0001784031-24-000013 | 10-Q | XBRL Viewer

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NATURE OF OPERATIONS	6 Months Ended
NATURE OF OPERATIONS	Jun. 30, 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.

DEBT AND FINANCING COSTS

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT AND FINANCING COSTS

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


	June 30, 2024		December 31, 2023

	(In millions)
Apache notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835
Term loan facility, commercial paper, and syndicated credit facilities(2)	1,935		372

Apache finance lease obligations	31		32
Unamortized discount	(26)		(26)
Debt issuance costs	(32)		(25)
Total debt	6,743		5,188
Current maturities	(2)		(2)
Long-term debt	$	6,741	$	5,186

(1) The fair values of the Apache notes and debentures were $4.3 billion at each of June 30, 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 the term loan facility, commercial paper and credit facilities approximates fair value because interest rates are variable and reflective of market rates.

At each of June 30, 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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Interest expense	$	108	$	89	$	193	$	177
Amortization of debt issuance costs	2		1		3		2
Capitalized interest	(7)		(5)		(14)		(11)
Gain on extinguishment of debt	—		—		—		(9)
Interest income	(3)		(3)		(6)		(5)
Financing costs, net	$	100	$	82	$	176	$	154

During the six months ended June 30, 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 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 June 30, 2024, there were $395 million of borrowings under the USD Agreement and an aggregate £348 million in letters of credit outstanding under the GBP Agreement. As of June 30, 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.

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 June 30, 2024 and December 31, 2023, there were no outstanding borrowings under these facilities. As of June 30, 2024, there were £416 million and $11 million, respectively, in letters of credit outstanding under these facilities. As of December 31, 2023, there were £416 million and $2 million, respectively, 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 June 30, 2024, there was $40 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 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 once upon the date of the closings under the Merger Agreement and Term Loan Credit Agreement. Of such aggregate commitments, $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). 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.

On April 1, 2024, APA closed the transactions under the Term Loan Credit Agreement, electing to borrow an aggregate $1.5 billion in 3-Year Tranche Loans maturing April 1, 2027 and to allow the lender commitments for the 364-Day Tranche Loans to expire.

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. As of June 30, 2024, $1.5 billion in 3-Year Tranche Loans remained outstanding under the Term Loan Credit Agreement.

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. On May 6, 2024, all remaining indebtedness under Callon’s 2028 Notes and Callon’s 2030 Notes was repaid. Given these repayments, 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 the 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 May 6, 2024, Callon fully redeemed the remaining outstanding $8 million principal amount of Callon’s 2028 Notes at a redemption price equal to 101.588% of their principal amount and $16 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. The repayments were partially funded by borrowing under the USD Agreement.

- 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.

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total derivative assets	$ 26	$ 6
Liabilities:
Total derivative liabilities	42	0
Recurring \| Commodity derivative instruments
Assets:
Derivative asset, fair value	2	6
Derivative asset, netting	(1)	0
Total derivative assets	1	6
Liabilities:
Derivative liability, fair value	1
Derivative liability, netting	(1)
Total derivative liabilities	0
Recurring \| Contingent consideration arrangements
Assets:
Derivative asset, fair value	25
Derivative asset, netting	0
Total derivative assets	25
Liabilities:
Derivative liability, fair value	42
Derivative liability, netting	0
Total derivative liabilities	42
Recurring \| Quoted Price in Active Markets (Level 1) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0	0
Liabilities:
Derivative liability, fair value	0
Recurring \| Quoted Price in Active Markets (Level 1) \| Contingent consideration arrangements
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	0
Recurring \| Significant Other Inputs (Level 2) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	2	6
Liabilities:
Derivative liability, fair value	1
Recurring \| Significant Other Inputs (Level 2) \| Contingent consideration arrangements
Assets:
Derivative asset, fair value	25
Liabilities:
Derivative liability, fair value	42
Recurring \| Significant Unobservable Inputs (Level 3) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0	$ 0
Liabilities:
Derivative liability, fair value	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Contingent consideration arrangements
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	$ 0

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

REVENUES AND OTHER:

Derivative instrument gains (losses), net

$ (3,000,000)

$ 51,000,000

$ (7,000,000)

$ 104,000,000

Gain on divestitures, net

276,000,000

5,000,000

283,000,000

6,000,000

Loss on previously sold Gulf of Mexico properties

(17,000,000)

(83,000,000)

Other, net

(7,000,000)

109,000,000

8,000,000

77,000,000

Total revenues and other

2,792,000,000

1,961,000,000

4,695,000,000

3,991,000,000

OPERATING EXPENSES:

Lease operating expenses

^[1]

460,000,000

361,000,000

798,000,000

682,000,000

Taxes other than income

78,000,000

50,000,000

135,000,000

102,000,000

Exploration

71,000,000

43,000,000

219,000,000

95,000,000

General and administrative

85,000,000

72,000,000

178,000,000

137,000,000

Transaction, reorganization, and separation

115,000,000

2,000,000

142,000,000

6,000,000

Depreciation, depletion, and amortization

588,000,000

367,000,000

1,018,000,000

699,000,000

Asset retirement obligation accretion

36,000,000

29,000,000

76,000,000

57,000,000

Impairments

46,000,000

Financing costs, net

100,000,000

82,000,000

176,000,000

154,000,000

Total operating expenses

1,864,000,000

1,261,000,000

3,320,000,000

2,481,000,000

NET INCOME BEFORE INCOME TAXES

928,000,000

700,000,000

1,375,000,000

1,510,000,000

Current income tax provision

285,000,000

254,000,000

585,000,000

600,000,000

Deferred income tax provision (benefit)

23,000,000

(16,000,000)

(42,000,000)

122,000,000

NET INCOME INCLUDING NONCONTROLLING INTERESTS

620,000,000

462,000,000

832,000,000

788,000,000

Net income attributable to noncontrolling interest

79,000,000

81,000,000

159,000,000

165,000,000

NET INCOME ATTRIBUTABLE TO COMMON STOCK

$ 541,000,000

$ 381,000,000

$ 673,000,000

$ 623,000,000

NET INCOME PER COMMON SHARE:

Basic (in USD per share)

$ 1.46

$ 1.24

$ 2.00

$ 2.01

Diluted (in USD per share)

$ 1.46

$ 1.23

$ 2.00

$ 2.01

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

Basic (in shares)

371

308

337

310

Diluted (in shares)

372

309

337

310

Oil and gas

REVENUES AND OTHER:

Total revenues

$ 2,543,000,000

$ 1,796,000,000

$ 4,494,000,000

$ 3,804,000,000

Oil and gas, excluding purchased

REVENUES AND OTHER:

Total revenues

^[1]

2,201,000,000

1,652,000,000

3,949,000,000

3,421,000,000

OPERATING EXPENSES:

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

^[1]

121,000,000

78,000,000

205,000,000

156,000,000

Purchased oil and gas

REVENUES AND OTHER:

Total revenues

^[1]

342,000,000

144,000,000

545,000,000

383,000,000

OPERATING EXPENSES:

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

^[1]

$ 210,000,000

$ 131,000,000

$ 373,000,000

$ 347,000,000

[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.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 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 June 30, 2024, the Company has an accrued liability of approximately $76 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 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 Callon acquisition. 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 June 30, 2024, the Company had an undiscounted reserve for environmental remediation of approximately $1 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 June 30, 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 June 30, 2024, the Company has recorded a $187 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 $862 million and $824 million as of June 30, 2024 and December 31, 2023, respectively, representing the estimated costs of decommissioning it may be required to perform on the Legacy GOM Assets. The Company recognized $17 million and $83 million in the second quarter and the first six months of 2024, respectively, of “Loss on previously sold Gulf of Mexico properties.” Amounts recorded in the second quarter of 2024 reflect orders received during the period from BSEE to decommission a property operated and produced by Fieldwood Energy Offshore and Dynamic Offshore Resources NS, LLC. Amounts recorded in the first six months of 2024 also include $33 million related to orders received during the first quarter of 2024 from BSEE to decommission properties previously sold to Cox Operating LLC. The Company recognized no losses for decommissioning previously sold properties during the second quarter and the first six months 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of June 30, 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 June 30, 2023, the Company had a designated director on the Kinetik Holdings Inc. (Kinetik) board of directors. The Company’s designated director resigned from the Kinetik board of directors on April 3, 2024. As a result, the Company is considered to have had significant influence over Kinetik for all periods presented except for the quarter ended June 30, 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 and six months ended June 30, 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 $1.8 billion and $1.5 billion as of June 30, 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. The Company is conducting ongoing discussions with the Government of Egypt to resolve the delay in EGPC payments. The Company continues to collect on these receivables, albeit late, and management believes that the Company will be able to collect the total balance of its receivables from this customer. 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. During the three and six months ended June 30, 2023, the Company recorded $46 million of impairments in connection with valuations of drilling and operations equipment inventory upon the Company’s decision to suspend drilling operations in the North Sea. There were no impairments recorded during the three and six months ended June 30, 2024. 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. Transaction, Reorganization, and Separation (TRS) The Company recorded $115 million and $142 million of TRS costs during the second quarter and the first six months of 2024, respectively, and $2 million and $6 million of TRS costs during the second quarter and the first six months of 2023, respectively. TRS costs incurred in the first six months of 2024 comprised $128 million associated with the Callon acquisition, including $62 million of separation costs and $66 million of transaction and integration costs. 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.

BUSINESS SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

As of June 30, 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 June 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,021	$	673	$	213	$	—	$	1,907
Natural gas revenues	15		73		47		—		135
Natural gas liquids revenues	152		—		7		—		159
Oil, natural gas, and natural gas liquids production revenues	1,188		746		267		—		2,201
Purchased oil and gas sales	342		—		—		—		342

	1,530		746		267		—		2,543
Operating Expenses:
Lease operating expenses	220		123		117		—		460
Gathering, processing, and transmission	98		7		16		—		121
Purchased oil and gas costs	210		—		—		—		210
Taxes other than income	78		—		—		—		78
Exploration	37		25		1		8		71
Depreciation, depletion, and amortization	361		152		75		—		588
Asset retirement obligation accretion	10		—		26		—		36

	1,014		307		235		8		1,564
Operating Income (Loss)(2)	$	516	$	439	$	32	$	(8)	979

Other Income (Expense):
Derivative instrument losses, net									(3)
Loss on previously sold Gulf of Mexico properties									(17)
Gain on divestitures, net									276
Other, net									(7)
General and administrative									(85)
Transaction, reorganization, and separation									(115)
Financing costs, net									(100)
Income Before Income Taxes									$	928


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


For the Six Months Ended June 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,609	$	1,330	$	400	$	—	$	3,339
Natural gas revenues	72		150		89		—		311
Natural gas liquids revenues	283		—		16		—		299
Oil, natural gas, and natural gas liquids production revenues	1,964		1,480		505		—		3,949
Purchased oil and gas sales	545		—		—		—		545
	2,509		1,480		505		—		4,494
Operating Expenses:
Lease operating expenses	360		243		195		—		798
Gathering, processing, and transmission	162		13		30		—		205
Purchased oil and gas costs	373		—		—		—		373
Taxes other than income	135		—		—		—		135
Exploration	107		56		1		55		219
Depreciation, depletion, and amortization	575		297		146		—		1,018
Asset retirement obligation accretion	25		—		51		—		76

	1,737		609		423		55		2,824
Operating Income (Loss)(2)	$	772	$	871	$	82	$	(55)	1,670

Other Income (Expense):
Derivative instrument losses, net									(7)
Loss on offshore decommissioning contingency									(83)
Gain on divestitures, net									283
Other, net									8
General and administrative									(178)
Transaction, reorganization, and separation									(142)
Financing costs, net									(176)
Income Before Income Taxes									$	1,375

Total Assets(3)	$	14,075	$	3,740	$	1,844	$	536	$	20,195


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


For the Quarter Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	512	$	618	$	235	$	—	$	1,365
Natural gas revenues	51		90		39		—		180
Natural gas liquids revenues	103		—		4		—		107
Oil, natural gas, and natural gas liquids production revenues	666		708		278		—		1,652
Purchased oil and gas sales	144		—		—		—		144
	810		708		278		—		1,796
Operating Expenses:
Lease operating expenses	141		121		99		—		361
Gathering, processing, and transmission	60		6		12		—		78
Purchased oil and gas costs	131		—		—		—		131
Taxes other than income	50		—		—		—		50
Exploration	3		30		4		6		43
Depreciation, depletion, and amortization	180		126		61		—		367
Asset retirement obligation accretion	10		—		19		—		29
Impairments	—		—		46		—		46
	575		283		241		6		1,105
Operating Income (Loss)(2)	$	235	$	425	$	37	$	(6)	691

Other Income (Expense):

Derivative instrument gains, net									51
Gain on divestitures, net									5
Other, net									109
General and administrative									(72)
Transaction, reorganization, and separation									(2)
Financing costs, net									(82)
Income Before Income Taxes									$	700


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


For the Six Months Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	998	$	1,247	$	517	$	—	$	2,762
Natural gas revenues	140		183		99		—		422
Natural gas liquids revenues	223		—		14		—		237
Oil, natural gas, and natural gas liquids production revenues	1,361		1,430		630		—		3,421
Purchased oil and gas sales	383		—		—		—		383
	1,744		1,430		630		—		3,804
Operating Expenses:
Lease operating expenses	288		218		176		—		682
Gathering, processing, and transmission	120		13		23		—		156
Purchased oil and gas costs	347		—		—		—		347
Taxes other than income	102		—		—		—		102
Exploration	6		66		9		14		95
Depreciation, depletion, and amortization	331		249		119		—		699
Asset retirement obligation accretion	20		—		37		—		57
Impairments	—		—		46		—		46
	1,214		546		410		14		2,184
Operating Income (Loss)(2)	$	530	$	884	$	220	$	(14)	1,620

Other Income (Expense):
Derivative instrument gains, net									104

Gain on divestitures, net									6
Other, net									77
General and administrative									(137)
Transaction, reorganization, and separation									(6)
Financing costs, net									(154)
Income Before Income Taxes									$	1,510


Total Assets(3)	$	7,640	$	3,365	$	1,719	$	520	$	13,244

(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters and six months ended June 30, 2024 and 2023 of:


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Oil	$	177	$	165	$	351	$	337
Natural gas	19		24		40		50

(2)Operating income includes no leasehold impairments for the second quarter of 2024.
Operating income of U.S. and North Sea includes leasehold impairments of $3 million and $3 million, respectively, for the second quarter of 2023. Operating income of U.S. includes leasehold impairments of $10 million for the first six months of 2024. Operating income of U.S. and North Sea includes leasehold impairments of $5 million and $6 million, respectively, for the first six months of 2023.

(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.

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+ Details

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Unaudited) - USD ($) $ in Millions	Total	APA SHAREHOLDERS’ EQUITY	Common Stock	Paid-In Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income	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	623	623			623
Net income attributable to noncontrolling interest	165							165
Distributions to noncontrolling interest	(100)							(100)
Common dividends declared	(155)	(155)		(155)
Treasury stock activity, net	(188)	(188)				(188)
Other	6	6	1	2			3
Ending balance at Jun. 30, 2023	1,696	709	263	11,267	(5,191)	(5,647)	17	987
Beginning balance at Mar. 31, 2023	1,433	444	263	11,337	(5,572)	(5,601)	17	989
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock	381	381			381
Net income attributable to noncontrolling interest	81							81
Distributions to noncontrolling interest	(83)							(83)
Common dividends declared	(77)	(77)		(77)
Treasury stock activity, net	(46)	(46)				(46)
Other	7	7		7
Ending balance at Jun. 30, 2023	1,696	709	263	11,267	(5,191)	(5,647)	17	987
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	673	673			673
Net income attributable to noncontrolling interest	159							159
Distributions to noncontrolling interest	(123)							(123)
Common dividends declared	(168)	(168)		(168)
Issuance of common stock	2,414	2,414	44	2,370
Treasury stock activity, net	(144)	(144)				(144)
Other	(7)	(7)	0	(6)			(1)
Ending balance at Jun. 30, 2024	6,495	5,423	307	13,322	(2,286)	(5,934)	14	1,072
Beginning balance at Mar. 31, 2024	3,653	2,607	263	11,047	(2,827)	(5,891)	15	1,046
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock	541	541			541
Net income attributable to noncontrolling interest	79							79
Distributions to noncontrolling interest	(53)							(53)
Common dividends declared	(93)	(93)		(93)
Issuance of common stock	2,414	2,414	44	2,370
Treasury stock activity, net	(43)	(43)				(43)
Other	(3)	(3)		(2)			(1)
Ending balance at Jun. 30, 2024	$ 6,495	$ 5,423	$ 307	$ 13,322	$ (2,286)	$ (5,934)	$ 14	$ 1,072

- 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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- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CAPITAL STOCK - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic:
Income attributable to common stock	$ 541	$ 381	$ 673	$ 623
Income attributable to common stock (in shares)	371	308	337	310
Income attributable to common stock (in USD per share)	$ 1.46	$ 1.24	$ 2.00	$ 2.01
Diluted:
Income attributable to common stock	$ 541	$ 381	$ 673	$ 623
Income attributable to common stock (in shares)	372	309	337	310
Income attributable to common stock (in USD per share)	$ 1.46	$ 1.23	$ 2.00	$ 2.01
Stock compensation awards, stock options and other
Effect of Dilutive Securities:
Stock compensation awards, stock options and other	$ 0	$ 0
Stock compensation awards, stock options and other (in shares)	1	1
Stock options and other, per share (in USD per share)	$ 0	$ (0.01)

CAPITALIZED EXPLORATORY WELL COSTS	6 Months Ended
CAPITALIZED EXPLORATORY WELL COSTS	Jun. 30, 2024
Extractive Industries [Abstract]
CAPITALIZED EXPLORATORY WELL COSTS	CAPITALIZED EXPLORATORY WELL COSTS The Company’s capitalized exploratory well costs were $621 million and $586 million as of June 30, 2024 and December 31, 2023, respectively. The increase is primarily attributable to additional drilling activity in Egypt and in the U.S. No suspended exploratory well costs previously capitalized for greater than one year at December 31, 2023 were charged to dry hole expense during the second quarter of 2024. During the first quarter of 2024, approximately $51 million of suspended well costs previously capitalized for greater than one year at December 31, 2023 were charged to dry hole expense. 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.

DEBT AND FINANCING COSTS - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Apache finance lease obligations	$ 31	$ 32
Unamortized discount	(26)	(26)
Debt issuance costs	(32)	(25)
Total debt	6,743	5,188
Current maturities	(2)	(2)
Long-term debt	6,741	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
Term loan facility, commercial paper, and syndicated credit facilities
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,935	$ 372

OTHER CURRENT ASSETS

6 Months Ended

Jun. 30, 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:


	June 30, 2024		December 31, 2023

	(In millions)
Inventories	$	466	$	453
Drilling advances	110		88

Prepaid assets and other	80		46
Current decommissioning security for sold Gulf of Mexico assets	166		178
Total Other current assets	$	822	$	765

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	2000 W. Sam Houston Pkwy. S., Suite 200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042-3643
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		369,904,843
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001841666
Current Fiscal Year End Date	--12-31

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Schedule of Equity Method Investments [Line Items]

Lease operating expenses

^[1]

$ 460

$ 361

$ 798

$ 682

Total operating expenses

1,864

1,261

3,320

2,481

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]

2,201

1,652

3,949

3,421

Costs

^[1]

121

205

156

Oil and gas, excluding purchased | Kinetik

Schedule of Equity Method Investments [Line Items]

Total revenues

Costs

Purchased oil and gas

Schedule of Equity Method Investments [Line Items]

Total revenues

^[1]

342

144

545

383

Costs

^[1]

210

131

373

347

Purchased oil and gas | Kinetik

Schedule of Equity Method Investments [Line Items]

Total revenues

Costs

$ 0

$ 26

$ 23

$ 28

[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

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES (Details) $ in Millions	Apr. 01, 2024 USD ($)
Callon Petroleum Company
Valuation Allowance [Line Items]
Deferred tax asset	$ 575

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 160	$ 87
Receivables, net of allowance of $122 and $114	1,936	1,610
Other current assets (Note 5)	822	765
Total current assets	2,918	2,462
PROPERTY AND EQUIPMENT:
Oil and gas properties	49,416	44,860
Gathering, processing, and transmission facilities	445	448
Other	539	634
Less: Accumulated depreciation, depletion, and amortization	(35,944)	(35,904)
Property and equipment, net	14,456	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)	2,259	1,758
Deferred charges and other	541	528
ASSETS	20,195	15,244
CURRENT LIABILITIES:
Accounts payable	1,012	658
Current debt	2	2
Other current liabilities (Note 7)	1,875	1,744
Total current liabilities	2,889	2,404
LONG-TERM DEBT (Note 9)	6,741	5,186
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
Deferred tax liability (Note 10)	256	371
Asset retirement obligation (Note 8)	2,515	2,362
Decommissioning contingency for sold Gulf of Mexico properties (Note 11)	768	764
Other	531	466
Total deferred credits and other noncurrent liabilities	4,070	3,963
EQUITY:
Common stock, $0.625 par, 860,000,000 shares authorized, 491,336,993 and 420,595,901 shares issued, respectively	307	263
Paid-in capital	13,322	11,126
Accumulated deficit	(2,286)	(2,959)
Treasury stock, at cost, 121,511,189 and 117,020,000 shares, respectively	(5,934)	(5,790)
Accumulated other comprehensive income	14	15
APA SHAREHOLDERS’ EQUITY	5,423	2,655
Noncontrolling interest	1,072	1,036
TOTAL EQUITY	6,495	3,691
LIABILITIES, NONCONTROLLING INTERESTS, AND EQUITY	$ 20,195	$ 15,244

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Commodity Derivative Positions

As of June 30, 2024, the Company had the following open natural gas financial collar contracts:

Production Period

Settlement Index

MMBtu
(in 000’s)

Weighted Average Floor Price

Weighted Average Ceiling Price

July—December 2024

NYMEX Henry Hub

3,398

$3.00

$3.33

As of June 30, 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
July—December 2024	NYMEX Henry Hub/IF Waha	—	—	3,680	$(1.06)
July—December 2024	NYMEX Henry Hub/IF HSC	—	—	7,360	$(0.42)

As of June 30, 2024, the Company had the following open NGL fixed swap contracts:

Production Period

Settlement Index

MBbls

(in 000’s)

Weighted Average Price Differential

July—December 2024

OPIS IsoButane Mt Belvieu Non TET

$33.18

July—December 2024

OPIS NButane Mt Belvieu Non TET

$33.18

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)
June 30, 2024
Assets:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	(1)	$	1
Contingent consideration arrangements	—		25		—		25		—		25
Liabilities:
Commodity derivative instruments	$	—	$	1	$	—	$	1	$	(1)	$	—


Contingent consideration arrangements	—		42		—		42		—		42
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.

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)
June 30, 2024
Assets:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	(1)	$	1
Contingent consideration arrangements	—		25		—		25		—		25
Liabilities:
Commodity derivative instruments	$	—	$	1	$	—	$	1	$	(1)	$	—


Contingent consideration arrangements	—		42		—		42		—		42
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.

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:


	June 30, 2024		December 31, 2023

	(In millions)
Current Assets: Other current assets	$	26	$	6

Total derivative assets	$	26	$	6

Current Liabilities: Other current liabilities	$	24	$	—
Deferred Credit and Other Noncurrent Liabilities: Other	18		—
Total derivative liabilities	$	42	$	—

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


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Realized:
Commodity derivative instruments	$	(6)	$	4	$	(2)	$	24

Realized gains (losses), net	(6)		4		(2)		24
Unrealized:
Commodity derivative instruments	3		47		(5)		80



Unrealized gains (losses), net	3		47		(5)		80
Derivative instrument gains (losses), net	$	(3)	$	51	$	(7)	$	104

- 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

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 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 and six months ended June 30, 2024 differed from the U.S. federal statutory income tax rate of 21 percent due to taxes on foreign operations. During the second quarter of 2023, the Company’s effective income tax rate differed from the U.S. federal statutory income tax rate of 21 percent due to taxes on foreign operations and a decrease in the amount of valuation allowance against its U.S. deferred tax assets. The Company’s effective income tax rate for the six months ended June 30, 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. On April 1, 2024, APA completed its acquisition of Callon in an all-stock transaction. The Company’s deferred tax asset increased by approximately $575 million as part of the assets assumed through the Callon acquisition. Refer to Note 2—Acquisitions and Divestitures for further detail. 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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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-Paragraph 14
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

ASSET RETIREMENT OBLIGATION (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2024
	(In millions)
Asset retirement obligation, December 31, 2023	$	2,438
Liabilities incurred	4
Liabilities acquired	140
Liabilities settled	(21)
Liabilities divested	(48)

Accretion expense	76
Revisions in estimated liabilities	1
Asset retirement obligation, June 30, 2024	2,590
Less current portion	(75)
Asset retirement obligation, long-term	$	2,515

OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2024		December 31, 2023

	(In millions)
Inventories	$	466	$	453
Drilling advances	110		88

Prepaid assets and other	80		46
Current decommissioning security for sold Gulf of Mexico assets	166		178
Total Other current assets	$	822	$	765

ACQUISITIONS AND DIVESTITURES - Schedule of Pro Forma Adjustment (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenues	$ 2,201	$ 2,337	$ 4,513	$ 4,883
Net income attributable to common stock	$ 630	$ 508	$ 779	$ 790
Net income per common share – basic (in USD per share)	$ 1.70	$ 1.35	$ 2.10	$ 2.08
Net income per common share – diluted (in USD per share)	$ 1.69	$ 1.34	$ 2.10	$ 2.08

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) counterparty	Apr. 01, 2024 USD ($) $ / bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative counterparty \| counterparty	1
Callon Petroleum Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated fair value of earn-out obligation	$ 42
Estimated fair value of contingent consideration receipt	$ 25
Callon Petroleum Company \| Contingent consideration arrangements \| Average Daily Settlement Price OF WTI Crude Oil Threshold High
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Earn-out obligation to be paid (up to)		$ 50
Crude oil settlement price threshold, contingent consideration liability (in dollars per barrel) \| $ / bbl		60.00
Crude oil settlement price threshold, contingent consideration asset (in dollars per barrel) \| $ / bbl		80.00
Callon Petroleum Company \| Contingent consideration arrangements \| Average Daily Settlement Price OF WTI Crude Oil Threshold Low
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration to be received		$ 20
Callon Petroleum Company \| Contingent consideration arrangements \| Maximum \| Average Daily Settlement Price OF WTI Crude Oil Threshold High
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contingent consideration to be received		$ 45
Callon Petroleum Company \| Contingent consideration arrangements \| Maximum \| Average Daily Settlement Price OF WTI Crude Oil Threshold Low
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Crude oil settlement price threshold, contingent consideration asset (in dollars per barrel) \| $ / bbl		80.00
Callon Petroleum Company \| Contingent consideration arrangements \| Minimum \| Average Daily Settlement Price OF WTI Crude Oil Threshold Low
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Crude oil settlement price threshold, contingent consideration asset (in dollars per barrel) \| $ / bbl		75.00

CAPITAL STOCK (Tables)

6 Months Ended

Jun. 30, 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 June 30,
	2024					2023
	Income		Shares	Per Share		Income		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	541	371	$	1.46	$	381	308	$	1.24
Effect of Dilutive Securities:
Stock compensation awards	$	—	1	$	—	$	—	1	$	(0.01)

Diluted:
Income attributable to common stock	$	541	372	$	1.46	$	381	309	$	1.23

	For the Six Months Ended June 30,
	2024					2023
	Income		Shares	Per Share		Income		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	673	337	$	2.00	$	623	310	$	2.01



Diluted:
Income attributable to common stock	$	673	337	$	2.00	$	623	310	$	2.01

OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

OTHER CURRENT LIABILITIES

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


	June 30, 2024		December 31, 2023

	(In millions)
Accrued operating expenses	$	209	$	162
Accrued exploration and development	730		371
Accrued compensation and benefits	162		390
Accrued interest	93		93
Accrued income taxes	168		138
Current asset retirement obligation	75		76
Current operating lease liability	103		116

Current decommissioning contingency for sold Gulf of Mexico properties	94		60
Other	241		338
Total Other current liabilities	$	1,875	$	1,744

CAPITAL STOCK - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 01, 2024	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Options and restricted stock, anti-dilutive (in shares)			2,300,000	2,100,000	2,100,000	2,200,000
Number of shares authorized to be repurchased (in shares)							40,000,000	40,000,000
Treasury shares acquired (in shares)			1,500,000	1,300,000	4,500,000	5,000,000
Treasury stock acquired, average price (in USD per share)			$ 28.72	$ 33.72	$ 31.77	$ 37.53
Remaining authorized repurchase amount (in shares)			39,400,000		39,400,000
Payments of dividend on common stock			$ 92	$ 77	$ 168	$ 155
Issuance of common stock			2,414		2,414
Common Stock
Class of Stock [Line Items]
Issuance of common stock			$ 44		$ 44
Callon Petroleum Company \| Common Stock
Class of Stock [Line Items]
Stock issued during period, shares, new issues	70,000,000
Issuance of common stock	$ 2,400
Subsequent Event
Class of Stock [Line Items]
Treasury shares acquired (in shares)		100,000
Treasury stock acquired, average price (in USD per share)		$ 29.33
Remaining authorized repurchase amount (in shares)		39,300,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Inventories	$ 466	$ 453
Drilling advances	110	88
Prepaid assets and other	80	46
Current decommissioning security for sold Gulf of Mexico assets	166	178
Total Other current assets	$ 822	$ 765

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 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 June 30, 2023, the Company had a designated director on the Kinetik Holdings Inc. (Kinetik) board of directors. The Company’s designated director resigned from the Kinetik board of directors on April 3, 2024. As a result, the Company is considered to have had significant influence over Kinetik for all periods presented except for the quarter ended June 30, 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 $1.8 billion and $1.5 billion as of June 30, 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. The Company is conducting ongoing discussions with the Government of Egypt to resolve the delay in EGPC payments. The Company continues to collect on these receivables, albeit late, and management believes that the Company will be able to collect the total balance of its receivables from this customer. 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.

BUSINESS SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

CAPITALIZED EXPLORATORY WELL COSTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Extractive Industries [Abstract]
Capitalized exploratory well costs	$ 621		$ 586
Exploratory well costs capitalized for a period greater than one year		$ 51	$ 0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 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. Apache has elected not to designate any of its derivative contracts as cash flow hedges.

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 June 30, 2024, the Company had derivative positions with one counterparty. 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.

Derivative Instruments

Commodity Derivative Instruments

As of June 30, 2024, the Company had the following open natural gas financial collar contracts:

Production Period

Settlement Index

MMBtu
(in 000’s)

Weighted Average Floor Price

Weighted Average Ceiling Price

July—December 2024

NYMEX Henry Hub

3,398

$3.00

$3.33

As of June 30, 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
July—December 2024	NYMEX Henry Hub/IF Waha	—	—	3,680	$(1.06)
July—December 2024	NYMEX Henry Hub/IF HSC	—	—	7,360	$(0.42)

As of June 30, 2024, the Company had the following open NGL fixed swap contracts:

Production Period

Settlement Index

MBbls

(in 000’s)

Weighted Average Price Differential

July—December 2024

OPIS IsoButane Mt Belvieu Non TET

$33.18

July—December 2024

OPIS NButane Mt Belvieu Non TET

$33.18

Embedded Derivatives

As a result of the Callon acquisition, the Company assumed an earn-out obligation from Callon, where the Company could be required to pay up to $50 million in the aggregate if the average daily settlement price of WTI crude oil exceeds $60.00 per barrel for the 2024 and 2025 calendar years. Additionally, in connection with the Callon acquisition, the Company assumed a contingent consideration arrangement. Whereby the Company could receive up to $45 million if the average daily settlement price of WTI crude oil for 2024 is at least $80.00 per barrel. If the average daily settlement price of WTI crude oil for 2024 is less than $80.00 per barrel but at least $75.00 per barrel, then the Company would receive $20 million.

The Company determined that the earn-out obligation and contingent consideration receipt were not clearly and closely related to the underlying agreements and therefore bifurcated these embedded features and recorded these derivatives at fair value. For further discussion of these derivatives, refer to “Fair Value Measurements” below.

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)
June 30, 2024
Assets:
Commodity derivative instruments	$	—	$	2	$	—	$	2	$	(1)	$	1
Contingent consideration arrangements	—		25		—		25		—		25
Liabilities:
Commodity derivative instruments	$	—	$	1	$	—	$	1	$	(1)	$	—


Contingent consideration arrangements	—		42		—		42		—		42
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.

The embedded options within the earn-out obligation and contingent consideration arrangements discussed above are considered financial instruments under ASC 815. The Company uses a market approach to estimate the fair values of these derivatives on a recurring basis, utilizing an option pricing model method provided by a reputable third party. The valuation includes significant inputs such as forward oil price curves, time to expiration, and implied volatility. As these inputs are substantially observable for the full term of the contingent consideration arrangements, the inputs are considered a Level 2 fair value measurement. As of June 30, 2024, the estimated fair values of the earn-out obligation and contingent consideration receipt were $42 million and $25 million, respectively.

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:


	June 30, 2024		December 31, 2023

	(In millions)
Current Assets: Other current assets	$	26	$	6

Total derivative assets	$	26	$	6

Current Liabilities: Other current liabilities	$	24	$	—
Deferred Credit and Other Noncurrent Liabilities: Other	18		—
Total derivative liabilities	$	42	$	—

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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Realized:
Commodity derivative instruments	$	(6)	$	4	$	(2)	$	24

Realized gains (losses), net	(6)		4		(2)		24
Unrealized:
Commodity derivative instruments	3		47		(5)		80



Unrealized gains (losses), net	3		47		(5)		80
Derivative instrument gains (losses), net	$	(3)	$	51	$	(7)	$	104

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.”

ACQUISITIONS AND DIVESTITURES - Schedule of Assets Acquired and Liabilities Assumed (Details) - Callon Petroleum Company $ in Millions	Apr. 01, 2024 USD ($)
Business Acquisition [Line Items]
Current assets	$ 282
Property, plant, and equipment	4,493
Deferred tax asset	575
Other assets	11
Total assets acquired	5,361
Current liabilities	616
Long-term debt	2,113
Asset retirement obligation	136
Other long-term obligations	58
Total liabilities assumed	2,923
Net assets acquired	$ 2,438

ACQUISITIONS AND DIVESTITURES - Additional Information (Details) shares in Millions			3 Months Ended		6 Months Ended
	Apr. 01, 2024 USD ($) a shares	Mar. 18, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Proceeds from asset divestitures					$ 729,000,000	$ 28,000,000
Proceeds from sale of Kinetik Shares					428,000,000	0
Payments to acquire leasehold and property					63,000,000	10,000,000
Kinetik
Business Acquisition [Line Items]
Proceeds from sale of Kinetik Shares		$ 428,000,000
Disposed of by Sale \| Non-Core Assets And Leasehold
Business Acquisition [Line Items]
Proceeds from asset divestitures			$ 45,000,000	$ 7,000,000	72,000,000	28,000,000
Gain (loss) on sale of oil and gas properties			1,000,000	5,000,000	8,000,000	6,000,000
Unsecured Debt \| Term Loan Credit Agreement, Three Year Tranche Loans
Business Acquisition [Line Items]
Debt instrument, face amount	$ 1,500,000,000
TEXAS \| Disposed of by Sale
Business Acquisition [Line Items]
Carrying value of non-core assets disposed			347,000,000		347,000,000
Proceeds from asset divestitures			253,000,000
Asset retirement obligation assumed			48,000,000
Gain (loss) on sale of oil and gas properties			46,000,000
Permian Basin
Business Acquisition [Line Items]
Payments to acquire leasehold and property				$ 4,000,000		$ 10,000,000
Permian Basin \| Disposed of by Sale
Business Acquisition [Line Items]
Carrying value of non-core assets disposed			71,000,000		$ 71,000,000
Proceeds from asset divestitures			392,000,000
Gain (loss) on sale of oil and gas properties			321,000,000
Callon Petroleum Company
Business Acquisition [Line Items]
Consideration transferred	$ 4,500,000,000
Business acquisition, equity interests exchange ratio	1.0425
Business acquisition, equity interest issued or issuable, number of shares (in shares) \| shares	70
Other consideration transferred	$ 24,000,000
Revenue of acquiree since acquisition date			438,000,000
Net income of acquiree since acquisition date			$ 109,000,000
Callon Petroleum Company \| Delaware Basin
Business Acquisition [Line Items]
Asset acquired, net acres \| a	120,000
Callon Petroleum Company \| Midland Basin
Business Acquisition [Line Items]
Asset acquired, net acres \| a	25,000

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued operating expenses	$ 209	$ 162
Accrued exploration and development	730	371
Accrued compensation and benefits	162	390
Accrued interest	93	93
Accrued income taxes	168	138
Current asset retirement obligation	75	76
Current operating lease liability	103	116
Current decommissioning contingency for sold Gulf of Mexico properties	94	60
Other	241	338
Total Other current liabilities	$ 1,875	$ 1,744

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME INCLUDING NONCONTROLLING INTERESTS	$ 620	$ 462	$ 832	$ 788
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Pension and postretirement benefit plan	(1)	0	(1)	3
COMPREHENSIVE INCOME INCLUDING NONCONTROLLING INTERESTS	619	462	831	791
Comprehensive income attributable to noncontrolling interest	79	81	159	165
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCK	$ 540	$ 381	$ 672	$ 626

- Definition

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

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+ Details

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance	$ 122	$ 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)	491,336,993	420,595,901
Treasury stock, shares (in shares)	121,511,189	117,020,000

ACQUISITIONS AND DIVESTITURES

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

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. The acquired assets include approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin.

Subject to the terms of the merger agreement (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 based on the value of APA common stock on the day of closing, and following the acquisition, Callon common stock is no longer listed for trading on the NYSE. In addition to the equity consideration provided, APA transferred approximately $24 million in other consideration upon close of the transaction.

Upon completing the acquisition, APA repaid all of Callon’s debt, refinancing a portion by borrowing $1.5 billion under its unsecured committed term loan facility. Refer to Note 9—Debt and Financing Costs for further detail.

Recording of Assets Acquired and Liabilities Assumed

The transaction was accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The final determination of fair value for certain assets and liabilities will be completed as soon as the information necessary to complete the analysis is obtained. These amounts will be finalized as soon as possible, but no later than one year from the acquisition date.

The following table summarizes the preliminary estimates of the assets acquired and liabilities assumed in the merger:


	(In millions)
Current assets	$	282
Property, plant, and equipment	4,493
Deferred tax asset	575
Other assets	11
Total assets acquired	$	5,361
Current liabilities	$	616
Long-term debt	2,113
Asset retirement obligation	136

Other long-term obligations	58
Total liabilities assumed	$	2,923
Net assets acquired	$	2,438

The following unaudited pro forma combined results for the three and six months ended June 30, 2024 and 2023 reflect the consolidated results of operations of the Company as if the Callon acquisition had occurred on January 1, 2023. The unaudited pro forma information includes certain accounting adjustments for transaction costs, depreciation, depletion, and amortization expense, and estimated tax impacts of the pro forma adjustments.


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions, except share data)
Revenues	$	2,201	$	2,337	$	4,513	$	4,883
Net income attributable to common stock	630		508		779		790
Net income per common share – basic	1.70		1.35		2.10		2.08
Net income per common share – diluted	1.69		1.34		2.10		2.08

From the date of the acquisition through June 30, 2024, revenues and net income attributable to common stockholders associated with Callon assets totaled $438 million and $109 million, respectively.

The unaudited pro forma condensed consolidated financial information has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the transactions taken place on the dates indicated. The unaudited pro forma results are also not intended to be a projection of future results and do not include any future cost savings or other synergies that may result from the Callon acquisition or any estimated costs that have not yet been incurred.

U.S. Divestitures

In the second quarter of 2024, the Company completed the sale of non-core acreage in the East Texas Austin Chalk and Eagle Ford plays that had a carrying value of $347 million for aggregate cash proceeds of $253 million and the assumption of asset retirement obligations of $48 million. The Company recognized a $46 million loss during the second quarter of 2024 in association with this sale.

In the second quarter of 2024, the Company also completed the sale of non-core mineral and royalty interests in the Permian Basin that had a carrying value of $71 million for approximately $392 million after post-closing adjustments. The Company recognized a gain of $321 million during the second quarter of 2024 in association with this sale.

Additionally, during the second quarter and first six months of 2024, the Company completed the sale of non-core assets and leasehold in multiple transactions for aggregate cash proceeds of $45 million and $72 million, respectively, recognizing a gain of approximately $1 million and $8 million, respectively, upon closing of these transactions.

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 six months of 2024, in addition to the Callon acquisition, the Company completed other leasehold and property acquisitions, primarily in the Permian Basin, for aggregate cash consideration of approximately $63 million.

2023 Activity

Leasehold and Property Acquisitions

During the second quarter and first six months of 2023, the Company completed leasehold and property acquisitions, primarily in the Permian Basin, for aggregate cash consideration of approximately $4 million and $10 million, respectively.

U.S. Divestitures

During the second quarter and first six months of 2023, the Company completed the sale of non-core assets and leasehold in multiple transactions for aggregate cash proceeds of $7 million and $28 million, respectively, recognizing a gain of approximately $5 million and $6 million, respectively, upon closing of these transactions.

ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimates of the assets acquired and liabilities assumed in the merger:


	(In millions)
Current assets	$	282
Property, plant, and equipment	4,493
Deferred tax asset	575
Other assets	11
Total assets acquired	$	5,361
Current liabilities	$	616
Long-term debt	2,113
Asset retirement obligation	136

Other long-term obligations	58
Total liabilities assumed	$	2,923
Net assets acquired	$	2,438

Schedule of Pro Forma Adjustment


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions, except share data)
Revenues	$	2,201	$	2,337	$	4,513	$	4,883
Net income attributable to common stock	630		508		779		790
Net income per common share – basic	1.70		1.35		2.10		2.08
Net income per common share – diluted	1.69		1.34		2.10		2.08

BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,021	$	673	$	213	$	—	$	1,907
Natural gas revenues	15		73		47		—		135
Natural gas liquids revenues	152		—		7		—		159
Oil, natural gas, and natural gas liquids production revenues	1,188		746		267		—		2,201
Purchased oil and gas sales	342		—		—		—		342

	1,530		746		267		—		2,543
Operating Expenses:
Lease operating expenses	220		123		117		—		460
Gathering, processing, and transmission	98		7		16		—		121
Purchased oil and gas costs	210		—		—		—		210
Taxes other than income	78		—		—		—		78
Exploration	37		25		1		8		71
Depreciation, depletion, and amortization	361		152		75		—		588
Asset retirement obligation accretion	10		—		26		—		36

	1,014		307		235		8		1,564
Operating Income (Loss)(2)	$	516	$	439	$	32	$	(8)	979

Other Income (Expense):
Derivative instrument losses, net									(3)
Loss on previously sold Gulf of Mexico properties									(17)
Gain on divestitures, net									276
Other, net									(7)
General and administrative									(85)
Transaction, reorganization, and separation									(115)
Financing costs, net									(100)
Income Before Income Taxes									$	928


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


For the Six Months Ended June 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,609	$	1,330	$	400	$	—	$	3,339
Natural gas revenues	72		150		89		—		311
Natural gas liquids revenues	283		—		16		—		299
Oil, natural gas, and natural gas liquids production revenues	1,964		1,480		505		—		3,949
Purchased oil and gas sales	545		—		—		—		545
	2,509		1,480		505		—		4,494
Operating Expenses:
Lease operating expenses	360		243		195		—		798
Gathering, processing, and transmission	162		13		30		—		205
Purchased oil and gas costs	373		—		—		—		373
Taxes other than income	135		—		—		—		135
Exploration	107		56		1		55		219
Depreciation, depletion, and amortization	575		297		146		—		1,018
Asset retirement obligation accretion	25		—		51		—		76

	1,737		609		423		55		2,824
Operating Income (Loss)(2)	$	772	$	871	$	82	$	(55)	1,670

Other Income (Expense):
Derivative instrument losses, net									(7)
Loss on offshore decommissioning contingency									(83)
Gain on divestitures, net									283
Other, net									8
General and administrative									(178)
Transaction, reorganization, and separation									(142)
Financing costs, net									(176)
Income Before Income Taxes									$	1,375

Total Assets(3)	$	14,075	$	3,740	$	1,844	$	536	$	20,195


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


For the Quarter Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	512	$	618	$	235	$	—	$	1,365
Natural gas revenues	51		90		39		—		180
Natural gas liquids revenues	103		—		4		—		107
Oil, natural gas, and natural gas liquids production revenues	666		708		278		—		1,652
Purchased oil and gas sales	144		—		—		—		144
	810		708		278		—		1,796
Operating Expenses:
Lease operating expenses	141		121		99		—		361
Gathering, processing, and transmission	60		6		12		—		78
Purchased oil and gas costs	131		—		—		—		131
Taxes other than income	50		—		—		—		50
Exploration	3		30		4		6		43
Depreciation, depletion, and amortization	180		126		61		—		367
Asset retirement obligation accretion	10		—		19		—		29
Impairments	—		—		46		—		46
	575		283		241		6		1,105
Operating Income (Loss)(2)	$	235	$	425	$	37	$	(6)	691

Other Income (Expense):

Derivative instrument gains, net									51
Gain on divestitures, net									5
Other, net									109
General and administrative									(72)
Transaction, reorganization, and separation									(2)
Financing costs, net									(82)
Income Before Income Taxes									$	700


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


For the Six Months Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	998	$	1,247	$	517	$	—	$	2,762
Natural gas revenues	140		183		99		—		422
Natural gas liquids revenues	223		—		14		—		237
Oil, natural gas, and natural gas liquids production revenues	1,361		1,430		630		—		3,421
Purchased oil and gas sales	383		—		—		—		383
	1,744		1,430		630		—		3,804
Operating Expenses:
Lease operating expenses	288		218		176		—		682
Gathering, processing, and transmission	120		13		23		—		156
Purchased oil and gas costs	347		—		—		—		347
Taxes other than income	102		—		—		—		102
Exploration	6		66		9		14		95
Depreciation, depletion, and amortization	331		249		119		—		699
Asset retirement obligation accretion	20		—		37		—		57
Impairments	—		—		46		—		46
	1,214		546		410		14		2,184
Operating Income (Loss)(2)	$	530	$	884	$	220	$	(14)	1,620

Other Income (Expense):
Derivative instrument gains, net									104

Gain on divestitures, net									6
Other, net									77
General and administrative									(137)
Transaction, reorganization, and separation									(6)
Financing costs, net									(154)
Income Before Income Taxes									$	1,510


Total Assets(3)	$	7,640	$	3,365	$	1,719	$	520	$	13,244

(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters and six months ended June 30, 2024 and 2023 of:


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Oil	$	177	$	165	$	351	$	337
Natural gas	19		24		40		50

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests in Egypt.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets and Liabilities and Locations on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Current Assets: Other current assets	$ 26	$ 6
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets (Note 5)	Other current assets (Note 5)
Total derivative assets	$ 26	$ 6
Current Liabilities: Other current liabilities	24	0
Deferred Credit and Other Noncurrent Liabilities: Other	$ 18	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Total derivative liabilities	$ 42	$ 0

- 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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-Subparagraph (SX 210.6-04(9)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

EQUITY METHOD INTERESTS

6 Months Ended

Jun. 30, 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 a loss of $9 million in the first quarter of 2024, and gains of $90 million and $71 million in the second quarter and the first six months of 2023, respectively. This loss and these gains 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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Natural gas and NGLs sales	$	—	$	29	$	13	$	43
Purchased oil and gas sales	—		7		22		7
	$	—	$	36	$	35	$	50

Gathering, processing, and transmission costs	$	—	$	29	$	23	$	55
Purchased oil and gas costs	—		26		23		28
Lease operating expenses	—		—		2		—
	$	—	$	55	$	48	$	83

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Operating Expenses:

Lease operating expenses

^[1]

$ 460,000,000

$ 361,000,000

$ 798,000,000

$ 682,000,000

Taxes other than income

78,000,000

50,000,000

135,000,000

102,000,000

Exploration

71,000,000

43,000,000

219,000,000

95,000,000

Depreciation, depletion, and amortization

588,000,000

367,000,000

1,018,000,000

699,000,000

Asset retirement obligation accretion

36,000,000

29,000,000

76,000,000

57,000,000

Impairments

46,000,000

Total operating expenses

1,564,000,000

1,105,000,000

2,824,000,000

2,184,000,000

Operating Income (Loss)

979,000,000

691,000,000

1,670,000,000

1,620,000,000

Other Income (Expense):

Derivative instrument gains (losses), net

(3,000,000)

51,000,000

(7,000,000)

104,000,000

Loss on previously sold Gulf of Mexico properties

(17,000,000)

(83,000,000)

Loss on offshore decommissioning contingency

(83,000,000)

Gain on divestitures, net

276,000,000

5,000,000

283,000,000

6,000,000

Other, net

(7,000,000)

109,000,000

8,000,000

77,000,000

General and administrative

(85,000,000)

(72,000,000)

(178,000,000)

(137,000,000)

Transaction, reorganization, and separation

(115,000,000)

(2,000,000)

(142,000,000)

(6,000,000)

Financing costs, net

(100,000,000)

(82,000,000)

(176,000,000)

(154,000,000)

NET INCOME BEFORE INCOME TAXES

928,000,000

700,000,000

1,375,000,000

1,510,000,000

Total Assets

20,195,000,000

13,244,000,000

20,195,000,000

13,244,000,000

$ 15,244,000,000

Operating Segments | U.S.

Operating Expenses:

Lease operating expenses

220,000,000

141,000,000

360,000,000

288,000,000

Taxes other than income

78,000,000

50,000,000

135,000,000

102,000,000

Exploration

37,000,000

3,000,000

107,000,000

6,000,000

Depreciation, depletion, and amortization

361,000,000

180,000,000

575,000,000

331,000,000

Asset retirement obligation accretion

10,000,000

25,000,000

20,000,000

Impairments

Total operating expenses

1,014,000,000

575,000,000

1,737,000,000

1,214,000,000

Operating Income (Loss)

516,000,000

235,000,000

772,000,000

530,000,000

Other Income (Expense):

Total Assets

14,075,000,000

7,640,000,000

14,075,000,000

7,640,000,000

Impairments

3,000,000

10,000,000

5,000,000

Operating Segments | Egypt

Operating Expenses:

Lease operating expenses

123,000,000

121,000,000

243,000,000

218,000,000

Taxes other than income

Exploration

25,000,000

30,000,000

56,000,000

66,000,000

Depreciation, depletion, and amortization

152,000,000

126,000,000

297,000,000

249,000,000

Asset retirement obligation accretion

Impairments

Total operating expenses

307,000,000

283,000,000

609,000,000

546,000,000

Operating Income (Loss)

439,000,000

425,000,000

871,000,000

884,000,000

Other Income (Expense):

Total Assets

3,740,000,000

3,365,000,000

3,740,000,000

3,365,000,000

Operating Segments | North Sea

Operating Expenses:

Lease operating expenses

117,000,000

99,000,000

195,000,000

176,000,000

Taxes other than income

Exploration

1,000,000

4,000,000

1,000,000

9,000,000

Depreciation, depletion, and amortization

75,000,000

61,000,000

146,000,000

119,000,000

Asset retirement obligation accretion

26,000,000

19,000,000

51,000,000

37,000,000

Impairments

46,000,000

Total operating expenses

235,000,000

241,000,000

423,000,000

410,000,000

Operating Income (Loss)

32,000,000

37,000,000

82,000,000

220,000,000

Other Income (Expense):

Total Assets

1,844,000,000

1,719,000,000

1,844,000,000

1,719,000,000

Impairments

3,000,000

6,000,000

Intersegment Eliminations & Other

Operating Expenses:

Lease operating expenses

Taxes other than income

Exploration

8,000,000

6,000,000

55,000,000

14,000,000

Depreciation, depletion, and amortization

Asset retirement obligation accretion

Impairments

Total operating expenses

8,000,000

6,000,000

55,000,000

14,000,000

Operating Income (Loss)

(8,000,000)

(6,000,000)

(55,000,000)

(14,000,000)

Other Income (Expense):

Total Assets

536,000,000

520,000,000

536,000,000

520,000,000

Oil and gas

Segment Reporting Information [Line Items]

Revenues

2,543,000,000

1,796,000,000

4,494,000,000

3,804,000,000

Oil and gas | Operating Segments | U.S.

Segment Reporting Information [Line Items]

Revenues

1,530,000,000

810,000,000

2,509,000,000

1,744,000,000

Oil and gas | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

746,000,000

708,000,000

1,480,000,000

1,430,000,000

Oil and gas | Operating Segments | North Sea

Segment Reporting Information [Line Items]

Revenues

267,000,000

278,000,000

505,000,000

630,000,000

Oil and gas | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Oil and gas, excluding purchased

Segment Reporting Information [Line Items]

Revenues

^[1]

2,201,000,000

1,652,000,000

3,949,000,000

3,421,000,000

Operating Expenses:

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

^[1]

121,000,000

78,000,000

205,000,000

156,000,000

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

Segment Reporting Information [Line Items]

Revenues

1,188,000,000

666,000,000

1,964,000,000

1,361,000,000

Operating Expenses:

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

98,000,000

60,000,000

162,000,000

120,000,000

Oil and gas, excluding purchased | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

746,000,000

708,000,000

1,480,000,000

1,430,000,000

Operating Expenses:

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

7,000,000

6,000,000

13,000,000

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

Segment Reporting Information [Line Items]

Revenues

267,000,000

278,000,000

505,000,000

630,000,000

Operating Expenses:

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

16,000,000

12,000,000

30,000,000

23,000,000

Oil and gas, excluding purchased | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Operating Expenses:

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

Purchased oil and gas

Segment Reporting Information [Line Items]

Revenues

^[1]

342,000,000

144,000,000

545,000,000

383,000,000

Operating Expenses:

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

^[1]

210,000,000

131,000,000

373,000,000

347,000,000

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

Segment Reporting Information [Line Items]

Revenues

342,000,000

144,000,000

545,000,000

383,000,000

Operating Expenses:

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

210,000,000

131,000,000

373,000,000

347,000,000

Purchased oil and gas | Operating Segments | Egypt

Segment Reporting Information [Line Items]

Revenues

Operating Expenses:

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

Purchased oil and gas | 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 | Intersegment Eliminations & Other

Segment Reporting Information [Line Items]

Revenues

Operating Expenses:

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

Oil revenues

Other Income (Expense):

Revenue from non-customers

177,000,000

165,000,000

351,000,000

337,000,000

Oil revenues | Oil and gas, excluding purchased

Segment Reporting Information [Line Items]

Revenues

1,907,000,000

1,365,000,000

3,339,000,000

2,762,000,000

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

Segment Reporting Information [Line Items]

Revenues

1,021,000,000

512,000,000

1,609,000,000

998,000,000

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

Segment Reporting Information [Line Items]

Revenues

673,000,000

618,000,000

1,330,000,000

1,247,000,000

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

Segment Reporting Information [Line Items]

Revenues

213,000,000

235,000,000

400,000,000

517,000,000

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

Segment Reporting Information [Line Items]

Revenues

Natural gas revenues

Other Income (Expense):

Revenue from non-customers

19,000,000

24,000,000

40,000,000

50,000,000

Natural gas revenues | Oil and gas, excluding purchased

Segment Reporting Information [Line Items]

Revenues

135,000,000

180,000,000

311,000,000

422,000,000

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

Segment Reporting Information [Line Items]

Revenues

15,000,000

51,000,000

72,000,000

140,000,000

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

Segment Reporting Information [Line Items]

Revenues

73,000,000

90,000,000

150,000,000

183,000,000

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

Segment Reporting Information [Line Items]

Revenues

47,000,000

39,000,000

89,000,000

99,000,000

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

Segment Reporting Information [Line Items]

Revenues

Natural gas liquids revenues | Oil and gas, excluding purchased

Segment Reporting Information [Line Items]

Revenues

159,000,000

107,000,000

299,000,000

237,000,000

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

Segment Reporting Information [Line Items]

Revenues

152,000,000

103,000,000

283,000,000

223,000,000

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

Segment Reporting Information [Line Items]

Revenues

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

Segment Reporting Information [Line Items]

Revenues

7,000,000

4,000,000

16,000,000

14,000,000

Natural gas liquids revenues | Oil and gas, excluding purchased | 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.

CAPITAL STOCK

6 Months Ended

Jun. 30, 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 June 30,
	2024					2023
	Income		Shares	Per Share		Income		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	541	371	$	1.46	$	381	308	$	1.24
Effect of Dilutive Securities:
Stock compensation awards	$	—	1	$	—	$	—	1	$	(0.01)

Diluted:
Income attributable to common stock	$	541	372	$	1.46	$	381	309	$	1.23

	For the Six Months Ended June 30,
	2024					2023
	Income		Shares	Per Share		Income		Shares	Per Share

	(In millions, except per share amounts)
Basic:
Income attributable to common stock	$	673	337	$	2.00	$	623	310	$	2.01



Diluted:
Income attributable to common stock	$	673	337	$	2.00	$	623	310	$	2.01

The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive of 2.3 million and 2.1 million during the second quarters of 2024 and 2023, respectively, and 2.1 million and 2.2 million during the first six months 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 second quarter of 2024, the Company repurchased approximately 1.5 million shares at an average price of $28.72 per share. For the six months ended June 30, 2024, the Company repurchased 4.5 million shares at an average price of $31.77 per share, and as of June 30, 2024, the Company had remaining authorization to repurchase up to 39.4 million shares. In the second quarter of 2023, the Company repurchased 1.3 million shares at an average price of $33.72 per share. For the six months ended June 30, 2023, the Company repurchased 5 million shares at an average price of $37.53 per share.

The Company repurchased 0.1 million shares at an average price of $29.33 per share in July 2024, and as of July 31, 2024, the Company had remaining authorization to repurchase up to 39.3 million shares.

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 June 30, 2024 and 2023, the Company paid $92 million and $77 million, respectively, in dividends on its common stock. For the six months ended June 30, 2024 and 2023, the Company paid $168 million and $155 million, respectively, in dividends on its common stock.

Common Stock Issuance

On April 1, 2024, in connection with the Callon acquisition, the Company issued approximately 70 million shares of common stock in exchange for Callon common stock. The total value of stock consideration was approximately $2.4 billion based on APA’s stock price on the closing date of the acquisition.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

DEBT AND FINANCING COSTS - Financing Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 108	$ 89	$ 193	$ 177
Amortization of debt issuance costs	2	1	3	2
Capitalized interest	(7)	(5)	(14)	(11)
Gain on extinguishment of debt	0	0	0	(9)
Interest income	(3)	(3)	(6)	(5)
Financing costs, net	$ 100	$ 82	$ 176	$ 154

DEBT AND FINANCING COSTS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	June 30, 2024		December 31, 2023

	(In millions)
Apache notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835
Term loan facility, commercial paper, and syndicated credit facilities(2)	1,935		372

Apache finance lease obligations	31		32
Unamortized discount	(26)		(26)
Debt issuance costs	(32)		(25)
Total debt	6,743		5,188
Current maturities	(2)		(2)
Long-term debt	$	6,741	$	5,186

(1) The fair values of the Apache notes and debentures were $4.3 billion at each of June 30, 2024 and December 31, 2023.

(2) The carrying value of borrowings on the term loan facility, 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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Interest expense	$	108	$	89	$	193	$	177
Amortization of debt issuance costs	2		1		3		2
Capitalized interest	(7)		(5)		(14)		(11)
Gain on extinguishment of debt	—		—		—		(9)
Interest income	(3)		(3)		(6)		(5)
Financing costs, net	$	100	$	82	$	176	$	154

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Activities Recorded in the Statement of Consolidated Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Realized gains (losses), net	$ (6)	$ 4	$ (2)	$ 24
Unrealized gains (losses), net	3	47	(5)	80
Derivative instrument gains (losses), net	(3)	51	(7)	104
Commodity derivative instruments
Derivative Instruments, Gain (Loss) [Line Items]
Realized gains (losses), net	(6)	4	(2)	24
Unrealized gains (losses), net	$ 3	$ 47	$ (5)	$ 80

- 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

OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Other Current Liabilities

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


	June 30, 2024		December 31, 2023

	(In millions)
Accrued operating expenses	$	209	$	162
Accrued exploration and development	730		371
Accrued compensation and benefits	162		390
Accrued interest	93		93
Accrued income taxes	168		138
Current asset retirement obligation	75		76
Current operating lease liability	103		116

Current decommissioning contingency for sold Gulf of Mexico properties	94		60
Other	241		338
Total Other current liabilities	$	1,875	$	1,744

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share (in USD per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule Of Significant Accounting Policies [Line Items]
Other asset impairments	$ 0	$ 0	$ 0	$ 0
Receivables from contracts with customer, net	1,800,000,000		1,800,000,000		$ 1,500,000,000
Inventory write-down	0	46,000,000	0	46,000,000
Transaction, reorganization, and separation	$ 115,000,000	$ 2,000,000	142,000,000	$ 6,000,000
Callon Acquisition
Schedule Of Significant Accounting Policies [Line Items]
Transaction, reorganization, and separation			128,000,000
Separation costs
Schedule Of Significant Accounting Policies [Line Items]
Transaction, reorganization, and separation			62,000,000
Consulting fees
Schedule Of Significant Accounting Policies [Line Items]
Transaction, reorganization, and separation			$ 66,000,000
Sinopec \| Apache Egypt
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	33.33%		33.33%

ASSET RETIREMENT OBLIGATION

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATION

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


	June 30, 2024
	(In millions)
Asset retirement obligation, December 31, 2023	$	2,438
Liabilities incurred	4
Liabilities acquired	140
Liabilities settled	(21)
Liabilities divested	(48)

Accretion expense	76
Revisions in estimated liabilities	1
Asset retirement obligation, June 30, 2024	2,590
Less current portion	(75)
Asset retirement obligation, long-term	$	2,515

ASSET RETIREMENT OBLIGATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at the beginning of period			$ 2,438
Liabilities incurred			4
Liabilities acquired			140
Liabilities settled			(21)
Liabilities divested			(48)
Accretion expense	$ 36	$ 29	76	$ 57
Revisions in estimated liabilities			1
Asset retirement obligation at the end of period	2,590		2,590
Less current portion	(75)		(75)		$ (76)
Asset retirement obligation, long-term	$ 2,515		$ 2,515		$ 2,362

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Open Natural Gas Financial Basis Swap Contracts (Details) - July—December 2024 MMBTU in Thousands	6 Months Ended
	Jun. 30, 2024 $ / MMBTU MMBTU
Collar Contracts \| Natural gas revenues \| NYMEX Henry Hub
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	3,398
Weighted Average Floor Price (in USD per MMBtu )	3.00
Weighted Average Ceiling Price (in USD per MMBtu )	3.33
Basis Swap Purchased \| Natural gas revenues \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	0
Weighted average price differential (in USD per MMBtu )	0
Basis Swap Purchased \| Natural gas revenues \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	0
Weighted average price differential (in USD per MMBtu )	0
Basis Swap Sold \| Natural gas revenues \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	3,680
Weighted average price differential (in USD per MMBtu )	(1.06)
Basis Swap Sold \| Natural gas revenues \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	7,360
Weighted average price differential (in USD per MMBtu )	(0.42)
Fixed Swap Contracts \| Natural gas liquids revenues \| OPIS IsoButane Mt Belvieu Non TET
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	12
Weighted average price differential (in USD per MMBtu )	33.18
Fixed Swap Contracts \| Natural gas liquids revenues \| OPIS NButane Mt Belvieu Non TET
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	36
Weighted average price differential (in USD per MMBtu )	33.18

EQUITY METHOD INTERESTS (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Sales and Costs Associated With Equity Method Interests


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Natural gas and NGLs sales	$	—	$	29	$	13	$	43
Purchased oil and gas sales	—		7		22		7
	$	—	$	36	$	35	$	50

Gathering, processing, and transmission costs	$	—	$	29	$	23	$	55
Purchased oil and gas costs	—		26		23		28
Lease operating expenses	—		—		2		—
	$	—	$	55	$	48	$	83

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 620,000,000	$ 462,000,000	$ 832,000,000	$ 788,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized derivative instrument (gains) losses, net	(3,000,000)	(47,000,000)	5,000,000	(80,000,000)
Gain on divestitures, net			(283,000,000)	(6,000,000)
Exploratory dry hole expense and unproved leasehold impairments			174,000,000	64,000,000
Depreciation, depletion, and amortization	588,000,000	367,000,000	1,018,000,000	699,000,000
Asset retirement obligation accretion	36,000,000	29,000,000	76,000,000	57,000,000
Impairments	0	46,000,000	0	46,000,000
Provision for (benefit from) deferred income taxes	23,000,000	(16,000,000)	(42,000,000)	122,000,000
Gain on extinguishment of debt	0	0	0	(9,000,000)
Loss on previously sold Gulf of Mexico properties	17,000,000	0	83,000,000	0
Other, net			31,000,000	(67,000,000)
Changes in operating assets and liabilities:
Receivables			(101,000,000)	100,000,000
Inventories			(2,000,000)	(45,000,000)
Drilling advances and other current assets			6,000,000	2,000,000
Deferred charges and other long-term assets			80,000,000	160,000,000
Accounts payable			(125,000,000)	(112,000,000)
Accrued expenses			(312,000,000)	(163,000,000)
Deferred credits and noncurrent liabilities			(195,000,000)	(221,000,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES			1,245,000,000	1,335,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to upstream oil and gas property			(1,223,000,000)	(1,119,000,000)
Leasehold and property acquisitions			(63,000,000)	(10,000,000)
Proceeds from asset divestitures			729,000,000	28,000,000
Proceeds from sale of Kinetik Shares			428,000,000	0
Other, net			(23,000,000)	(14,000,000)
NET CASH USED IN INVESTING ACTIVITIES			(152,000,000)	(1,115,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from commercial paper and revolving credit facilities, net			63,000,000	196,000,000
Proceeds from term loan facility			1,500,000,000	0
Payment on Callon Credit Agreement			(472,000,000)	0
Payments on fixed-rate debt			(1,641,000,000)	(65,000,000)
Distributions to noncontrolling interest			(123,000,000)	(100,000,000)
Treasury stock activity, net			(144,000,000)	(188,000,000)
Dividends paid to APA common stockholders	(92,000,000)	(77,000,000)	(168,000,000)	(155,000,000)
Other, net			(35,000,000)	(11,000,000)
NET CASH USED IN FINANCING ACTIVITIES			(1,020,000,000)	(323,000,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			73,000,000	(103,000,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR			87,000,000	245,000,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 160,000,000	$ 142,000,000	160,000,000	142,000,000
SUPPLEMENTARY CASH FLOW DATA:
Interest paid, net of capitalized interest			178,000,000	168,000,000
Income taxes paid, net of refunds			$ 566,000,000	$ 476,000,000

EQUITY METHOD INTERESTS - Additional Information (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 18, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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
Gain (loss) on changes in fair value of equity method interest		$ (9)	$ 90		$ 71

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions						3 Months Ended		6 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 ($)	Mar. 20, 2016 USD ($)	Jun. 30, 2024 USD ($) lawsuit bond	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) lawsuit bond	Jun. 30, 2023 USD ($)	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						$ 76,000,000		$ 76,000,000
Environmental tax and royalty obligations															$ 100,000,000
Retain right of obligations						45,000,000		45,000,000
Undiscounted reserve for environmental remediation						1,000,000		1,000,000
Environmental remediation payments								4,000,000
Standby loan agreed to provide related to ARO (up to)						400,000,000		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						187,000,000		187,000,000
Loss on previously sold Gulf of Mexico properties						$ 17,000,000	$ 0	83,000,000	$ 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		2
Minimum
Commitment And Contingencies [Line Items]
Decommissioning contingency for sold						$ 862,000,000		$ 862,000,000		$ 824,000,000
Louisiana Restoration, Coastal Zone Lawsuits
Commitment And Contingencies [Line Items]
Number of pending lawsuits \| lawsuit						2		2
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

DEBT AND FINANCING COSTS - Additional Information (Details)					1 Months Ended	3 Months Ended		6 Months Ended
	May 06, 2024 USD ($)	Apr. 01, 2024 USD ($)	Jan. 30, 2024 USD ($)	Apr. 29, 2022 USD ($) creditAgreement option	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 GBP (£)	Dec. 31, 2023 GBP (£)	Apr. 29, 2022 GBP (£) creditAgreement
Debt Instrument [Line Items]
Finance lease obligations, current					$ 2,000,000	$ 2,000,000		$ 2,000,000
Gain on extinguishment of debt						0	$ 0	0	$ 9,000,000
Commercial paper
Debt Instrument [Line Items]
Debt instrument term					397 days
Debt instrument, face amount					$ 1,800,000,000
Debt instrument guarantee terms, benchmark amount (less than)					1,000,000,000
Commercial paper					0	40,000,000		40,000,000
Syndicated credit facility \| Unsecured Debt
Debt Instrument [Line Items]
Number of syndicated credit agreements \| creditAgreement				2								2
USD Agreement \| Line of Credit
Debt Instrument [Line Items]
Number of credit agreements denominated in US dollars \| creditAgreement				1								1
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					372,000,000	395,000,000		395,000,000
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
Line of credit outstanding, amount					0	0		0
GBP Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument term				5 years
Line of credit facility, committed amount \| £												£ 1,500,000,000
Line of credit facility, number of extension options \| option				2
Debt extension term				1 year
GBP Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Line of credit outstanding, amount \| £										£ 348,000,000	£ 348,000,000
Former Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, covenant benchmark amount				$ 1,000,000,000
Apache credit facility
Debt Instrument [Line Items]
Line of credit outstanding, amount					2,000,000	11,000,000		11,000,000		£ 416,000,000	£ 416,000,000
Apache credit facility \| Line of Credit
Debt Instrument [Line Items]
Credit facility outstanding amount					$ 0	0		$ 0
Delayed-Drawn Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 2,000,000,000
Debt instrument guarantee terms, benchmark amount (less than)			$ 1,000,000,000
Delayed-Drawn Term Loan, Three Year Tranche Loans \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument term			3 years
Debt instrument, face amount			$ 1,500,000,000
Delayed-Drawn Term Loan, 364-Day Tranche Loans \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument term			364 days
Debt instrument, face amount			$ 500,000,000
Term Loan Credit Agreement, Three Year Tranche Loans \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument term		3 years						3 years
Credit facility outstanding amount						$ 1,500,000,000		$ 1,500,000,000
Debt instrument, face amount		$ 1,500,000,000
Term Loan Credit Agreement, 364-Day Tranche Loans \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument term		364 days
6.375% Senior Notes Due 2026 \| Unsecured Debt
Debt Instrument [Line Items]
Debt repurchase amount		$ 321,000,000
Debt redemption price, percentage		101.063%
6.375% Senior Notes Due 2026 \| Senior Notes \| Callon Petroleum Company
Debt Instrument [Line Items]
Debt interest rate		6.375%
8.00% Senior Notes Due 2028 \| Senior Notes \| Callon Petroleum Company
Debt Instrument [Line Items]
Debt repurchase amount	$ 8,000,000
Debt interest rate		8.00%
Debt redemption price, percentage	101.588%
7.500% Senior Notes Due 2030 \| Senior Notes \| Callon Petroleum Company
Debt Instrument [Line Items]
Debt repurchase amount	$ 16,000,000
Debt interest rate		7.50%
Debt redemption price, percentage	102.803%
Callon’s 2028 Notes and Callon’s 2030 Notes \| Unsecured Debt
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
Debt Instrument [Line Items]
Long-term debt		24,000,000
Callon Credit Agreement \| Unsecured Debt
Debt Instrument [Line Items]
Repayments of debt		$ 472,000,000
Open Market Repurchase \| Senior Notes
Debt Instrument [Line Items]
Debt repurchased principal amount							74,000,000		74,000,000
Debt repurchase amount							$ 65,000,000		65,000,000
Gain on extinguishment of debt									$ 9,000,000