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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Common Stock Outstanding

The following table provides changes to the Company’s common shares outstanding for the years ended December 31, 2023, 2022, and 2021:

						For the Year Ended December 31,
						2023						2022						2021
Balance, beginning of year						311,559,149						346,930,765						377,482,630
Shares issued for stock-based compensation plans:
Treasury shares issued						2,016						1,996						3,133
Common shares issued						725,914						791,381						649,231
Treasury shares acquired						(8,711,178)						(36,164,993)						(31,204,229)
Balance, end of year						303,575,901						311,559,149						346,930,765

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 per common share for the years ended December 31, 2023, 2022, and 2021:

						2023																		2022																		2021
						Income						Shares						Per Share						Income						Shares						Per Share						Income						Shares						Per Share
						(In millions, except per share amounts)
Basic:
Income attributable to common stock						$	2,855					308						$	9.26					$	3,674					332						$	11.05					$	973					374						$	2.60
Effect of Dilutive Securities:
Stock compensation awards						$	—					1						$	(0.01)					$	—					1						$	(0.03)					$	—					1						$	(0.01)
Diluted:
Income attributable to common stock						$	2,855					309						$	9.25					$	3,674					333						$	11.02					$	973					375						$	2.59

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 years ended December 31, 2023, 2022, and 2021:

						For the Year Ended December 31,
						2023						2022						2021
						(In millions)
Stock-settled and cash-settled compensation expensed:
Lease operating expenses						$	27					$	82					$	39
Exploration						7						29						10
General and administrative						50						193						108
Total stock-settled and cash-settled compensation expensed						84						304						157
Stock-settled and cash-settled compensation capitalized						13						44						18
Total stock-settled and cash-settled compensation costs						$	97					$	348					$	175

Schedule of Stock Options Activities

The following table summarizes stock option activity for the years ended December 31, 2023, 2022, and 2021:

						2023												2022												2021
						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						2,078						$	57.71					3,012						$	63.79					3,537						$	72.10
Exercised						(12)						42.38						(99)						42.09						—						—
Forfeited						—						—						(2)						49.10						—						—
Expired						(601)						80.53						(833)						81.56						(525)						119.83
Outstanding, end of year(1)						1,465						48.48						2,078						57.71						3,012						63.79
Expected to vest						—						—						—						—						—						—
Exercisable, end of year(1)						1,465						48.48						2,078						57.71						3,012						63.79

(1)As of December 31, 2023, options exercisable and outstanding had a weighted average remaining contractual life of 3.1 years and aggregate intrinsic value of $33,000.

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, 2023, 2022, and 2021:

						2023												2022												2021
						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						1,885						$	23.08					2,073						$	19.98					1,552						$	28.43
Granted						661						41.60						847						29.90						1,506						16.46
Vested(3)						(975)						23.31						(978)						22.39						(857)						29.13
Forfeited						(69)						32.44						(57)						23.49						(128)						19.78
Expired						(22)						27.81						—						—						—						—
Non-vested, end of year(1)(2)						1,480						30.69						1,885						23.08						2,073						19.98

(1)As of December 31, 2023, there was $15 million of total unrecognized compensation cost related to 1,479,880 unvested stock-settled restricted stock units.

(2)As of December 31, 2023, the weighted-average remaining life of unvested stock-settled restricted stock units is approximately 0.6 years.

(3)The grant date fair values of the stock-settled awards vested during 2023, 2022, and 2021 were approximately $23 million, $22 million, and $25 million, respectively.

The following table summarizes cash-settled restricted stock phantom unit activity for the years ended December 31, 2023, 2022, and 2021:

						For the Year Ended December 31,
						2023						2022						2021
						(In thousands)
Non-vested, beginning of year						5,709						6,402						4,423
Adjustment from ALTM transaction(1)						—						143						—
Granted(2)						1,972						2,568						4,441
Vested						(2,851)						(2,970)						(2,049)
Forfeited						(340)						(434)						(413)
Expired						(12)						—						—
Non-vested, end of year(3)						4,478						5,709						6,402

(1)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.

(2)Restricted stock phantom units granted during 2023, 2022, and 2021 included 1,972,116, 2,512,602, and 4,375,546 awards, respectively, based on the per-share market price of APA common stock. Restricted stock phantom units granted during 2022 and 2021 included 55,546 and 65,327 awards, respectively, based on the per-share market price of ALTM common stock prior to the deconsolidation of Altus on February 22, 2022.

(3)The outstanding liability for the unvested cash-settled restricted stock phantom units that had not been recognized as of December 31, 2023 was approximately $54 million.

The following table summarizes cash-settled conditional restricted stock phantom unit activity for the years ended December 31, 2023, 2022, and 2021:

						For the Year Ended December 31,
						2023						2022						2021
						(In thousands)
Non-vested, beginning of year						4,835						4,531						3,417
Granted						1,536						1,676						1,782
Vested						(1,593)						(656)						(76)
Forfeited						(99)						(106)						(240)
Expired						(50)						(610)						(352)
Non-vested, end of year(1)						4,629						4,835						4,531

(1)As of December 31, 2023, the outstanding liability for the unvested cash-settled conditional restricted stock phantom units that had not been recognized was approximately $24 million.

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