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DEBT AND FINANCING COSTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the carrying value of the Company’s debt as of December 31, 2023 and 2022:
|  | December 31,
|  | 2023 |  | 2022
|  | (In millions)
4.625% notes due 2025(1) |  | $ | 51 |  |  | $ | 51 |
7.7% notes due 2026 |  | 78 |  |  | 78 |
7.95% notes due 2026 |  | 132 |  |  | 132 |
4.875% due 2027(1) |  | 108 |  |  | 108 |
4.375% notes due 2028(1) |  | 325 |  |  | 325 |
7.75% notes due 2029(1)(2) |  | 235 |  |  | 235 |
4.25% notes due 2030(1) |  | 516 |  |  | 579 |
6.0% notes due 2037(1) |  | 443 |  |  | 443 |
5.1% notes due 2040(1) |  | 1,333 |  |  | 1,333 |
5.25% notes due 2042(1) |  | 399 |  |  | 399 |
4.75% notes due 2043(1) |  | 428 |  |  | 428 |
4.25% notes due 2044(1) |  | 211 |  |  | 221 |
7.375% debentures due 2047 |  | 150 |  |  | 150 |
5.35% notes due 2049(1) |  | 387 |  |  | 387 |
7.625% debentures due 2096 |  | 39 |  |  | 39 |
Apache notes and debentures before unamortized discount and debt issuance costs(3) |  | 4,835 |  |  | 4,908 |
Syndicated credit facilities(4) |  | 372 |  |  | 566 |
Apache finance lease obligations |  | 32 |  |  | 34 |
Unamortized discount |  | (26) |  |  | (27) |
Debt issuance costs |  | (25) |  |  | (28) |
Total debt |  | 5,188 |  |  | 5,453 |
Current maturities |  | (2) |  |  | (2) |
Long-term debt |  | $ | 5,186 |  |  | $ | 5,451 |
(1)These notes are redeemable, as a whole or in part, at Apache’s option, subject to a make-whole premium, except that the 7.75% notes due 2029 are only redeemable as whole for principal and accrued interest in the event of certain Canadian tax law changes. The remaining notes and debentures are not redeemable. (2)Assumed by Apache in August 2017 as permitted by terms of these notes originally issued by a subsidiary and guaranteed by Apache. (3)The fair values of Apache’s notes and debentures were $4.3 billion and $4.2 billion as of December 31, 2023 and 2022, respectively. The Company uses a market approach to determine the fair value of its notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). (4)The carrying amount of borrowings on credit facilities approximates fair value because the interest rates are variable and reflective of market rates.
Schedule of Maturities of Long-Term Debt | Maturities for the Company’s notes and debentures excluding discount and debt issuance costs as of December 31, 2023 are as follows:
| (In millions)
2024 | $ | — |
2025 | 51 |
2026 | 210 |
2027 | 108 |
2028 | 325 |
Thereafter | 4,141 |
Notes and debentures, excluding discounts and debt issuance costs | $ | 4,835 |
Schedule of Components of Financing Costs, Net | The following table presents the components of the Company’s financing costs, net:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Interest expense |  | $ | 351 |  |  | $ | 332 |  |  | $ | 419 |
Amortization of debt issuance costs |  | 4 |  |  | 8 |  |  | 8 |
Capitalized interest |  | (24) |  |  | (18) |  |  | (9) |
Loss (gain) on extinguishment of debt |  | (9) |  |  | 67 |  |  | 104 |
Interest income |  | (10) |  |  | (10) |  |  | (8) |
Financing costs, net |  | $ | 312 |  |  | $ | 379 |  |  | $ | 514 |

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