0002040266-24-000004 | 10-Q | XBRL Viewer

^[1]

$ 321

$ 381

$ 1,016

$ 1,047

Schedule of Equity Method Investments [Line Items]

2,381

1,353

4,724

3,663

Kinetik

Oil and gas, excluding purchased

139

Schedule of Equity Method Investments [Line Items]

^[1]

1,544

1,983

4,843

5,289

Oil and gas, excluding purchased | Kinetik

^[1]

237

231

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Line Items]

Purchased oil and gas

^[1]

434

229

867

612

Purchased oil and gas | Kinetik

^[1]

253

211

511

558

Schedule of Equity Method Investments [Line Items]

$ 0

$ 37

$ 23

$ 65

[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.

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).

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INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 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 nine months ended September 30, 2024 differed from the U.S. federal statutory income tax rate of 21 percent due to taxes on foreign operations. During the third 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 nine months ended September 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 August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (IRA). The IRA includes a new 15 percent corporate alternative minimum tax (CAMT) on applicable corporations with an average annual adjusted financial statement income that exceeds $1.0 billion for any three consecutive years preceding the tax year at issue. The CAMT is effective for tax years beginning after December 31, 2022. The Company became an applicable corporation subject to CAMT beginning on January 1, 2024. On September 12, 2024, the U.S. Department of Treasury and the Internal Revenue Service released proposed regulations relating to the application and implementation of CAMT. The Company is continuing to evaluate the proposed regulations and their effect on the Company’s consolidated financial statements. 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, Apache 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.

The entire disclosure for income tax.

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Equity Method Investments and Joint Ventures [Abstract]

BUSINESS SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
BUSINESS SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

EQUITY METHOD INTERESTS

9 Months Ended

Sep. 30, 2024

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 a loss of $14 million and a gain of $57 million in the third quarter and the first nine months of 2023, respectively. These changes in fair value 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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023

	(In millions)
Natural gas and NGLs sales	$	—	$	27	$	7	$	56
Purchased oil and gas sales	—		11		22		18
	$	—	$	38	$	29	$	74

Gathering, processing, and transmission costs	$	—	$	24	$	21	$	74
Purchased oil and gas costs	—		37		23		65
Lease operating expenses	—		—		2		—
	$	—	$	61	$	46	$	139

ACQUISITIONS AND DIVESTITURES (Details) $ in Millions			3 Months Ended		9 Months Ended
ACQUISITIONS AND DIVESTITURES (Details) $ in Millions	Sep. 10, 2024 USD ($) Boe	Mar. 18, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Proceeds from asset divestitures					$ 719	$ 29
Assets held for sale			$ 1,091		1,091		$ 0
Liabilities held for sale			224		224		$ 0
Proceeds from sale of Kinetik Shares					428	0
Kinetik
Business Acquisition [Line Items]
Proceeds from sale of Kinetik Shares		$ 428
Permian Basin
Business Acquisition [Line Items]
Production of barrels of oil \| Boe	21,000
Percentage of barrels of oil equivalent	57.00%
Payments to acquire leasehold and property					1	10
Permian Basin \| Oil and Gas Properties, Proved
Business Acquisition [Line Items]
Impairments			315
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Permian Basin
Business Acquisition [Line Items]
Proceeds from asset divestitures	$ 950
Cash deposit			95
Disposed of by Sale \| Non-Core Assets And Leasehold
Business Acquisition [Line Items]
Proceeds from asset divestitures			1	$ 1	69	29
Gain (loss) on sale of non-core assets			(1)	$ (1)	(9)	$ (7)
Disposed of by Sale \| Permian Basin
Business Acquisition [Line Items]
Assets held-for-sale, fair value	1,100
Assets held for sale			224		224
Liabilities held for sale			224		224
Disposed of by Sale \| Permian Basin \| Non-Core Mineral Rights
Business Acquisition [Line Items]
Proceeds from asset divestitures					392
Property and equipment, net			71		71
Gain (loss) on sale of non-core assets					(321)
Disposed of by Sale \| Permian Basin \| Oil and Gas Properties, Proved
Business Acquisition [Line Items]
Impairments	$ 315
Disposed of by Sale \| TEXAS
Business Acquisition [Line Items]
Proceeds from asset divestitures					253
Property and equipment, net			$ 347		347
Asset retirement obligation assumed					48
Gain (loss) on sale of non-core assets					$ 46

BUSINESS SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 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 September 30, 2024	(In millions)
Revenues:
Oil revenues	$	555	$	673	$	117	$	—	$	1,345
Natural gas revenues	3		81		15		—		99
Natural gas liquids revenues	95		—		5		—		100
Oil, natural gas, and natural gas liquids production revenues	653		754		137		—		1,544
Purchased oil and gas sales	434		—		—		—		434
	1,087		754		137		—		1,978
Operating Expenses:
Lease operating expenses	125		109		87		—		321
Gathering, processing, and transmission	65		6		7		—		78
Purchased oil and gas costs	253		—		—		—		253
Taxes other than income	41		—		—		—		41
Exploration	4		21		—		—		25
Depreciation, depletion, and amortization	178		167		73		—		418
Asset retirement obligation accretion	7		—		26		—		33
Impairments	315		—		796		—		1,111
	988		303		989		—		2,280
Operating Income (Loss)(2)	$	99	$	451	$	(852)	$	—	(302)

Other Income (Expense):


Gain on divestitures, net									1
Other, net									20
General and administrative									(78)
Transaction, reorganization, and separation									(3)
Financing costs, net									(20)
Loss Before Income Taxes									$	(382)


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


For the Nine Months Ended September 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,610	$	2,003	$	517	$	—	$	4,130
Natural gas revenues	61		231		104		—		396
Natural gas liquids revenues	296		—		21		—		317
Oil, natural gas, and natural gas liquids production revenues	1,967		2,234		642		—		4,843
Purchased oil and gas sales	867		—		—		—		867
	2,834		2,234		642		—		5,710
Operating Expenses:
Lease operating expenses	382		352		282		—		1,016
Gathering, processing, and transmission	181		19		37		—		237
Purchased oil and gas costs	511		—		—		—		511
Taxes other than income	137		—		—		—		137
Exploration	16		77		1		1		95
Depreciation, depletion, and amortization	502		464		219		—		1,185
Asset retirement obligation accretion	30		—		77		—		107
Impairments	315		—		796		—		1,111
	2,074		912		1,412		1		4,399
Operating Income (Loss)(2)	$	760	$	1,322	$	(770)	$	(1)	1,311

Other Income (Expense):
Derivative instrument gains, net									1
Loss on offshore decommissioning contingency									(83)
Gain on divestitures, net									284
Other, net									40
General and administrative									(229)
Transaction, reorganization, and separation									(17)
Financing costs, net									(79)
Income Before Income Taxes									$	1,228


Total Assets(3)	$	11,973	$	3,525	$	1,439	$	(1)	$	16,936


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


For the Quarter Ended September 30, 2023	(In millions)
Revenues:
Oil revenues	$	557	$	724	$	348	$	—	$	1,629
Natural gas revenues	83		81		66		—		230
Natural gas liquids revenues	119		—		5		—		124
Oil, natural gas, and natural gas liquids production revenues	759		805		419		—		1,983
Purchased oil and gas sales	229		—		—		—		229

	988		805		419		—		2,212
Operating Expenses:
Lease operating expenses	151		128		102		—		381
Gathering, processing, and transmission	55		13		15		—		83
Purchased oil and gas costs	211		—		—		—		211
Taxes other than income	56		—		—		—		56
Exploration	4		25		9		1		39
Depreciation, depletion, and amortization	158		129		90		—		377
Asset retirement obligation accretion	9		—		20		—		29

	644		295		236		1		1,176
Operating Income (Loss)(2)	$	344	$	510	$	183	$	(1)	1,036

Other Income (Expense):


Gain on divestitures, net									1
Other, net									7
General and administrative									(132)
Transaction, reorganization, and separation									(5)
Financing costs, net									(40)
Income Before Income Taxes									$	867


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


For the Nine Months Ended September 30, 2023	(In millions)
Revenues:
Oil revenues	$	1,469	$	1,971	$	865	$	—	$	4,305
Natural gas revenues	214		264		165		—		643
Natural gas liquids revenues	322		—		19		—		341
Oil, natural gas, and natural gas liquids production revenues	2,005		2,235		1,049		—		5,289
Purchased oil and gas sales	612		—		—		—		612
	2,617		2,235		1,049		—		5,901
Operating Expenses:
Lease operating expenses	423		346		278		—		1,047
Gathering, processing, and transmission	167		26		38		—		231
Purchased oil and gas costs	558		—		—		—		558
Taxes other than income	153		—		—		—		153
Exploration	10		91		18		1		120
Depreciation, depletion, and amortization	437		378		209		—		1,024
Asset retirement obligation accretion	29		—		57		—		86
Impairments	—		—		46		—		46
	1,777		841		646		1		3,265
Operating Income (Loss)(2)	$	840	$	1,394	$	403	$	(1)	2,636

Other Income (Expense):


Gain on divestitures, net									7
Other, net									84
General and administrative									(256)
Transaction, reorganization, and separation									(11)
Financing costs, net									(131)
Income Before Income Taxes									$	2,329


Total Assets(3)	$	9,616	$	3,518	$	1,665	$	—	$	14,799

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


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023

	(In millions)
Oil	$	182	$	202	$	533	$	539
Natural gas	22		23		63		73

(2)Operating income (loss) of U.S., North Sea includes leasehold impairments of $2 million and $6 million, respectively, for the third quarter of 2023. Operating income (loss) of U.S. includes leasehold impairments of $10 million for the first nine months of 2024. Operating income (loss) of U.S. and North Sea includes leasehold impairments of $7 million, $12 million, respectively, for the first nine months of 2023.

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests of Sinopec and APA.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of September 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 Apache 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. APA Corporation (APA) also owns a noncontrolling interest in Apache’s consolidated Egypt oil and gas business. Refer to Note 2—Transactions with Parent Affiliate for detail regarding APA’s noncontrolling interest. The Company has determined that one of its limited partnership subsidiaries, which has control over Apache’s Egyptian operations, qualifies as a variable interest entity (VIE) under GAAP. Apache consolidates this limited partnership subsidiary because the Company has concluded that it has a controlling financial interest in the 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 the nine months ended September 30, 2023 and the quarter ended March 31, 2024, 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 during the periods presented prior to the designated director’s resignation from the Kinetik board of directors. 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 3—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 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. The Company also uses fair value measurements on a nonrecurring basis when certain qualitative assessments of its assets indicate a potential impairment. During the third quarter of 2024, the Company continued its economic assessment of its North Sea assets in light of several new regulatory guidelines and obligations surrounding significant tax levies and modernization of aging infrastructure. The Company determined the expected returns do not economically support making investments required under the combined impact of the regulations, and it will cease production at its facilities in the North Sea prior to 2030. As a result, the Company performed a fair value assessment of the present value of its oil and gas assets in the North Sea as of September 30, 2024. Accordingly, in the third quarter of 2024, the Company recognized impairments of $793 million on certain proved properties in the North Sea, which were written down to their estimated fair values. This impairment is discussed in further detail below in “Property and Equipment — Oil and Gas Property.” Additionally, in the third quarter of 2024, the Company entered into an agreement to sell certain non-core U.S. oil and gas producing properties in the Permian Basin. As a result of this agreement, a separate impairment analysis was performed for each of the assets within the disposal group. The analyses were based on the agreed-upon proceeds less costs to sell for the transaction, a Level 1 fair value measurement. The historical carrying value of the net assets to be divested exceeded the fair value implied by the expected net proceeds, resulting in an impairment totaling $315 million on the Company’s proved properties in the U.S. Refer to Note 3—Acquisitions and Divestitures for more detail. During the three and nine months ended September 30, 2023, the Company recorded no asset impairments in connection with fair value assessments. Receivable from / Payable to APA Receivable from or payable to APA represents the net result of Apache’s administrative and support services provided to APA and other miscellaneous cash management transactions to be settled between the two affiliated entities. Cash will be transferred to Apache or paid to APA over time in order to manage affiliate balances for cash management purposes. Refer to Note 2—Transactions with Parent Affiliate for more detail. Revenue Recognition Receivables from contracts with customers, including receivables for purchased oil and gas sales and net of allowance for credit losses, were $1.3 billion and $1.4 billion as of September 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. In the past year, the Company’s receivable balance from the Egyptian General Petroleum Corporation (EGPC) has gradually increased as payments for the Company’s Egyptian oil and gas sales have been delayed for periods longer than historically experienced. The Company is actively engaged in discussions with the Government of Egypt to resolve the delay in EGPC payments. The Company has received payments throughout the period, 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 12—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. The Company recorded impairments to inventory of $3 million in the third quarter and the nine months ended September 30, 2024 and $46 million in the nine months ended September 30, 2023. 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. Fair value is generally estimated using the income approach described in ASC 820. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments, a Level 3 fair value measurement. The change in cessation-of-production dates in the North Sea discussed above in “Fair Value Measurements” significantly altered the Company’s remaining oil and gas reserves in the North Sea and triggered an impairment assessment of the Company’s proved oil and gas properties at the end of the third quarter of 2024. Future production volumes and estimated future commodity prices are the largest drivers in variability of future cash flows. Expected cash flows were estimated based on management’s views of forward pricing as of the balance sheet dates. A discount rate based on a market-based weighted-average cost of capital estimate was applied to the undiscounted cash flow estimate to value the Company’s North Sea assets. In connection with this assessment, the Company recorded impairments totaling $793 million on certain of the Company’s North Sea proved properties to an aggregate fair value of $263 million. Additionally, in the third quarter of 2024, the Company recorded impairments totaling $315 million in connection with an agreement to sell certain non-core producing properties in the Permian Basin. These impairments are discussed in further detail above in “Fair Value Measurements” and in Note 3—Acquisitions and Divestitures. The associated U.S. properties had an aggregate fair value of $1.1 billion as of September 30, 2024. 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 3—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 Apache-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 In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40),” which expands disclosures around a public entity’s costs and expenses of specific items (i.e. employee compensation, DD&A), requires the inclusion of amounts that are required to be disclosed under GAAP in the same disclosure as other disaggregation requirements, requires qualitative descriptions of amounts remaining in expense captions that are not separately disaggregated quantitatively, and requires disclosure of total selling expenses, and in annual periods, the definition of selling expenses. The amendment does not change or remove existing disclosure requirements. The amendment is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendment can be adopted prospectively or retrospectively to any or all periods presented in the financial statements. The Company is currently assessing the impact of adopting this standard.

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued operating expenses	$ 195	$ 158
Accrued exploration and development	415	307
Accrued compensation and benefits	189	390
Accrued interest	65	92
Accrued income taxes	209	138
Current asset retirement obligation	75	76
Current operating lease liability	98	115
Current decommissioning contingency for sold Gulf of Mexico properties	94	60
Other	227	333
Total Other current liabilities	$ 1,567	$ 1,669

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

^[1]

$ 321

$ 381

$ 1,016

$ 1,047

137

153

120

418

377

1,185

1,024

107

1,111

2,280

1,176

4,399

3,265

(302)

1,036

1,311

2,636

Derivative instrument gains, net

Loss on offshore decommissioning contingency

(83)

Gain on divestitures, net

284

Other, net

General and administrative

(78)

(132)

(229)

(256)

Transaction, reorganization, and separation

(3)

(5)

(17)

(11)

Financing costs, net

(20)

(40)

(79)

(131)

NET INCOME (LOSS) BEFORE INCOME TAXES

(382)

867

1,228

2,329

Operating Segments | U.S.

16,936

14,799

16,936

14,799

$ 16,944

125

151

382

423

137

153

178

158

502

437

315

988

644

2,074

1,777

344

760

840

Impairments of oil and gas properties

11,973

9,616

11,973

9,616

Operating Segments | Egypt

109

128

352

346

167

129

464

378

303

295

912

841

451

510

1,322

1,394

Operating Segments | North Sea

3,525

3,518

3,525

3,518

102

282

278

219

209

796

989

236

1,412

646

(852)

183

(770)

403

Impairments of oil and gas properties

1,439

1,665

1,439

1,665

Intersegment Eliminations & Other

(1)

(1)

Oil and gas

Oil and gas | Operating Segments | U.S.

1,978

2,212

5,710

5,901

Oil and gas | Operating Segments | Egypt

1,087

988

2,834

2,617

Oil and gas | Operating Segments | North Sea

754

805

2,234

2,235

Oil and gas | Intersegment Eliminations & Other

137

419

642

1,049

Oil and gas, excluding purchased

^[1]

1,544

1,983

4,843

5,289

Gathering, processing, and transmission/Purchased oil and gas costs

^[1]

237

231

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

653

759

1,967

2,005

Gathering, processing, and transmission/Purchased oil and gas costs

181

167

Oil and gas, excluding purchased | Operating Segments | Egypt

754

805

2,234

2,235

Gathering, processing, and transmission/Purchased oil and gas costs

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

137

419

642

1,049

Gathering, processing, and transmission/Purchased oil and gas costs

Oil and gas, excluding purchased | Intersegment Eliminations & Other

Gathering, processing, and transmission/Purchased oil and gas costs

Purchased oil and gas

^[1]

434

229

867

612

Gathering, processing, and transmission/Purchased oil and gas costs

^[1]

253

211

511

558

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

434

229

867

612

Gathering, processing, and transmission/Purchased oil and gas costs

253

211

511

558

Purchased oil and gas | Operating Segments | Egypt

Gathering, processing, and transmission/Purchased oil and gas costs

Purchased oil and gas | Operating Segments | North Sea

Gathering, processing, and transmission/Purchased oil and gas costs

Purchased oil and gas | Intersegment Eliminations & Other

Gathering, processing, and transmission/Purchased oil and gas costs

Oil revenues

Revenue from non-customers

182

202

533

539

Oil revenues | Oil and gas, excluding purchased

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

1,345

1,629

4,130

4,305

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

555

557

1,610

1,469

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

673

724

2,003

1,971

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

117

348

517

865

Natural gas revenues

Revenue from non-customers

Natural gas revenues | Oil and gas, excluding purchased

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

230

396

643

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

214

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

231

264

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

104

165

Natural gas liquids revenues | Oil and gas, excluding purchased

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

100

124

317

341

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

119

296

322

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

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

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

$ 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule Of Significant Accounting Policies [Line Items]
Other asset impairment charges		$ 0		$ 0
Receivables from contracts with customer, net	$ 1,300,000,000		$ 1,300,000,000		$ 1,400,000,000
Inventory write-down	3,000,000		3,000,000	$ 46,000,000
North Sea \| Oil and Gas Properties, Proved
Schedule Of Significant Accounting Policies [Line Items]
Impairments	793,000,000
Oil and gas property impaired, fair value	263,000,000		263,000,000
Permian Basin \| Oil and Gas Properties, Proved
Schedule Of Significant Accounting Policies [Line Items]
Impairments	315,000,000
U.S. \| Oil and Gas Properties, Proved
Schedule Of Significant Accounting Policies [Line Items]
Oil and gas property impaired, fair value	$ 1,100,000,000		$ 1,100,000,000
Sinopec \| Apache Egypt
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	33.33%		33.33%

CAPITALIZED EXPLORATORY WELL COSTS	9 Months Ended
CAPITALIZED EXPLORATORY WELL COSTS	Sep. 30, 2024
Extractive Industries [Abstract]
CAPITALIZED EXPLORATORY WELL COSTS	CAPITALIZED EXPLORATORY WELL COSTS The Company’s capitalized exploratory well costs were $62 million and $47 million as of September 30, 2024 and December 31, 2023, respectively. The increase is primarily attributable to additional drilling activity in Egypt, partially offset by the transfer of successful well costs during the quarter. No suspended exploratory well costs previously capitalized for greater than one year at December 31, 2023 were charged to dry hole expense during the third quarter of 2024. During the first nine months of 2024, approximately $9 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.

CAPITALIZED EXPLORATORY WELL COSTS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Extractive Industries [Abstract]
Capitalized exploratory well costs	$ 62	$ 47
Exploratory well costs capitalized for a period greater than one year	$ 9	$ 0

OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Other Current Assets

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


	September 30, 2024		December 31, 2023

	(In millions)
Inventories	$	501	$	439
Drilling advances	39		68

Current decommissioning security for sold Gulf of Mexico assets	167		178
Prepaid assets and other	74		40
Total Other current assets	$	781	$	725

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	$ (127)	$ 579	$ 836	$ 1,336
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Pension and postretirement benefit plan	0	0	(1)	3
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS	(127)	579	835	1,339
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO APACHE CORPORATION	(318)	387	281	817
Noncontrolling interest – Sinopec
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	84	96	243	261
Noncontrolling interest – APA Corporation
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	$ 107	$ 96	$ 311	$ 261

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.

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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BUSINESS SEGMENT INFORMATION

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 836,000,000	$ 1,336,000,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on divestitures, net	(284,000,000)	(7,000,000)
Exploratory dry hole expense and unproved leasehold impairments	63,000,000	86,000,000
Depreciation, depletion, and amortization	1,185,000,000	1,024,000,000
Asset retirement obligation accretion	107,000,000	86,000,000
Impairments	1,111,000,000	46,000,000
Benefit from deferred income taxes	(511,000,000)	(29,000,000)
Gain on extinguishment of debt	0	(9,000,000)
Loss on previously sold Gulf of Mexico properties	83,000,000	0
Other, net	(164,000,000)	(119,000,000)
Changes in operating assets and liabilities:
Receivables	122,000,000	(278,000,000)
Inventories	(35,000,000)	19,000,000
Drilling advances and other current assets	11,000,000	78,000,000
Deferred charges and other long-term assets	(225,000,000)	226,000,000
Accounts payable	20,000,000	(5,000,000)
Accounts receivable from/payable to APA Corporation	(24,000,000)	(46,000,000)
Accrued expenses	(197,000,000)	0
Deferred credits and noncurrent liabilities	84,000,000	(436,000,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES	2,182,000,000	1,972,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to upstream oil and gas property	(1,447,000,000)	(1,480,000,000)
Leasehold and property acquisitions	(1,000,000)	(10,000,000)
Notes receivable from APA Corporation	(1,169,000,000)	(207,000,000)
Proceeds from asset divestitures	719,000,000	29,000,000
Proceeds from sale of Kinetik Shares	428,000,000	0
Other, net	58,000,000	(29,000,000)
NET CASH USED IN INVESTING ACTIVITIES	(1,412,000,000)	(1,697,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on fixed-rate debt	0	(65,000,000)
Distributions to noncontrolling interest – Sinopec	(233,000,000)	(154,000,000)
Distributions to APA Corporation	(558,000,000)	(154,000,000)
Other, net	(2,000,000)	5,000,000
NET CASH USED IN FINANCING ACTIVITIES	(793,000,000)	(368,000,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(23,000,000)	(93,000,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	84,000,000	185,000,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	61,000,000	92,000,000
SUPPLEMENTARY CASH FLOW DATA:
Interest paid, net of capitalized interest	240,000,000	250,000,000
Income taxes paid, net of refunds	$ 874,000,000	$ 867,000,000

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Inventories	$ 501	$ 439
Drilling advances	39	68
Current decommissioning security for sold Gulf of Mexico assets	167	178
Prepaid assets and other	74	40
Total Other current assets	$ 781	$ 725

DEBT AND FINANCING COSTS - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease obligations	$ 30	$ 32
Unamortized discount	(25)	(26)
Debt issuance costs	(24)	(25)
Total debt	4,816	4,816
Current maturities	(2)	(2)
Long-term debt	4,814	4,814
Apache notes and debentures
Debt Instrument [Line Items]
Debt instrument, fair value	4,500	4,300
Apache notes and debentures \| Unsecured Debt
Debt Instrument [Line Items]
Notes and debentures before unamortized discount and debt issuance costs	$ 4,835	$ 4,835

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-4300
Entity Registrant Name	APACHE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0747868
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000006769
Current Fiscal Year End Date	--12-31

BUSINESS SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

As of September 30, 2024, the Company is 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. Financial information for each segment is presented below:


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


For the Quarter Ended September 30, 2024	(In millions)
Revenues:
Oil revenues	$	555	$	673	$	117	$	—	$	1,345
Natural gas revenues	3		81		15		—		99
Natural gas liquids revenues	95		—		5		—		100
Oil, natural gas, and natural gas liquids production revenues	653		754		137		—		1,544
Purchased oil and gas sales	434		—		—		—		434
	1,087		754		137		—		1,978
Operating Expenses:
Lease operating expenses	125		109		87		—		321
Gathering, processing, and transmission	65		6		7		—		78
Purchased oil and gas costs	253		—		—		—		253
Taxes other than income	41		—		—		—		41
Exploration	4		21		—		—		25
Depreciation, depletion, and amortization	178		167		73		—		418
Asset retirement obligation accretion	7		—		26		—		33
Impairments	315		—		796		—		1,111
	988		303		989		—		2,280
Operating Income (Loss)(2)	$	99	$	451	$	(852)	$	—	(302)

Other Income (Expense):


Gain on divestitures, net									1
Other, net									20
General and administrative									(78)
Transaction, reorganization, and separation									(3)
Financing costs, net									(20)
Loss Before Income Taxes									$	(382)


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


For the Nine Months Ended September 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,610	$	2,003	$	517	$	—	$	4,130
Natural gas revenues	61		231		104		—		396
Natural gas liquids revenues	296		—		21		—		317
Oil, natural gas, and natural gas liquids production revenues	1,967		2,234		642		—		4,843
Purchased oil and gas sales	867		—		—		—		867
	2,834		2,234		642		—		5,710
Operating Expenses:
Lease operating expenses	382		352		282		—		1,016
Gathering, processing, and transmission	181		19		37		—		237
Purchased oil and gas costs	511		—		—		—		511
Taxes other than income	137		—		—		—		137
Exploration	16		77		1		1		95
Depreciation, depletion, and amortization	502		464		219		—		1,185
Asset retirement obligation accretion	30		—		77		—		107
Impairments	315		—		796		—		1,111
	2,074		912		1,412		1		4,399
Operating Income (Loss)(2)	$	760	$	1,322	$	(770)	$	(1)	1,311

Other Income (Expense):
Derivative instrument gains, net									1
Loss on offshore decommissioning contingency									(83)
Gain on divestitures, net									284
Other, net									40
General and administrative									(229)
Transaction, reorganization, and separation									(17)
Financing costs, net									(79)
Income Before Income Taxes									$	1,228


Total Assets(3)	$	11,973	$	3,525	$	1,439	$	(1)	$	16,936


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


For the Quarter Ended September 30, 2023	(In millions)
Revenues:
Oil revenues	$	557	$	724	$	348	$	—	$	1,629
Natural gas revenues	83		81		66		—		230
Natural gas liquids revenues	119		—		5		—		124
Oil, natural gas, and natural gas liquids production revenues	759		805		419		—		1,983
Purchased oil and gas sales	229		—		—		—		229

	988		805		419		—		2,212
Operating Expenses:
Lease operating expenses	151		128		102		—		381
Gathering, processing, and transmission	55		13		15		—		83
Purchased oil and gas costs	211		—		—		—		211
Taxes other than income	56		—		—		—		56
Exploration	4		25		9		1		39
Depreciation, depletion, and amortization	158		129		90		—		377
Asset retirement obligation accretion	9		—		20		—		29

	644		295		236		1		1,176
Operating Income (Loss)(2)	$	344	$	510	$	183	$	(1)	1,036

Other Income (Expense):


Gain on divestitures, net									1
Other, net									7
General and administrative									(132)
Transaction, reorganization, and separation									(5)
Financing costs, net									(40)
Income Before Income Taxes									$	867


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


For the Nine Months Ended September 30, 2023	(In millions)
Revenues:
Oil revenues	$	1,469	$	1,971	$	865	$	—	$	4,305
Natural gas revenues	214		264		165		—		643
Natural gas liquids revenues	322		—		19		—		341
Oil, natural gas, and natural gas liquids production revenues	2,005		2,235		1,049		—		5,289
Purchased oil and gas sales	612		—		—		—		612
	2,617		2,235		1,049		—		5,901
Operating Expenses:
Lease operating expenses	423		346		278		—		1,047
Gathering, processing, and transmission	167		26		38		—		231
Purchased oil and gas costs	558		—		—		—		558
Taxes other than income	153		—		—		—		153
Exploration	10		91		18		1		120
Depreciation, depletion, and amortization	437		378		209		—		1,024
Asset retirement obligation accretion	29		—		57		—		86
Impairments	—		—		46		—		46
	1,777		841		646		1		3,265
Operating Income (Loss)(2)	$	840	$	1,394	$	403	$	(1)	2,636

Other Income (Expense):


Gain on divestitures, net									7
Other, net									84
General and administrative									(256)
Transaction, reorganization, and separation									(11)
Financing costs, net									(131)
Income Before Income Taxes									$	2,329


Total Assets(3)	$	9,616	$	3,518	$	1,665	$	—	$	14,799

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


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023

	(In millions)
Oil	$	182	$	202	$	533	$	539
Natural gas	22		23		63		73

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests of Sinopec and APA.

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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Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATION

9 Months Ended

Sep. 30, 2024

ASSET RETIREMENT OBLIGATION

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


	September 30, 2024
	(In millions)
Asset retirement obligation, December 31, 2023	$	2,430
Liabilities incurred	9
Liabilities settled	(45)
Liabilities divested	(48)
Liabilities held for sale	(224)
Accretion expense	107
Revisions in estimated liabilities	195
Asset retirement obligation, September 30, 2024	2,424
Less current portion	(75)
Asset retirement obligation, long-term	$	2,349

EQUITY METHOD INTERESTS (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investment Information


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023

	(In millions)
Natural gas and NGLs sales	$	—	$	27	$	7	$	56
Purchased oil and gas sales	—		11		22		18
	$	—	$	38	$	29	$	74

Gathering, processing, and transmission costs	$	—	$	24	$	21	$	74
Purchased oil and gas costs	—		37		23		65
Lease operating expenses	—		—		2		—
	$	—	$	61	$	46	$	139

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY AND NONCONTROLLING INTERESTS (Unaudited) - USD ($) $ in Millions	Total	Noncontrolling interest – APA Corporation	Noncontrolling interest – Sinopec	EQUITY ATTRIBUTABLE TO APACHE CORPORATION	Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Noncontrolling Interests	Noncontrolling Interests Noncontrolling interest – APA Corporation	Noncontrolling Interests Noncontrolling interest – Sinopec
Beginning balance at Dec. 31, 2022	$ 3,242			$ 2,258	$ 8,025	$ (5,781)	$ 14	$ 984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Apache Corporation	814			814		814
Net income attributable to noncontrolling interest		$ 261	$ 261						$ 261	$ 261
Distributions to noncontrolling interest – Sinopec			(154)							(154)
Distributions to APA Corporation	(154)							(154)
Other	22			22	19		3
Ending balance at Sep. 30, 2023	4,292			3,094	8,044	(4,967)	17	1,198
Beginning balance at Jun. 30, 2023	3,814			2,700	8,037	(5,354)	17	1,114
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Apache Corporation	387			387		387
Net income attributable to noncontrolling interest		96	96						96	96
Distributions to noncontrolling interest – Sinopec			(54)							(54)
Distributions to APA Corporation	(54)							(54)
Other	7			7	7
Ending balance at Sep. 30, 2023	4,292			3,094	8,044	(4,967)	17	1,198
Beginning balance at Dec. 31, 2023	5,944			4,732	7,972	(3,255)	15	1,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Apache Corporation	282			282		282
Net income attributable to noncontrolling interest		311	243						311	243
Distributions to noncontrolling interest – Sinopec			(233)							(233)
Distributions to APA Corporation	(558)			(261)	(261)			(297)
Other	26			26	27		(1)
Ending balance at Sep. 30, 2024	6,015			4,779	7,738	(2,973)	14	1,236
Beginning balance at Jun. 30, 2024	6,476			5,181	7,822	(2,655)	14	1,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Apache Corporation	(318)			(318)		(318)
Net income attributable to noncontrolling interest		$ 107	84						$ 107	84
Distributions to noncontrolling interest – Sinopec			$ (110)							$ (110)
Distributions to APA Corporation	(233)			(93)	(93)			(140)
Other	9			9	9
Ending balance at Sep. 30, 2024	$ 6,015			$ 4,779	$ 7,738	$ (2,973)	$ 14	$ 1,236

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

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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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ASSET RETIREMENT OBLIGATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at the beginning of period			$ 2,430
Liabilities incurred			9
Liabilities settled			(45)
Liabilities divested			(48)
Liabilities held for sale			(224)
Accretion expense	$ 33	$ 29	107	$ 86
Revisions in estimated liabilities			195
Asset retirement obligation at the end of period	2,424		2,424
Less current portion	(75)		(75)		$ (76)
Asset retirement obligation, long-term	$ 2,349		$ 2,349		$ 2,354

EQUITY METHOD INTERESTS - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Mar. 18, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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
Gains (loss) on changes in fair value of equity method interest		$ (9)	$ (14)		$ 57

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.

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

STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Derivative instrument gains, net

$ 0

$ 1,000,000

$ 0

Gain on divestitures, net

1,000,000

284,000,000

7,000,000

Loss on previously sold Gulf of Mexico properties

(83,000,000)

Other, net

20,000,000

7,000,000

40,000,000

84,000,000

Total revenues and other

1,999,000,000

2,220,000,000

5,952,000,000

5,992,000,000

^[1]

321,000,000

381,000,000

1,016,000,000

1,047,000,000

41,000,000

56,000,000

137,000,000

153,000,000

General and administrative

25,000,000

39,000,000

95,000,000

120,000,000

78,000,000

132,000,000

229,000,000

256,000,000

Transaction, reorganization, and separation

3,000,000

5,000,000

17,000,000

11,000,000

418,000,000

377,000,000

1,185,000,000

1,024,000,000

33,000,000

29,000,000

107,000,000

86,000,000

1,111,000,000

46,000,000

Financing costs, net

20,000,000

40,000,000

79,000,000

131,000,000

NET INCOME (LOSS) BEFORE INCOME TAXES

2,381,000,000

1,353,000,000

4,724,000,000

3,663,000,000

(382,000,000)

867,000,000

1,228,000,000

2,329,000,000

Current income tax provision

267,000,000

422,000,000

903,000,000

1,022,000,000

Deferred income tax benefit

(522,000,000)

(134,000,000)

(511,000,000)

(29,000,000)

NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS

(127,000,000)

579,000,000

836,000,000

1,336,000,000

NET INCOME (LOSS) ATTRIBUTABLE TO APACHE CORPORATION

(318,000,000)

387,000,000

282,000,000

814,000,000

Noncontrolling interest – Sinopec

Net income attributable to noncontrolling interest

84,000,000

96,000,000

243,000,000

261,000,000

Noncontrolling interest – APA Corporation

Net income attributable to noncontrolling interest

107,000,000

96,000,000

311,000,000

261,000,000

Oil and gas

Oil and gas, excluding purchased

1,978,000,000

2,212,000,000

5,710,000,000

5,901,000,000

^[1]

1,544,000,000

1,983,000,000

4,843,000,000

5,289,000,000

Gathering, processing, and transmission/Purchased oil and gas costs

^[1]

78,000,000

83,000,000

237,000,000

231,000,000

Purchased oil and gas

^[1]

434,000,000

229,000,000

867,000,000

612,000,000

Gathering, processing, and transmission/Purchased oil and gas costs

^[1]

$ 253,000,000

$ 211,000,000

$ 511,000,000

$ 558,000,000

[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.

DEBT AND FINANCING COSTS - Narrative (Details)				1 Months Ended	3 Months Ended		9 Months Ended
DEBT AND FINANCING COSTS - Narrative (Details)	Apr. 01, 2024 USD ($)	Jan. 30, 2024 USD ($)	Apr. 29, 2022 USD ($) guarantyOfObligation creditAgreement option	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 GBP (£)	Dec. 31, 2023 GBP (£)	Apr. 29, 2022 GBP (£) guarantyOfObligation 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
Number of unsecured guaranties of obligations \| guarantyOfObligation			2								2
APA Corp \| Commercial Paper
Debt Instrument [Line Items]
Debt instrument term				397 days
Debt face amount				$ 1,800,000,000
Debt instrument guarantee terms, benchmark amount (less than)				1,000,000,000
Borrowing outstanding				0	330,000,000		330,000,000
Syndicated Credit Facility \| Unsecured Debt \| APA Corp
Debt Instrument [Line Items]
Number of 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
Outstanding borrowings				0	0		0
USD Agreement \| Line of Credit \| APA Corp
Debt Instrument [Line Items]
Debt instrument term			5 years
Line of credit facility, committed amount			$ 1,800,000,000
Credit facility maximum borrowing capacity			300,000,000
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
Outstanding borrowings				372,000,000	232,000,000		232,000,000
USD Agreement \| Line of Credit \| APA Corp \| Letter of Credit
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			$ 750,000,000
Line of credit facility, current borrowing capacity			$ 150,000,000
Letters of credit outstanding, amount				0	0		0
GBP Agreement \| Line of Credit \| APA Corp
Debt Instrument [Line Items]
Debt instrument term			5 years
Line of credit facility, committed amount \| £											£ 1,500,000,000
Debt extension term			1 year
GBP Agreement \| Line of Credit \| APA Corp \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, number of extension options \| option			2
Letters of credit outstanding, amount \| £									£ 303,000,000	£ 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]
Outstanding borrowings				0	0		0
Uncommitted Lines Of Credit \| Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount				$ 2,000,000	11,000,000		11,000,000		£ 296,000,000	£ 296,000,000
Delayed-Drawn Term Loan \| Unsecured Debt \| APA Corp
Debt Instrument [Line Items]
Debt face amount	$ 2,000,000,000	$ 2,000,000,000
Debt instrument guarantee terms, benchmark amount (less than)		$ 1,000,000,000
Term Loan Credit Agreement \| Unsecured Debt \| APA Corp
Debt Instrument [Line Items]
Debt face amount	$ 1,500,000,000
Remaining borrowing capacity					$ 1,000,000,000		$ 1,000,000,000
Delayed-Drawn Term Loan, Three Year Tranche Loans \| Unsecured Debt \| APA Corp
Debt Instrument [Line Items]
Debt instrument term	3 years
Debt face amount	$ 1,500,000,000
Delayed-Drawn Term Loan, 364-Day Tranche Loans \| Unsecured Debt \| APA Corp
Debt Instrument [Line Items]
Debt instrument term	364 days
Debt face amount	$ 500,000,000
Open Market Repurchase \| Senior Notes
Debt Instrument [Line Items]
Debt repurchased principal amount						74,000,000		74,000,000
Debt repurchase price						$ 65,000,000		65,000,000
Gain on extinguishment of debt								$ 9,000,000

OTHER CURRENT ASSETS

9 Months Ended

Sep. 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:


	September 30, 2024		December 31, 2023

	(In millions)
Inventories	$	501	$	439
Drilling advances	39		68

Current decommissioning security for sold Gulf of Mexico assets	167		178
Prepaid assets and other	74		40
Total Other current assets	$	781	$	725

DEBT AND FINANCING COSTS (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	September 30, 2024		December 31, 2023

	(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835

Finance lease obligations	30		32
Unamortized discount	(25)		(26)
Debt issuance costs	(24)		(25)
Total debt	4,816		4,816
Current maturities	(2)		(2)
Long-term debt	$	4,814	$	4,814

(1) The fair values of the Company’s notes and debentures were $4.5 billion and $4.3 billion as of September 30, 2024 and December 31, 2023, respectively.

Apache 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).

Schedule Of Financing Costs Net

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


	For the Quarter Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023

	(In millions)
Interest expense	$	71	$	71	$	214	$	220
Amortization of debt issuance costs	1		1		2		2

Gain on extinguishment of debt	—		—		—		(9)
Interest income	(4)		(2)		(9)		(7)
Interest income from APA Corporation, net (Note 2)	(48)		(30)		(128)		(75)
Financing costs, net	$	20	$	40	$	79	$	131

DEBT AND FINANCING COSTS - Components of Financing Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 71	$ 71	$ 214	$ 220
Amortization of debt issuance costs	1	1	2	2
Gain on extinguishment of debt	0	0	0	(9)
Interest income	(4)	(2)	(9)	(7)
Interest income from APA Corporation, net (Note 2)	(48)	(30)	(128)	(75)
Financing costs, net	$ 20	$ 40	$ 79	$ 131

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions						3 Months Ended		9 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 ($)	Mar. 20, 2016 USD ($)	Sep. 30, 2024 USD ($) lawsuit bond	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lawsuit bond	Sep. 30, 2023 USD ($)	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						$ 18,000,000		$ 18,000,000
Environmental tax and royalty obligations															$ 100,000,000
Retain right of obligations						45,000,000		45,000,000
Undiscounted reserve for environmental remediation						2,000,000		2,000,000
Environmental remediation payments								4,000,000
Standby loan agreed to provide related to ARO (up to)						400,000,000		400,000,000
Number of plaintiff, sureties issued bonds directly \| surety											2
Number of plaintiff, sureties issued bonds to issuing bank \| surety											2
Decommissioning security for sold properties						188,000,000		188,000,000
Decommissioning contingency for sold						853,000,000		853,000,000		$ 824,000,000
Loss on previously sold properties						$ 0	$ 0	83,000,000	$ 0
Additional decommissioning contingency liability								$ 50,000,000
Gulf Of Mexico Shelf Operations and Properties \| Disposed of by Sale
Commitment And Contingencies [Line Items]
Number of bonds held \| bond						2		2
Number of prior letters notifying unable to fund decommissioning obligations \| letter												2
Louisiana Restoration, Coastal Zone Lawsuits
Commitment And Contingencies [Line Items]
Number of pending lawsuits \| lawsuit						1		1
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

NATURE OF OPERATIONS	9 Months Ended
NATURE OF OPERATIONS	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	These consolidated financial statements have been prepared by Apache Corporation (Apache or the Company) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The Company files these consolidated financial statements with the SEC as a voluntary filer to comply with the terms of certain of the Company’s outstanding debt instruments. 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.

ASSET RETIREMENT OBLIGATION (Tables)

9 Months Ended

Sep. 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:


	September 30, 2024
	(In millions)
Asset retirement obligation, December 31, 2023	$	2,430
Liabilities incurred	9
Liabilities settled	(45)
Liabilities divested	(48)
Liabilities held for sale	(224)
Accretion expense	107
Revisions in estimated liabilities	195
Asset retirement obligation, September 30, 2024	2,424
Less current portion	(75)
Asset retirement obligation, long-term	$	2,349

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 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 September 30, 2024, the Company has an accrued liability of approximately $18 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 12—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 consideration paid by the Company in the settlement did 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 one remaining coastal zone lawsuit, which was filed by the City of New Orleans against the Company and a number of oil and gas operators. 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. These cases were then consolidated before a single judge in a multi-district litigation (MDL) proceeding. On August 14, 2024, in the MDL, the plaintiffs agreed to dismiss Apache with prejudice from all matters, and a dismissal has been entered by the court. 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. 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 has been preliminarily approved by the court, and final approval of the settlement is expected to occur prior to the end of 2024. The settlement will not have a material impact 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. Those cases were consolidated as In Re APA Corporation Derivative Litigation, Case No. 4:23-cv-00636 in the Southern District of Texas and purported 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 asserting 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, and on September 26, 2024, the federal court issued a final judgment granting the defendants’ motion and dismissing the consolidated claims against the defendants. Environmental Matters As of September 30, 2024, the Company had an undiscounted reserve for environmental remediation of approximately $2 million. On September 11, 2020, the Company received a Notice of Violation and Finding of Violation, and accompanying Clean Air Act Information Request, from the U.S. Environmental Protection Agency (EPA) following site inspections in April 2019 at several of the Company’s oil and natural gas production facilities in Lea and Eddy Counties, New Mexico. 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 included a $4 million payment, did not have a material impact on the Company’s financial position. The Company is not aware of any environmental claims existing as of September 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). 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. On September 12, 2024, the bankruptcy court issued its opinion (1) finding that sureties’ state court lawsuit against Apache was void; (2) holding that Apache’s claims against the sureties for unpaid amounts may proceed in bankruptcy court; and (3) holding the sureties in civil contempt and awarding attorneys’ fees to Apache as a sanction in an amount to be determined in a future hearing. That hearing took place on October 24, 2024, although the Court has not yet issued a ruling on the issues addressed, including any award of attorney’s fees to Apache. Apache is vigorously pursuing its claims against the sureties. As of September 30, 2024, the Company has recorded a $188 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 $853 million and $824 million as of September 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 $83 million in the first nine months of 2024 of “Loss on previously sold Gulf of Mexico properties.” Amounts recorded in the first nine months of 2024 included $50 million related to orders received during the period from BSEE to decommission properties previously sold to Cox Operating LLC and to decommission a property operated and produced by Fieldwood Energy Offshore and Dynamic Offshore Resources NS, LLC. The Company recognized no losses for decommissioning previously sold properties during the third quarter and the first nine 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.

TRANSACTIONS WITH PARENT AFFILIATE (Details)			3 Months Ended		9 Months Ended		42 Months Ended
TRANSACTIONS WITH PARENT AFFILIATE (Details)	Apr. 30, 2024 USD ($)	Mar. 01, 2021 subsidiary	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Notes receivable principal outstanding			$ 3,548,000,000		$ 3,548,000,000			$ 2,980,000,000
Net income attributable to noncontrolling interest, distributed in cash					297,000,000	$ 154,000,000
Noncurrent receivable from APA Corporation			821,000,000		821,000,000			$ 93,000,000
Payments of capital distribution					261,000,000	0
Noncontrolling interest – APA Corporation
Related Party Transaction [Line Items]
Net income attributable to noncontrolling interest			$ 107,000,000	$ 96,000,000	$ 311,000,000	261,000,000
Apache Egypt \| Sinopec
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners			33.33%		33.33%
Net Income And Distributable Cash Flow For Egyptian Operations \| Sinopec
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners			64.00%		64.00%			50.00%
Holding Company Reorganization
Related Party Transaction [Line Items]
Notes receivable principal outstanding			$ 1,500,000,000		$ 1,500,000,000			$ 1,500,000,000
Senior Promissory Note Dated March 31, 2023
Related Party Transaction [Line Items]
Notes receivable principal outstanding			2,000,000,000.0		2,000,000,000.0			1,500,000,000
Related Party
Related Party Transaction [Line Items]
Reimbursable costs charged to Parent			14,000,000	6,000,000	36,000,000	17,000,000
Interest income			48,000,000	$ 30,000,000	128,000,000	$ 75,000,000
Receivables			$ 76,000,000		$ 76,000,000			$ 52,000,000
Related Party \| Holding Company Reorganization
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary		3
Note receivable, term		7 years
Note receivable, interest rate		4.50%
Note receivable, accrued interest converted to principal, term		5 years 6 months
Accrued interest converted to principal							$ 226,000,000
Related Party \| Senior Promissory Note Dated March 31, 2023
Related Party Transaction [Line Items]
Note receivable, term	5 years
Note receivable, interest rate	6.00%
Notes receivable, aggregate principal amount	$ 2,000,000,000

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 61	$ 84
Assets held for sale	1,091	0
Other current assets (Note 5)	781	725
Total current assets	3,443	2,420
PROPERTY AND EQUIPMENT:
Oil and gas properties	37,359	43,349
Gathering, processing, and transmission facilities	447	448
Other	556	634
Less: Accumulated depreciation, depletion, and amortization	(31,803)	(35,707)
Property and equipment, net	6,559	8,724
OTHER ASSETS:
Equity method interests (Note 6)	0	437
Decommissioning security for sold Gulf of Mexico properties (Note 11)	21	21
Deferred tax asset (Note 10)	1,973	1,747
Deferred charges and other	571	522
Noncurrent receivable from APA Corporation (Note 2)	821	93
Notes receivable from APA Corporation (Note 2)	3,548	2,980
ASSETS	16,936	16,944
CURRENT LIABILITIES:
Accounts payable	584	560
Current debt	2	2
Liabilities held for sale	224	0
Other current liabilities (Note 7)	1,567	1,669
Total current liabilities	2,377	2,231
LONG-TERM DEBT (Note 9)	4,814	4,814
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
Deferred tax liability (Note 10)	86	371
Asset retirement obligation (Note 8)	2,349	2,354
Decommissioning contingency for sold Gulf of Mexico properties (Note 11)	759	764
Other	536	466
Total deferred credits and other noncurrent liabilities	3,730	3,955
EQUITY:
Common stock, $0.625 par, 1,000 and 1,000 shares authorized, respectively, 1,000 and 1,000 shares issued, respectively	0	0
Paid-in capital	7,738	7,972
Accumulated deficit	(2,973)	(3,255)
Accumulated other comprehensive income	14	15
EQUITY ATTRIBUTABLE TO APACHE CORPORATION	4,779	4,732
TOTAL EQUITY	6,015	5,944
LIABILITIES, NONCONTROLLING INTERESTS, AND EQUITY	16,936	16,944
Noncontrolling interest – Sinopec
EQUITY:
Noncontrolling interest	1,046	1,036
Noncontrolling interest – APA Corporation
EQUITY:
Noncontrolling interest	190	176
Nonrelated Party
CURRENT ASSETS:
Receivables, net of allowance	1,434	1,559
Related Party
CURRENT ASSETS:
Receivables, net of allowance	$ 76	$ 52

TRANSACTIONS WITH PARENT AFFILIATE	9 Months Ended
TRANSACTIONS WITH PARENT AFFILIATE	Sep. 30, 2024
Related Party Transactions [Abstract]
TRANSACTIONS WITH PARENT AFFILIATE	TRANSACTIONS WITH PARENT AFFILIATE Apache is a direct, wholly owned subsidiary of APA. Apache holds assets in the U.S., Egypt, and the U.K. and provides administrative and support operations for certain APA subsidiaries with interests in the U.S., Suriname, and other international locations. The Company incurred $14 million and $6 million in the third quarters of 2024 and 2023, respectively, and $36 million and $17 million in the first nine months of 2024 and 2023, respectively, in reimbursable corporate overhead charges in connection with these administration and support operations. Notes Receivable from APA Corporation On March 1, 2021, Apache sold to APA all of the equity in the three Apache subsidiaries through which Apache’s interests in Suriname and the Dominican Republic were held. The purchase price is payable pursuant to a senior promissory note made by APA payable to Apache, dated March 1, 2021. The note has a seven-year term, maturing on February 29, 2028, and bears interest at a rate of 4.5 percent per annum, payable semi-annually, subject to APA’s option to allow accrued interest to convert to principal (PIK) during the first 5.5 years of the note’s term (to August 31, 2026). The note is guaranteed by each of the three subsidiaries sold by Apache to APA. APA allowed interest accrued from March 1, 2021 through August 31, 2024, totaling $226 million, to PIK pursuant to the note. At each of September 30, 2024 and December 31, 2023, there was approximately $1.5 billion in principal outstanding under this note. APA also made a senior promissory note payable to Apache, dated March 31, 2023, as amended April 30, 2024, pursuant to which Apache may loan and APA may borrow, repay, and reborrow up to $2.0 billion in aggregate principal amount outstanding at any time. The note has a five-year term, maturing March 31, 2028. The note bears interest at a rate per annum of 6.0 percent, payable semi-annually; however, APA may allow accrued interest to convert to principal, subject to the aggregate maximum principal amount of the note. As of September 30, 2024 and December 31, 2023, there were approximately $2.0 billion and $1.5 billion, respectively, in borrowings outstanding under this note. The note is intended to facilitate cash management of APA and Apache. These notes are both reflected in “Notes receivable from APA Corporation” on the Company’s consolidated balance sheet. The Company recognized interest income on these notes totaling $48 million and $30 million during the third quarters of 2024 and 2023, respectively, and $128 million and $75 million during the first nine months of 2024 and 2023, respectively. The interest income related to these notes is reflected in “Financing costs, net” on the Company’s statement of consolidated operations. Noncontrolling Interest – APA Corporation In the fourth quarter of 2021, in conjunction with the ratification of a new merged concession agreement (MCA) with the EGPC, Apache entered into an agreement with APA under which the historical value of existing concessions prior to ratifying the MCA was retained by Apache, with any excess value from the MCA terms being allocated to APA. Sinopec owns a one-third minority participation in the Company’s consolidated Egypt oil and gas business, and 64 percent and 50 percent of the remaining net income and distributable cash flow for the Company’s Egyptian operations is allocated to APA in 2024 and 2023, respectively. Apache consolidates its Egyptian operations, with APA’s noncontrolling interest reflected as a separate component in the Company’s consolidated balance sheet. The Company recorded net income attributable to APA’s noncontrolling interest of $107 million and $96 million in the third quarters of 2024 and 2023, respectively, and $311 million and $261 million in the first nine months of 2024 and 2023, respectively. The Company also distributed $297 million and $154 million in the first nine months of 2024 and 2023, respectively, of cash to APA in association with its noncontrolling interest. Accounts Receivable from / Accounts Payable to APA In connection with the Company’s role as service provider to APA, Apache is reimbursed by APA for employee costs, certain internal costs, and third-party costs paid by the Company on behalf of APA. All reimbursements are based on actual costs incurred, and no market premium is applied by the Company to APA. The Company also collects third-party receivables on behalf of APA. As of September 30, 2024 and December 31, 2023, the Company had accounts receivable from APA in connection with these services totaling $76 million and $52 million, respectively, which is reflected in “Accounts receivable from APA Corporation” on the Company’s consolidated balance sheet. As of September 30, 2024 and December 31, 2023, the Company had receivables from APA totaling $821 million and $93 million, respectively. This balance is reflected in “Noncurrent receivable from APA Corporation” on the Company’s consolidated balance sheet. Other Transactions with APA Corporation From time to time, the Company may, at its discretion, make distributions of capital to APA. Capital distributions totaling $261 million were made during the first nine months of 2024 primarily in support of dividend payments and capital transactions completed by APA during the period. No capital distributions were made during the first nine months of 2023.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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DEBT AND FINANCING COSTS

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT AND FINANCING COSTS

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


	September 30, 2024		December 31, 2023

	(In millions)
Notes and debentures before unamortized discount and debt issuance costs(1)	$	4,835	$	4,835

Finance lease obligations	30		32
Unamortized discount	(25)		(26)
Debt issuance costs	(24)		(25)
Total debt	4,816		4,816
Current maturities	(2)		(2)
Long-term debt	$	4,814	$	4,814

(1) The fair values of the Company’s notes and debentures were $4.5 billion and $4.3 billion as of September 30, 2024 and December 31, 2023, respectively.

At each of September 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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023

	(In millions)
Interest expense	$	71	$	71	$	214	$	220
Amortization of debt issuance costs	1		1		2		2

Gain on extinguishment of debt	—		—		—		(9)
Interest income	(4)		(2)		(9)		(7)
Interest income from APA Corporation, net (Note 2)	(48)		(30)		(128)		(75)
Financing costs, net	$	20	$	40	$	79	$	131

During the nine months ended September 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.

APA Unsecured 2022 Committed Credit Facilities

On April 29, 2022, Apache entered into two unsecured guaranties of obligations under two unsecured syndicated credit agreements then entered into by APA, of which Apache is a wholly owned subsidiary. These APA credit agreements are 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). APA 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 APA’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 APA’s two, one-year extension options.

Apache may borrow under APA’s USD Agreement up to an aggregate principal amount of US$300 million outstanding at any given time. As of September 30, 2024 and December 31, 2023, there were no borrowings by Apache outstanding under the USD Agreement. 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 September 30, 2024, APA had $232 million of borrowings under the USD Agreement and an aggregate £303 million in letters of credit outstanding under the GBP Agreement. As of September 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

Apache, from time to time, has and uses uncommitted credit and letter of credit facilities for working capital and credit support purposes. As of September 30, 2024 and December 31, 2023, there were no outstanding borrowings under these facilities. As of September 30, 2024, there were £296 million and $11 million, respectively, in letters of credit outstanding under these facilities. As of December 31, 2023, there were £296 million and $2 million, respectively, in letters of credit outstanding under these facilities.

APA Commercial Paper Program

In December 2023, APA 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.

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 September 30, 2024, APA had $330 million in aggregate face amount of CP Notes outstanding. As of December 31, 2023, there were no CP Notes outstanding.

APA Unsecured Committed Term Loan Facility

On January 30, 2024, Apache entered into an unsecured guaranty of obligations under an unsecured syndicated credit agreement then entered into by APA 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 Petroleum Company, a Delaware corporation (Callon), only on the date of closing of transactions under the merger agreement entered into by APA and Callon (the Merger Agreement). 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. APA borrowed an aggregate $1.5 billion in senior unsecured term loans that mature April 1, 2027. Loan proceeds were used to refinance certain indebtedness of Callon upon the substantially simultaneous closing of APA’s acquisition of Callon pursuant to the Merger Agreement and to pay related fees and expenses. APA may at any time prepay loans under the Term Loan Credit Agreement. As of September 30, 2024, $1.0 billion in borrowings remained outstanding under the Term Loan Credit Agreement.

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

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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