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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2022

The following table provides changes to the Company’s common shares outstanding for the years ended December 31, 2022, 2021, and 2020:


	For the Year Ended December 31,
	2022	2021	2020
Balance, beginning of year	346,930,765	377,482,630	376,062,670
Shares issued for stock-based compensation plans:
Treasury shares issued	1,996	3,133	17,448
Common shares issued	791,381	649,231	1,402,512
Treasury shares acquired	(36,164,993)	(31,204,229)	—
Balance, end of year	311,559,149	346,930,765	377,482,630

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

The following table provides a reconciliation of the components of basic and diluted net income (loss) per common share for the years ended December 31, 2022, 2021, and 2020:


	2022					2021					2020
	Income		Shares	Per Share		Income		Shares	Per Share		Loss		Shares	Per Share

	(In millions, except per share amounts)
Basic:


Income (loss) attributable to common stock	$	3,674	332	$	11.05	$	973	374	$	2.60	$	(4,860)	378	$	(12.86)
Effect of Dilutive Securities:
Stock options and other	$	—	1	$	(0.03)	$	—	1	$	(0.01)	$	—	—	$	—
Diluted:


Income (loss) attributable to common stock	$	3,674	333	$	11.02	$	973	375	$	2.59	$	(4,860)	378	$	(12.86)

Schedule of Description of Stock Based Compensation Plans and Related Costs

The following table summarizes the Company’s stock-settled and cash-settled compensation costs:


	For the Year Ended December 31,
	2022		2021		2020

	(In millions)
Stock-settled and cash-settled compensation expensed	$	304	$	157	$	40
Stock-settled and cash-settled compensation capitalized	44		18		7
Total stock-settled and cash-settled compensation costs	$	348	$	175	$	47

Schedule of Stock Options Activities

The following table summarizes stock option activity for the years ended December 31, 2022, 2021, and 2020:


	2022			2021			2020
	Shares Under Option	Weighted Average Exercise Price		Shares Under Option	Weighted Average Exercise Price		Shares Under Option	Weighted Average Exercise Price

	(In thousands, except exercise price amounts)
Outstanding, beginning of year	3,012	$	63.79	3,537	$	72.10	4,298	$	75.24

Exercised	(99)	42.09		—	—		—	—
Forfeited	(2)	49.10		—	—		(37)	44.98
Expired	(833)	81.56		(525)	119.83		(724)	92.14
Outstanding, end of year(1)	2,078	57.71		3,012	63.79		3,537	72.10
Expected to vest	—	—		—	—		150	45.77
Exercisable, end of year(1)	2,078	57.71		3,012	63.79		3,387	73.26

(1)As of December 31, 2022, options exercisable and outstanding had a weighted average remaining contractual life of 3.1 years and aggregate intrinsic value of $3.5 million.

Schedule of Restricted Stock and Restricted Stock Units Activity

The following table summarizes stock-settled restricted stock unit activity for the years ended December 31, 2022, 2021, and 2020:


	2022			2021			2020
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value

	(In thousands, except per share amounts)
Non-vested, beginning of year	2,073	$	19.98	1,552	$	28.43	2,448	$	46.65
Granted	847	29.90		1,506	16.46		1,352	24.60
Vested(3)	(978)	22.39		(857)	29.13		(1,933)	48.65
Forfeited	(57)	23.49		(128)	19.78		(315)	30.09
Non-vested, end of year(1)(2)	1,885	23.08		2,073	19.98		1,552	28.43

(1)As of December 31, 2022, there was $14 million of total unrecognized compensation cost related to 1,885,491 unvested stock-settled restricted stock units.

(2)As of December 31, 2022, the weighted-average remaining life of unvested stock-settled restricted stock units is approximately 0.7 years.

(3)The grant date fair values of the stock-settled awards vested during 2022, 2021, and 2020 were approximately $22 million, $25 million, and $94 million, respectively.

The following table summarizes cash-settled restricted stock phantom unit activity for the years ended December 31, 2022, 2021, and 2020:


	For the Year Ended December 31,
	2022	2021	2020

	(In thousands)
Non-vested, beginning of year	6,402	4,423	5,384
Adjustment for ALTM reverse stock split(1)	—	—	(1,246)
Adjustment from ALTM transaction(2)	143	—	—
Granted(3)	2,568	4,441	3,462
Vested	(2,970)	(2,049)	(1,618)
Forfeited	(434)	(413)	(1,559)
Non-vested, end of year(4)	5,709	6,402	4,423

(1)Prior to the deconsolidation of Altus on February 22, 2022, on June 30, 2020, ALTM executed a 1-for-20 reverse stock split of its outstanding common stock. Outstanding cash-settled awards were based on the per-share market price of ALTM common stock.

(2)Following the BCP Business Combination, certain employees were granted restricted stock phantom units based on APA’s common stock price to replace the equivalent value in restricted stock phantom units based on ALTM’s common stock price.

(3)Restricted stock phantom units granted during 2022, 2021, and 2020 included 2,512,602, 4,375,546, and 3,378,486 awards, respectively, based on the per-share market price of APA common stock and 55,546, 65,327, and 83,239 awards, respectively, based on the per-share market price of ALTM common stock prior to the deconsolidation of Altus on February 22, 2022. The restricted stock phantom units granted during 2020 based on ALTM’s per-share market price reflect the 1-for-20 reverse stock split described above.

(4)The outstanding liability for the unvested cash-settled restricted stock phantom units that had not been recognized as of December 31, 2022 was approximately $103 million.

The following table summarizes cash-settled conditional restricted stock unit activity for the year ended December 31, 2022:


						Units
						(In thousands)
Non-vested, beginning of year						4,531
Granted						1,676
Vested						(656)
Forfeited						(106)
Expired						(610)
Non-vested, end of year(1)						4,835

(1)As of December 31, 2022, the outstanding liability for the unvested cash-settled conditional restricted stock units that had not been recognized was approximately $53 million.