s US dollar denominated syndicated credit facilities. Refer to Note 9—Debt and Financing Costs for further detail. Sale of Kinetik Shares On March 18, 2024, the Company sold its remaining Kinetik Shares for cash proceeds of $428 million. Refer to Note 6—Equity Method Interests for further detail. Leasehold and Property Acquisitions During the first quarter of 2024, the Company completed leasehold and property acquisitions, primarily in the Permian Basin, for total cash consideration of approximately $63 million. U.S. Divestitures During the first quarter of 2024, the Company completed the sale of non-core assets and leasehold in multiple transactions for total cash proceeds of $27 million, recognizing a gain of approximately $7 million upon closing of these transactions. 2023 Activity Leasehold and Property Acquisitions During the first quarter of 2023, the Company completed leasehold and property acquisitions, primarily in the Permian Basin, for total cash consideration of approximately $6 million. U.S. Divestitures During the first quarter of 2023, the Company completed the sale of non-core assets and leasehold in multiple transactions for total cash proceeds of $21 million, recognizing a gain of approximately $1 million upon closing of these transactions.

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance	$ 110	$ 114
Common stock, par value (in USD per share)	$ 0.625	$ 0.625
Common stock, shares authorized (in shares)	860,000,000	860,000,000
Common stock, shares issued (in shares)	421,137,927	420,595,901
Treasury stock, shares (in shares)	120,031,117	117,020,000

OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of Other Current Assets

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


	March 31, 2024		December 31, 2023

	(In millions)
Inventories	$	472	$	453
Drilling advances	116		88

Prepaid assets and other	54		46
Current decommissioning security for sold Gulf of Mexico assets	165		178
Total Other current assets	$	807	$	765

EQUITY METHOD INTERESTS (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investment Information


	For the Quarter Ended March 31,
	2024		2023

	(In millions)
Natural gas and NGLs sales	$	13	$	14
Purchased oil and gas sales	22		—
	$	35	$	14

Gathering, processing, and transmission costs	$	23	$	26
Purchased oil and gas costs	23		—
Lease operating expenses	2		—
	$	48	$	26

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative counterparties	4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets and Liabilities and Locations on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, current	$ 0	$ 6
Derivative asset	$ 0	$ 6
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets (Note 5)	Other current assets (Note 5)
Derivative liabilities, current	$ 2	$ 0
Derivative liabilities	$ 2	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 102	$ 87
Receivables, net of allowance of $110 and $114	1,597	1,610
Other current assets (Note 5)	807	765
Total current assets	2,506	2,462
PROPERTY AND EQUIPMENT:
Oil and gas properties	45,406	44,860
Gathering, processing, and transmission facilities	448	448
Other	625	634
Less: Accumulated depreciation, depletion, and amortization	(36,336)	(35,904)
Property and equipment, net	10,143	10,038
OTHER ASSETS:
Equity method interests (Note 6)	0	437
Decommissioning security for sold Gulf of Mexico properties (Note 11)	21	21
Deferred tax asset (Note 10)	1,752	1,758
Deferred charges and other	530	528
Assets	14,952	15,244
CURRENT LIABILITIES:
Accounts payable	694	658
Current debt	2	2
Other current liabilities (Note 7)	1,456	1,744
Total current liabilities	2,152	2,404
LONG-TERM DEBT (Note 9)	5,178	5,186
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
Deferred tax liability (Note 10)	300	371
Asset retirement obligation (Note 8)	2,400	2,362
Decommissioning contingency for sold Gulf of Mexico properties (Note 11)	807	764
Other	462	466
Total deferred credits and other noncurrent liabilities	3,969	3,963
EQUITY:
Common stock, $0.625 par, 860,000,000 shares authorized, 421,137,927 and 420,595,901 shares issued, respectively	263	263
Paid-in capital	11,047	11,126
Accumulated deficit	(2,827)	(2,959)
Treasury stock, at cost, 120,031,117 and 117,020,000 shares, respectively	(5,891)	(5,790)
Accumulated other comprehensive income	15	15
APA SHAREHOLDERS’ EQUITY	2,607	2,655
TOTAL EQUITY	3,653	3,691
TOTAL LIABILITIES AND EQUITY	14,952	15,244
Noncontrolling interest
EQUITY:
Noncontrolling interest	$ 1,046	$ 1,036

CAPITAL STOCK (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule Reconciliation of the Components of Basic and Diluted Net Income 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 March 31,
	2024					2023
	Income		Shares	Per Share		Income		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	132	302	$	0.44	$	242	311	$	0.78
Effect of Dilutive Securities:
Stock compensation awards	$	—	—	$	—	$	—	1	$	—

Diluted:
Income attributable to common stock	$	132	302	$	0.44	$	242	312	$	0.78

ASSET RETIREMENT OBLIGATION

3 Months Ended

Mar. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATION

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


	March 31, 2024
	(In millions)
Asset retirement obligation, December 31, 2023	$	2,438
Liabilities incurred	1
Liabilities acquired	4
Liabilities settled	(9)


Accretion expense	40
Revisions in estimated liabilities	1
Asset retirement obligation, March 31, 2024	2,475
Less current portion	(75)
Asset retirement obligation, long-term	$	2,400

EQUITY METHOD INTERESTS - Sales and Costs Associated with Equity Method Interest (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Schedule of Equity Method Investments [Line Items]

Lease operating expenses

^[1]

$ 338

$ 321

Total operating expenses

1,456

1,220

Kinetik

Schedule of Equity Method Investments [Line Items]

Total revenues

Lease operating expenses

Total operating expenses

Oil and Gas, excluding purchased

Schedule of Equity Method Investments [Line Items]

Total revenues

^[1]

1,748

1,769

Costs

^[1]

Oil and Gas, excluding purchased | Kinetik

Schedule of Equity Method Investments [Line Items]

Total revenues

Costs

Purchased oil and gas sales

Schedule of Equity Method Investments [Line Items]

Total revenues

^[1]

203

239

Costs

^[1]

163

216

Purchased oil and gas sales | Kinetik

Schedule of Equity Method Investments [Line Items]

Total revenues

Costs

$ 23

$ 0

[1]	For transactions with Kinetik prior to the Company’s sale of its remaining shares of Kinetik Class A Common Stock and the resignation of the Company’s designated director from the Kinetik board of directors, refer to Note 6—Equity Method Interests.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of March 31, 2024, 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, 2023. The Company’s financial statements for prior periods may include reclassifications that were made to conform to the current-year presentation. Principles of Consolidation The accompanying consolidated financial statements include the accounts of APA and its subsidiaries after elimination of intercompany balances and transactions. 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. 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. The Company has determined that a limited partnership and APA subsidiary, which has control over APA’s Egyptian operations, qualifies as a variable interest entity (VIE) under GAAP. Apache consolidates the activities of APA’s Egyptian operations because it has concluded that a wholly owned subsidiary has a controlling financial interest in APA’s Egyptian operations and was determined to be the primary beneficiary of the VIE. Investments in which the Company has significant influence, but not control, are accounted for under the equity method of accounting. During each of the periods ended March 31, 2024 and 2023, the Company had a designated director on the Kinetik Holdings Inc. (Kinetik) board of directors. As a result, the Company is considered to have had significant influence over Kinetik for all periods presented. The Company’s designated director resigned from the Kinetik board of directors on April 3, 2024. As of December 31, 2023, the Company held shares of Kinetik Class A Common Stock (Kinetik Shares), which were recorded separately as “Equity method interests” in the Company’s consolidated balance sheet. On March 18, 2024, the Company sold its remaining Kinetik Shares. 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 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 decommissioning obligations on 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, and Note 9—Debt and Financing Costs for further detail regarding the Company’s fair value measurements recorded on a recurring basis. During the three months ended March 31, 2024 and 2023, the Company recorded no asset impairments in connection with fair value assessments. Revenue Recognition Receivables from contracts with customers, including receivables for purchased oil and gas sales and net of allowance for credit losses, were $1.4 billion and $1.5 billion as of March 31, 2024 and December 31, 2023, respectively. 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. Over the past year, the Company experienced a gradual decline in the timeliness of receipts from the Egyptian General Petroleum Corporation (EGPC) for the Company’s Egyptian oil and gas sales. Although the Company continues to receive periodic payments from EGPC, economic conditions in Egypt have lessened the availability of U.S. dollars in Egypt, resulting in a delay in receipts from EGPC. Continuation of the currency shortage in Egypt could lead to further delays, deferrals of payment, or non-payment in the future; however, the Company currently anticipates that it will ultimately be able to collect its receivable from EGPC. Oil and gas production revenues include income taxes that will be paid to the Arab Republic of Egypt by EGPC 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 13—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. Inventories Inventories consist principally of tubular goods and equipment and are stated at the lower of weighted-average cost or net realizable value. Oil produced but not sold, primarily in the North Sea, is also recorded to inventory and is stated at the lower of the cost to produce or net realizable value. 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 and acquisitions, 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, production costs, 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. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities, and if management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. 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. 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. 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. New Pronouncements Issued But Not Yet Adopted There were no material changes in recently issued or adopted accounting standards from those disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Commodity Derivative Positions

As of March 31, 2024, 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
April—June 2024	NYMEX Henry Hub/IF Waha	8,190	$(1.15)	—	—
April—June 2024	NYMEX Henry Hub/IF HSC	—	—	8,190	$(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)
March 31, 2024


Liabilities:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	—	$	2



December 31, 2023
Assets:
Commodity derivative instruments	$	—	$	6	$	—	$	6	$	—	$	6

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)
March 31, 2024


Liabilities:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	—	$	2



December 31, 2023
Assets:
Commodity derivative instruments	$	—	$	6	$	—	$	6	$	—	$	6

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:


	March 31, 2024		December 31, 2023

	(In millions)
Current Assets: Other current assets	$	—	$	6

Total derivative assets	$	—	$	6

Current Liabilities: Other current liabilities	$	2	$	—

Total derivative liabilities	$	2	$	—

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 March 31,
	2024		2023

	(In millions)
Realized:
Commodity derivative instruments	$	4	$	20

Realized gains, net	4		20
Unrealized:
Commodity derivative instruments	(8)		33



Unrealized gains (losses), net	(8)		33
Derivative instrument gains (losses), net	$	(4)	$	53

- Definition

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.

+ References + Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-40144
Entity Registrant Name	APA CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1430562
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(b) Security	Common Stock, $0.625 par value
Trading Symbol	APA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		371,192,344
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001841666
Current Fiscal Year End Date	--12-31

DEBT AND FINANCING COSTS - Unsecured 2022 Committed Bank Credit Facilities (Details) £ in Millions	Apr. 29, 2022 USD ($) credit_agreement option	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Apr. 29, 2022 GBP (£) credit_agreement
Syndicated credit facility \| Unsecured Debt
Debt Instrument [Line Items]
Number of syndicated credit agreements \| credit_agreement	2					2
USD Agreement \| Line of Credit
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
Credit facility outstanding amount		$ 30,000,000		$ 372,000,000
USD Agreement \| Line of Credit \| Apache Corp
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 300,000,000
USD Agreement \| Line of Credit \| 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
Letters of credit outstanding, amount		$ 0
GBP Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument term	5 years
Line of credit facility, committed amount \| £						£ 1,500
Line of credit facility, number of extension options \| option	2
Debt extension term	1 year
GBP Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount \| £			£ 348		£ 348
Former Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, covenant benchmark amount	$ 1,000,000,000

DEBT AND FINANCING COSTS - Uncommitted Lines of Credit (Details) - Apache credit facility £ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 2,000,000	£ 416	$ 2,000,000	£ 416
Line of Credit
Debt Instrument [Line Items]
Credit facility outstanding amount	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

DEBT AND FINANCING COSTS - Subsequent Events (Details) - USD ($)	Apr. 26, 2024	Apr. 01, 2024	Jan. 30, 2024
Term Loan Credit Agreement \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Delayed-Drawn Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 2,000,000,000
Delayed-Drawn Term Loan \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount		2,000,000,000
Delayed-Drawn Term Loan, Three Year Tranche Loans \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Debt instrument term		3 years
Delayed-Drawn Term Loan, 364-Day Tranche Loans \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt instrument term		364 days
6.375% Senior Notes Due 2026 \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt repurchase amount		$ 321,000,000
Debt redemption price, percentage		101.063%
6.375% Senior Notes Due 2026 \| Senior Notes \| Subsequent Event \| Callon Petroleum Company
Debt Instrument [Line Items]
Debt interest rate		6.375%
8.00% Senior Notes Due 2028 \| Senior Notes \| Subsequent Event \| Callon Petroleum Company
Debt Instrument [Line Items]
Debt interest rate		8.00%
Debt repurchase amount	$ 8,300,000
Debt redemption price, percentage	101.588%
7.500% Senior Notes Due 2030 \| Senior Notes \| Subsequent Event \| Callon Petroleum Company
Debt Instrument [Line Items]
Debt interest rate		7.50%
Debt repurchase amount	$ 15,600,000
Debt redemption price, percentage	102.803%
Callon’s 2028 Notes and Callon’s 2030 Notes \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt repurchased principal amount		$ 1,200,000,000
Debt repurchase amount		1,300,000,000
Callon’s 2028 Notes and Callon’s 2030 Notes \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Long-term Debt		24,000,000
Callon Credit Agreement \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt		$ 472,000,000

DEBT AND FINANCING COSTS - Financing Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 85	$ 88
Amortization of debt issuance costs	1	1
Capitalized interest	(7)	(6)
Gain on extinguishment of debt	0	(9)
Interest income	(3)	(2)
Financing costs, net	$ 76	$ 72

ASSET RETIREMENT OBLIGATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at the beginning of period	$ 2,438
Liabilities incurred	1
Liabilities acquired	4
Liabilities settled	(9)
Accretion expense	40	$ 28
Revisions in estimated liabilities	1
Asset retirement obligation at the end of period	2,475
Less current portion	(75)		$ (76)
Asset retirement obligation, long-term	$ 2,400		$ 2,362

CAPITALIZED EXPLORATORY WELL COSTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Extractive Industries [Abstract]
Capitalized exploratory well costs	$ 587	$ 586
Exploratory well costs capitalized for a period greater than one year		$ 51

DEBT AND FINANCING COSTS - Commercial Paper Program (Details) - USD ($)		1 Months Ended
	Apr. 29, 2022	Dec. 31, 2023	Mar. 31, 2024
USD Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument term	5 years
Line of credit facility, committed amount	$ 1,800,000,000
Commercial paper
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,800,000,000
Debt instrument term		397 days
Debt instrument guarantee terms, benchmark amount (less than)		$ 1,000,000,000
Commercial paper		$ 0	$ 340,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)
shares in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

REVENUES AND OTHER:

Derivative instrument gains (losses), net

$ (4,000,000)

$ 53,000,000

Gain on divestitures, net

7,000,000

1,000,000

Loss on previously sold Gulf of Mexico properties

(66,000,000)

Other, net

15,000,000

(32,000,000)

Total revenues and other

1,903,000,000

2,030,000,000

OPERATING EXPENSES:

Lease operating expenses

^[1]

338,000,000

321,000,000

Taxes other than income

57,000,000

52,000,000

Exploration

148,000,000

52,000,000

General and administrative

93,000,000

65,000,000

Transaction, reorganization, and separation

27,000,000

4,000,000

Depreciation, depletion, and amortization

430,000,000

332,000,000

Asset retirement obligation accretion

40,000,000

28,000,000

Financing costs, net

76,000,000

72,000,000

Total operating expenses

1,456,000,000

1,220,000,000

NET INCOME BEFORE INCOME TAXES

447,000,000

810,000,000

Current income tax provision

300,000,000

346,000,000

Deferred income tax provision (benefit)

(65,000,000)

138,000,000

NET INCOME INCLUDING NONCONTROLLING INTERESTS

212,000,000

326,000,000

NET INCOME ATTRIBUTABLE TO COMMON STOCK

$ 132,000,000

$ 242,000,000

NET INCOME PER COMMON SHARE:

Basic (in USD per share)

$ 0.44

$ 0.78

Diluted (in USD per share)

$ 0.44

$ 0.78

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

Basic (in shares)

302

311

Diluted (in shares)

302

312

Noncontrolling interest

OPERATING EXPENSES:

Net income attributable to noncontrolling interest

$ 80,000,000

$ 84,000,000

Oil and gas

REVENUES AND OTHER:

Total revenues

1,951,000,000

2,008,000,000

Oil and Gas, excluding purchased

REVENUES AND OTHER:

Total revenues

^[1]

1,748,000,000

1,769,000,000

OPERATING EXPENSES:

Gathering, processing, and transmission & purchased oil and gas costs

^[1]

84,000,000

78,000,000

Purchased oil and gas sales

REVENUES AND OTHER:

Total revenues

^[1]

203,000,000

239,000,000

OPERATING EXPENSES:

Gathering, processing, and transmission & purchased oil and gas costs

^[1]

$ 163,000,000

$ 216,000,000

[1]	For transactions with Kinetik prior to the Company’s sale of its remaining shares of Kinetik Class A Common Stock and the resignation of the Company’s designated director from the Kinetik board of directors, refer to Note 6—Equity Method Interests.