APA (APA) 10-Q4 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-40144
Entity Registrant Name	APA CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1430562
Entity Address, Address Line One	One Post Oak Central, 2000 Post Oak Boulevard, Suite 100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056-4400
City Area Code	713
Local Phone Number	296-6000
Title of 12(b) Security	Common Stock, $0.625 par value
Trading Symbol	APA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		326,530,252
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001841666
Current Fiscal Year End Date	--12-31

STATEMENT OF CONSOLIDATED OPERA

STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES AND OTHER:
Derivative instrument gains (losses), net		$ (32)	$ (113)	$ (94)	$ 45
Gain (loss) on divestitures, net		(27)	65	1,149	67
Other, net		64	74	109	135
Total revenues and other		3,052	1,782	6,880	3,874
OPERATING EXPENSES:
Lease operating expenses		359	311	703	575
Taxes other than income		78	51	148	95
Exploration		56	26	98	75
General and administrative		89	86	245	169
Transaction, reorganization, and separation		3	4	17	4
Depreciation, depletion, and amortization		278	351	569	693
Asset retirement obligation accretion		29	28	58	56
Financing costs, net		76	107	228	217
Total operating expenses		1,590	1,287	3,120	2,759
NET INCOME BEFORE INCOME TAXES		1,462	495	3,760	1,115
Current income tax provision		415	131	807	280
Deferred income tax benefit		(20)	(44)	(60)	(23)
NET INCOME INCLUDING NONCONTROLLING INTERESTS		1,067	408	3,013	858
Net income (loss) attributable to Altus Preferred Unit limited partners		0	24	(70)	43
NET INCOME ATTRIBUTABLE TO COMMON STOCK		$ 926	$ 316	$ 2,809	$ 704
NET INCOME PER COMMON SHARE:
Basic (in USD per share)		$ 2.72	$ 0.83	$ 8.18	$ 1.86
Diluted (in USD per share)		$ 2.71	$ 0.82	$ 8.15	$ 1.86
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic (in shares)		341	378	344	378
Diluted (in shares)		342	379	344	379
Noncontrolling interests, Egypt
OPERATING EXPENSES:
Net income attributable to noncontrolling interest		$ 141	$ 41	$ 260	$ 83
Noncontrolling interests, Altus
OPERATING EXPENSES:
Net income attributable to noncontrolling interest		0	27	14	28
Oil and gas
REVENUES AND OTHER:
Total revenues		3,047	1,756	5,716	3,627
Oil and gas, excluding purchased
REVENUES AND OTHER:
Oil, natural gas, and natural gas liquids production revenues		2,525	1,514	4,845	2,945
OPERATING EXPENSES:
Cost of oil and gas purchased	[1]	94	61	175	119
Purchased oil and gas sales
REVENUES AND OTHER:
Purchased oil and gas sales		522	242	871	682
OPERATING EXPENSES:
Cost of oil and gas purchased		$ 528	$ 262	$ 879	$ 756

[1]For gathering, processing, and transmission costs associated with Kinetik, refer to Note 6—Equity Method Interest for further detail.

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
NET INCOME INCLUDING NONCONTROLLING INTERESTS	$ 1,067	$ 408	$ 3,013	$ 858
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Share of equity method interests other comprehensive income	0	0	0	1
Pension and postretirement benefit plan	0	0	(1)	0
COMPREHENSIVE INCOME INCLUDING NONCONTROLLING INTERESTS	1,067	408	3,012	859
Comprehensive income (loss) attributable to Altus Preferred Unit limited partners	0	24	(70)	43
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCK	926	316	2,808	705
Noncontrolling interests, Egypt
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	141	41	260	83
Noncontrolling interests, Altus
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Comprehensive income attributable to noncontrolling interest	$ 0	$ 27	$ 14	$ 28

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including noncontrolling interests	$ 3,013	$ 858
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized derivative instrument losses, net	83	55
Gain on divestitures, net	(1,149)	(67)
Exploratory dry hole expense and unproved leasehold impairments	47	46
Depreciation, depletion, and amortization	569	693
Asset retirement obligation accretion	58	56
Benefit from deferred income taxes	(60)	(23)
(Gain) loss on extinguishment of debt	67	(1)
Other, net	(88)	(14)
Changes in operating assets and liabilities:
Receivables	(519)	(165)
Inventories	(18)	20
Drilling advances and other current assets	28	43
Deferred charges and other long-term assets	(11)	(18)
Accounts payable	206	157
Accrued expenses	202	17
Deferred credits and noncurrent liabilities	(2)	(17)
NET CASH PROVIDED BY OPERATING ACTIVITIES	2,426	1,640
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to upstream oil and gas property	(741)	(558)
Leasehold and property acquisitions	(26)	(3)
Proceeds from sale of oil and gas properties	751	181
Proceeds from sale of Kinetik shares	224	0
Deconsolidation of Altus cash and cash equivalents	(143)	0
Other, net	(49)	(13)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	16	(393)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on revolving credit facilities, net	(267)	(150)
Proceeds from Altus credit facility, net	0	33
Payments on Apache fixed-rate debt	(1,370)	(20)
Distributions to noncontrolling interest - Egypt	(159)	(60)
Distributions to Altus Preferred Unit limited partners	(11)	(23)
Treasury stock activity, net	(552)	0
Dividends paid to APA common stockholders	(86)	(19)
Other, net	(17)	(21)
NET CASH USED IN FINANCING ACTIVITIES	(2,462)	(260)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(20)	987
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	302	262
CASH AND CASH EQUIVALENTS AT END OF PERIOD	282	1,249
SUPPLEMENTARY CASH FLOW DATA:
Interest paid, net of capitalized interest	172	233
Income taxes paid, net of refunds	$ 637	$ 231

CONSOLIDATED BALANCE SHEET (Una

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents ($132 related to Altus VIE)	[1]	$ 282	$ 302
Receivables, net of allowance of $115 and $109	[1]	1,894	1,394
Other current assets (Note 5) ($9 related to Altus VIE)	[1]	907	684
Assets, Current	[1]	3,083	2,380
PROPERTY AND EQUIPMENT:
Oil and gas properties	[1]	40,936	40,749
Gathering, processing, and transmission facilities ($209 related to Altus VIE)	[1]	447	673
Other ($3 related to Altus VIE)	[1]	604	1,126
Less: Accumulated depreciation, depletion, and amortization ($25 related to Altus VIE)	[1]	(33,756)	(34,213)
Property and equipment, net	[1]	8,231	8,335
OTHER ASSETS:
Equity method interests (Note 6) ($1,365 related to Altus VIE)	[1]	618	1,365
Decommissioning security for sold Gulf of Mexico properties (Note 11)	[1]	383	640
Deferred charges and other ($6 related to Altus VIE)	[1]	609	583
Total assets	[1]	12,924	13,303
CURRENT LIABILITIES:
Accounts payable ($12 related to Altus VIE)	[1]	925	731
Current debt	[1]	125	215
Other current liabilities (Note 7) ($15 related to Altus VIE)	[1]	1,763	1,171
Total current liabilities	[1]	2,813	2,117
LONG-TERM DEBT (Note 9) ($657 related to Altus VIE)	[1]	5,160	7,295
DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES:
Income taxes	[1]	89	148
Asset retirement obligation (Note 8) ($68 related to Altus VIE)	[1]	2,061	2,089
Decommissioning contingency for sold Gulf of Mexico properties (Note 11)	[1]	825	1,086
Other ($67 related to Altus VIE)	[1]	471	573
Total deferred credits and other noncurrent liabilities	[1]	3,446	3,896
REDEEMABLE NONCONTROLLING INTEREST - ALTUS PREFERRED UNIT LIMITED PARTNERS (Note 12)	[1]	0	712
EQUITY (DEFICIT):
Common stock, $0.625 par, 860,000,000 shares authorized, 419,756,641 and 419,078,606 shares issued, respectively	[1]	262	262
Paid-in capital	[1]	11,567	11,645
Accumulated deficit	[1]	(6,679)	(9,488)
Treasury stock, at cost, 86,362,994 and 72,147,841 shares, respectively	[1]	(4,587)	(4,036)
Accumulated other comprehensive income	[1]	21	22
APA SHAREHOLDERS’ EQUITY (DEFICIT)	[1]	584	(1,595)
TOTAL EQUITY (DEFICIT)	[1]	1,505	(717)
TOTAL LIABILITIES AND EQUITY	[1]	12,924	13,303
Noncontrolling interests, Egypt
EQUITY (DEFICIT):
Noncontrolling interest	[1]	921	820
Noncontrolling interests, Altus
EQUITY (DEFICIT):
Noncontrolling interest	[1]	$ 0	$ 58

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

CONSOLIDATED BALANCE SHEET (U_2

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents	[1]	$ 282	$ 302
Receivables, allowance		115	109
Other current assets	[1]	907	684
Gathering, processing, and transmission facilities	[1]	447	673
Other property and equipment	[1]	604	1,126
Accumulated Depreciation Depletion And Amortization Property And Equipment Including Finance Lease Oil And Gas Properties	[1]	33,756	34,213
Equity method interests	[1]	618	1,365
Deferred charges and other	[1]	609	583
Accounts payable	[1]	925	731
Other current liabilities	[1]	1,763	1,171
Asset retirement obligation	[1]	2,061	2,089
Other current liabilities	[1]	$ 471	$ 573
Common stock, par value (in USD per share)		$ 0.625	$ 0.625
Common stock, shares authorized (in shares)		860,000,000	860,000,000
Common stock, shares issued (in shares)		419,756,641	419,078,606
Treasury stock, shares (in shares)		86,362,994	72,147,841
Altus VIE
Cash and cash equivalents			$ 132
Other current assets			9
Gathering, processing, and transmission facilities			209
Other property and equipment			3
Accumulated Depreciation Depletion And Amortization Property And Equipment Including Finance Lease Oil And Gas Properties			25
Equity method interests			1,365
Deferred charges and other			6
Accounts payable			12
Other current liabilities			15
LONG-TERM DEBT (Note 9) ($657 related to Altus VIE)			657
Asset retirement obligation			68
Other current liabilities			$ 67

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

STATEMENT OF CONSOLIDATED CHANG

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY (DEFICIT) AND NONCONTROLLING INTERESTS (Unaudited) - USD ($) $ in Millions		Total		Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners		Noncontrolling interests, Egypt	Noncontrolling interests, Altus	APA SHAREHOLDERS’ EQUITY (DEFICIT)	Common Stock	Paid-In Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income	Noncontrolling Interests		Noncontrolling Interests Noncontrolling interests, Egypt		Noncontrolling Interests Noncontrolling interests, Altus
Beginning balance at Dec. 31, 2020	[1]			$ 608
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to Altus Preferred Unit holders	[1]			43
Cash distributions to Altus Preferred Unit limited partners				(23)	[1]	$ (60)										$ (60)
Distributions payable to Altus Preferred Unit limited partners	[1]			(11)
Ending balance at Jun. 30, 2021	[1]			617
Beginning balance at Dec. 31, 2020		$ (645)						$ (1,639)	$ 262	$ 11,735	$ (10,461)	$ (3,189)	$ 14	$ 994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock		704						704			704
Net income attributable to noncontrolling interest						83	$ 28									83		$ 28
Distributions to noncontrolling interest				(23)	[1]	(60)										(60)
Common dividends declared		(19)						(19)		(19)
Other		(15)						(10)	0	(12)		1	1	(5)
Ending balance at Jun. 30, 2021		76						(964)	262	11,704	(9,757)	(3,188)	15	1,040	[2]
Beginning balance at Dec. 31, 2020	[1]			608
Ending balance at Dec. 31, 2021		712	[3]	712	[1]
Beginning balance at Dec. 31, 2020		(645)						(1,639)	262	11,735	(10,461)	(3,189)	14	994
Ending balance at Dec. 31, 2021		(717)	[3]					(1,595)	262	11,645	(9,488)	(4,036)	22	878
Beginning balance at Mar. 31, 2021	[2]			605
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to Altus Preferred Unit holders	[2]			24
Cash distributions to Altus Preferred Unit limited partners						(20)										(20)	[2]
Distributions payable to Altus Preferred Unit limited partners	[2]			(12)
Ending balance at Jun. 30, 2021	[1]			617
Beginning balance at Mar. 31, 2021		(261)						(1,258)	262	11,727	(10,073)	(3,189)	15	997	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock		316						316			316
Net income attributable to noncontrolling interest						41	27									41	[2]	27	[2]
Distributions to noncontrolling interest						(20)										(20)	[2]
Common dividends declared		(10)						(10)		(10)
Other		(17)						(12)		(13)		1		(5)
Ending balance at Jun. 30, 2021		76						(964)	262	11,704	(9,757)	(3,188)	15	1,040	[2]
Beginning balance at Dec. 31, 2021		712	[3]	712	[1]
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to Altus Preferred Unit holders	[1]			(70)
Cash distributions to Altus Preferred Unit limited partners						(159)										(159)
Deconsolidation of Altus	[1]			(642)
Ending balance at Jun. 30, 2022		0	[3]	0	[2]
Beginning balance at Dec. 31, 2021		(717)	[3]					(1,595)	262	11,645	(9,488)	(4,036)	22	878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock		2,809						2,809			2,809
Net income attributable to noncontrolling interest						260	14									260		14
Distributions to noncontrolling interest						(159)										(159)
Common dividends declared		(85)						(85)		(85)
Treasury stock activity, net		(551)						(551)				(551)
Deconsolidation of Altus	[1]			(642)
Other		6						6		7
Ending balance at Jun. 30, 2022		1,505	[3]					584	262	11,567	(6,679)	(4,587)	21	921	[2]
Beginning balance at Mar. 31, 2022	[2]			0
Increase (Decrease) in Temporary Equity [Roll Forward]
Cash distributions to Altus Preferred Unit limited partners						(90)										(90)	[2]
Deconsolidation of Altus							(72)											(72)	[2]
Ending balance at Jun. 30, 2022		0	[3]	$ 0	[2]
Beginning balance at Mar. 31, 2022		852						(18)	262	11,600	(7,605)	(4,296)	21	870	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stock		926						926			926
Net income attributable to noncontrolling interest						141	0									141	[2]
Distributions to noncontrolling interest						$ (90)										$ (90)	[2]
Common dividends declared		(42)						(42)		(42)
Treasury stock activity, net		(291)						(291)				(291)
Deconsolidation of Altus							$ (72)											$ (72)	[2]
Other		9						9		9			(1)
Ending balance at Jun. 30, 2022		$ 1,505	[3]					$ 584	$ 262	$ 11,567	$ (6,679)	$ (4,587)	$ 21	$ 921	[2]

[1]As a result of the BCP Business Combination, the Company deconsolidated Altus on February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail. Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail. Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

STATEMENT OF CONSOLIDATED CHA_2

STATEMENT OF CONSOLIDATED CHANGES IN EQUITY (DEFICIT) AND NONCONTROLLING INTERESTS (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share (in USD per share)	$ 0.125	$ 0.125	$ 0.0625	$ 0.025	$ 0.25	$ 0.05

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
NATURE OF OPERATIONS	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	These consolidated financial statements have been prepared by APA Corporation (APA or the Company) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). They reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods, on a basis consistent with the annual audited financial statements, with the exception of any recently adopted accounting pronouncements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10-Q should be read along with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which contains a summary of the Company’s significant accounting policies and other disclosures. On March 1, 2021, Apache Corporation, the Company’s predecessor registrant, consummated a holding company reorganization (the Holding Company Reorganization), pursuant to which Apache Corporation became a direct, wholly owned subsidiary of APA Corporation, and all of Apache Corporation’s outstanding shares automatically converted into equivalent corresponding shares of APA. Pursuant to the Holding Company Reorganization, APA became the successor issuer to Apache Corporation pursuant to Rule 12g-3(a) under the Exchange Act and replaced Apache Corporation as the public company trading on the Nasdaq Global Select Market under the ticker symbol “APA.” The Holding Company Reorganization modernized the Company’s operating and legal structure to more closely align with its growing international presence, making it more consistent with other companies that have subsidiaries operating around the globe.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of June 30, 2022, 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, 2021. The Company’s financial statements for prior periods include reclassifications that were made to conform to the current-year presentation, if applicable. Principles of Consolidation The accompanying consolidated financial statements include the accounts of APA and its subsidiaries after elimination of intercompany balances and transactions. The implementation of the Holding Company Reorganization was accounted for as a merger under common control. APA recognized the assets and liabilities of Apache at carryover basis. The consolidated financial statements of APA present comparative information for prior years on a combined basis, as if both APA and Apache were under common control for all periods presented. 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. Noncontrolling interests represent third-party ownership in the net assets of a consolidated subsidiary of APA and are reflected separately in the Company’s financial statements. 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. Additionally, prior to the BCP Business Combination defined below, third-party investors owned a minority interest of approximately 21 percent of Altus Midstream Company (ALTM or Altus), which was reflected as a separate noncontrolling interest component of equity in the Company’s consolidated balance sheet. ALTM qualified as a variable interest entity under GAAP, which APA consolidated because a wholly owned subsidiary of APA had a controlling financial interest and was determined to be the primary beneficiary. Additionally, the assets of ALTM could only be used to settle obligations of ALTM. There was no recourse to the Company for ALTM’s liabilities. On February 22, 2022, ALTM closed a previously announced transaction to combine with privately owned BCP Raptor Holdco LP (BCP and, together with BCP Raptor Holdco GP, LLC, the Contributed Entities) in an all-stock transaction, pursuant to the Contribution Agreement entered into by and among ALTM, Altus Midstream LP, New BCP Raptor Holdco, LLC (the Contributor), and BCP (the BCP Contribution Agreement). Pursuant to the BCP Contribution Agreement, the Contributor contributed all of the equity interests of the Contributed Entities (the Contributed Interests) to Altus Midstream LP, with each Contributed Entity becoming a wholly owned subsidiary of Altus Midstream LP (the BCP Business Combination). Upon closing the transaction, the combined entity was renamed Kinetik Holdings Inc. (Kinetik), and the Company determined that it was no longer the primary beneficiary of ALTM. The Company further determined that ALTM no longer qualified as a variable interest entity under GAAP. As a result, the Company deconsolidated ALTM on February 22, 2022. Refer to Note 2—Acquisitions and Divestitures for further detail. The stockholders agreement entered into by and among the Company, ALTM, BCP, and other related and affiliated entities provides that the Company, through one of its wholly owned subsidiaries, retains the ability to designate a director to the board of directors of Kinetik for so long as the Company and its affiliates beneficially own 10 percent or more of Kinetik’s outstanding common stock. Based on this board representation, combined with the Company’s stock ownership, management determined it has significant influence over Kinetik. Investments in which the Company has significant influence, but not control, are accounted for under the equity method of accounting. These investments are recorded separately as “Equity method interests” in the Company’s consolidated balance sheet. The Company elected the fair value option to account for its equity method interest in Kinetik. Refer to Note 6—Equity Method Interests for further detail. Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of the Company’s financial statements, and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimates of fair value for long-lived assets (refer to “Fair Value Measurements” and “Property and Equipment” sections in this Note 1 below), the fair value determination of acquired assets and liabilities (refer to Note 2—Acquisitions and Divestitures ), the fair value of equity method interests (refer to “Equity Method Interests” within this Note 1 below and Note 6—Equity Method Interests ), the assessment of asset retirement obligations (refer to Note 8—Asset Retirement Obligation ), the estimation of the contingent liability representing Apache’s potential obligation to decommission sold properties in the Gulf of Mexico (refer to Note 11—Commitments and Contingencies ), the estimate of income taxes (refer to Note 10—Income Taxes ), and the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom. Fair Value Measurements Certain assets and liabilities are reported at fair value on a recurring basis in the Company’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Refer to Note 4—Derivative Instruments and Hedging Activities , Note 6—Equity Method Interests , Note 9—Debt and Financing Costs , and Note 12—Redeemable Noncontrolling Interest - Altus for further detail regarding the Company’s fair value measurements recorded on a recurring basis. During the three and six months ended June 30, 2022 and 2021, the Company recorded no asset impairments in connection with fair value assessments. Revenue Recognition There have been no significant changes to the Company’s contracts with customers during the six months ended June 30, 2022 and 2021. 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. Receivables from contracts with customers, including receivables for purchased oil and gas sales and net of allowance for credit losses, were $1.8 billion and $1.3 billion as of June 30, 2022 and December 31, 2021, respectively. Oil and gas production revenues from non-customers represent income taxes paid to the Arab Republic of Egypt by Egyptian General Petroleum Corporation 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 14—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. 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, 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, such as exploratory geological and geophysical costs, delay rentals, and exploration overhead, are expensed as incurred. All costs related to production, 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. This determination may take longer than one year in certain areas depending on, among other things, the amount of hydrocarbons discovered, the outcome of planned geological and engineering studies, the need for additional appraisal drilling activities to determine whether the discovery is sufficient to support an economic development plan, and government sanctioning of development activities in certain international locations. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Acquisition costs of unproved properties are assessed for impairment at least annually and are transferred to proved oil and gas properties to the extent the costs are associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment based on the Company’s current exploration plans. Unproved oil and gas properties with individually insignificant lease acquisition costs are amortized on a group basis over the average lease term at rates that provide for full amortization of unsuccessful leases upon lease expiration or abandonment. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. Costs of maintaining and retaining unproved properties, as well as amortization of individually insignificant leases and impairment of unsuccessful leases, are included in exploration costs in the statement of consolidated operations. 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. The reserve base used to calculate depreciation for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. The reserve base used to calculate the depreciation for capitalized well costs is the sum of proved developed reserves only. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are included in the depreciable cost. Oil and gas properties are grouped for depreciation in accordance with ASC 932 “Extractive Activities—Oil and Gas.” The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. 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. Unproved leasehold impairments are typically recorded as a component of “Exploration” expense in the Company’s statement of consolidated operations. Gains and losses on divestitures of the Company’s oil and gas properties are recognized in the statement of consolidated operations upon closing of the transaction. Refer to Note 2—Acquisitions and Divestitures for more detail. Gathering, Processing, and Transmission (GPT) Facilities GPT facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GPT assets, whether APA-operated or third party-operated, as well as potential development plans by the Company for undeveloped acreage within, or close to, those fields.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
ACQUISITIONS AND DIVESTITURES	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES 2022 Activity In July 2022, the Company completed the acquisition of oil and gas assets in the Delaware Basin for a purchase price of $505 million. The transaction closed on July 29, 2022 for a total cost of $555 million, after including post-effective date adjustments to date. The acquisition was effective April 1, 2022, and was funded primarily from borrowings on the Company’s revolving credit facility. A deposit of $51 million was paid during the second quarter in association with this transaction. During the second quarter of 2022, the Company completed leasehold and property acquisitions, primarily in the Permian Basin, for total cash consideration of $26 million. During the second quarter of 2022, the Company also completed the sale of non-core assets and leasehold in multiple transactions for total cash proceeds of $7 million, recognizing a gain of approximately $1 million upon closing of these transactions. During the first quarter of 2022, the Company completed a previously announced transaction to sell certain non-core mineral rights in the Delaware Basin. The Company received total cash proceeds of approximately $736 million after certain post-closing adjustments and recognized an associated gain of approximately $563 million. The Company also completed the sale of other non-core assets and leasehold in multiple transactions for total cash proceeds of $8 million. The Company recognized a gain of approximately $1 million upon closing of these transactions during the first quarter of 2022. The BCP Business Combination was completed on February 22, 2022. As consideration for the contribution of the Contributed Interests, ALTM issued 50 million shares of Class C Common Stock (and Altus Midstream LP issued a corresponding number of common units) to BCP’s unitholders, which are principally funds affiliated with Blackstone and I Squared Capital. ALTM’s stockholders continued to hold their existing shares of Common Stock. As a result of the transaction, the Contributor, or its designees, collectively owned approximately 75 percent of the issued and outstanding shares of ALTM Common Stock. Apache Midstream LLC, a wholly owned subsidiary of APA, which owned approximately 79 percent of the issued and outstanding shares of ALTM Common Stock prior to the BCP Business Combination, owned approximately 20 percent of the issued and outstanding shares of ALTM Common Stock after the transaction closed. As a result of the BCP Business Combination, the Company deconsolidated ALTM on February 22, 2022 and recognized a gain of approximately $609 million that reflects the difference of the Company’s share of ALTM’s deconsolidated balance sheet and the fair value of its approximate 20 percent retained ownership in the combined entity. A summary of components of the gain, including the ALTM balance sheet amounts deconsolidated at the time of close, is included below: As of February 22, 2022 (In millions) Fair value of Kinetik Class A Common Stock held by Company $ 802 ASSETS: Cash and cash equivalents $ 143 Other current assets 29 Property and equipment, net 184 Equity method interests 1,367 Other noncurrent assets 12 Total assets deconsolidated $ 1,735 LIABILITIES: Current liabilities $ 3 Long-term debt 657 Other noncurrent liabilities 168 Total liabilities deconsolidated $ 828 NONCONTROLLING INTERESTS: Redeemable noncontrolling interest preferred unit limited partners $ 642 Noncontrolling interest-Altus 72 Total noncontrolling interests deconsolidated $ 714 Net effect of deconsolidating balance sheet $ (193) Gain on deconsolidation of ALTM $ 609 During the first quarter of 2022, the Company sold four million of its shares in Kinetik for cash proceeds of $224 million and recognized a loss of $25 million, including transaction fees. Refer to Note 6—Equity Method Interests for further detail. In connection with this secondary offering, the Company has agreed that within the next 24 months, it will invest a minimum of $100 million of these proceeds for new well drilling and completion activity at the Alpine High play in the Delaware Basin, where Kinetik has exclusive gas and NGL gathering and processing rights. 2021 Activity During the second quarter of 2021, the Company completed the sale of certain non-core assets in the Permian Basin with a net carrying value of $157 million, for cash proceeds of $178 million and the assumption of asset retirement obligations of $44 million. The Company recognized a gain of approximately $65 million in connection with the sale.

CAPITALIZED EXPLORATORY WELL CO

CAPITALIZED EXPLORATORY WELL COSTS	6 Months Ended
CAPITALIZED EXPLORATORY WELL COSTS	Jun. 30, 2022
Extractive Industries [Abstract]
CAPITALIZED EXPLORATORY WELL COSTS	CAPITALIZED EXPLORATORY WELL COSTS The Company’s capitalized exploratory well costs were $466 million and $321 million as of June 30, 2022 and December 31, 2021, respectively. The increase is primarily attributable to additional drilling activity in Suriname and Egypt. 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.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Objectives and Strategies The Company is exposed to fluctuations in crude oil and natural gas prices on the majority of its worldwide production, as well as fluctuations in exchange rates in connection with transactions denominated in foreign currencies. The Company manages the variability in its cash flows by occasionally entering into derivative transactions on a portion of its crude oil and natural gas production and foreign currency transactions. The Company utilizes various types of derivative financial instruments, including forward contracts, futures contracts, swaps, and options, to manage fluctuations in cash flows resulting from changes in commodity prices or foreign currency values. Counterparty Risk The use of derivative instruments exposes the Company to credit loss in the event of nonperformance by the counterparty. To reduce the concentration of exposure to any individual counterparty, the Company utilizes a diversified group of investment-grade rated counterparties, primarily financial institutions, for its derivative transactions. As of June 30, 2022, the Company had derivative positions with 12 counterparties. The Company monitors counterparty creditworthiness on an ongoing basis; however, it cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, the Company may be limited in its ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, the Company may not realize the benefit of some of its derivative instruments resulting from lower commodity prices or changes in currency exchange rates. Derivative Instruments Commodity Derivative Instruments As of June 30, 2022, the Company had the following open natural gas financial basis swap contracts: Basis Swap Purchased Basis Swap Sold Production Period Settlement Index MMBtu Weighted Average Price Differential MMBtu Weighted Average Price Differential July—December 2022 NYMEX Henry Hub/IF Waha 42,320 $(0.70) — — July—December 2022 NYMEX Henry Hub/IF HSC — — 42,320 $(0.12) October—December 2022 NYMEX Henry Hub/IF Waha 920 $(1.19) — — October—December 2022 NYMEX Henry Hub/IF HSC — — 920 $(0.19) January—March 2023 NYMEX Henry Hub/IF Waha 3,150 $(1.06) — — January—March 2023 NYMEX Henry Hub/IF HSC — — 3,150 $(0.03) January—June 2023 NYMEX Henry Hub/IF Waha 4,525 $(1.54) — — January—June 2023 NYMEX Henry Hub/IF HSC — — 4,525 $(0.11) July—September 2023 NYMEX Henry Hub/IF Waha 1,840 $(1.62) — — July—September 2023 NYMEX Henry Hub/IF HSC — — 1,840 $(0.19) January—December 2023 NYMEX Henry Hub/IF Waha 73,000 $(1.15) — — January—December 2023 NYMEX Henry Hub/IF HSC — — 73,000 $(0.08) January—June 2024 NYMEX Henry Hub/IF Waha 3,640 $(1.25) — — January—June 2024 NYMEX Henry Hub/IF HSC — — 3,640 $(0.10) Foreign Currency Derivative Instruments The Company has open foreign currency costless collar contracts in GBP/USD for £15 million per month for the calendar year 2022 with a weighted average floor and ceiling price of $1.29 and $1.39, respectively. Embedded Derivatives Altus Preferred Units Embedded Derivative The Altus Preferred Units embedded derivative was deconsolidated as of March 31, 2022 as part of the BCP Business Combination. Refer to Note 2 — Acquisitions and Divestitures for discussion of the BCP Business Combination and Note 12—Redeemable Noncontrolling Interest - Altus for a description of the Altus Preferred Units and associated embedded derivative. Pipeline Capacity Embedded Derivatives During the fourth quarter of 2019 and first quarter of 2020, the Company entered into agreements to assign a portion of its contracted capacity under an existing transportation agreement to third parties. Embedded in these agreements were arrangements under which the Company received payments calculated based on pricing differentials between Houston Ship Channel and Waha during the calendar years 2020 and 2021. This feature required bifurcation and measurement of the change in market value throughout 2020 and 2021. Unrealized gains and losses in the fair value of this feature were recorded as “Derivative instrument gains (losses), net” under “Revenues and Other” in the statement of consolidated operations, and the balance at the end of December 31, 2021 will be amortized into income over the original tenure of the host contract. Fair Value Measurements The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using Quoted Price in Active Markets Significant Other Inputs Significant Unobservable Inputs Total Netting (1) Carrying Amount (In millions) June 30, 2022 Assets: Commodity derivative instruments $ — $ — $ — $ — $ 1 $ 1 Liabilities: Commodity derivative instruments — 54 — 54 1 55 Foreign currency derivative instruments — 7 — 7 — 7 December 31, 2021 Liabilities: Commodity derivative instruments $ — $ 10 $ — $ 10 $ — $ 10 Pipeline capacity embedded derivative — 46 — 46 — 46 Preferred Units embedded derivative — — 57 57 — 57 (1) The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties. The fair values of the Company’s derivative instruments are not actively quoted in the open market. The Company primarily uses a market approach to estimate the fair values of these derivatives on a recurring basis, utilizing futures pricing for the underlying positions provided by a reputable third party, a Level 2 fair value measurement. Derivative Activity Recorded in the Consolidated Balance Sheet All derivative instruments are reflected as either assets or liabilities at fair value in the consolidated balance sheet. These fair values are recorded by netting asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. The carrying value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows: June 30, 2022 December 31, 2021 (In millions) Current Assets: Other current assets $ — $ — Other Assets: Deferred charges and other 1 — Total derivative assets $ 1 $ — Current Liabilities: Other current liabilities $ 41 $ 4 Deferred Credits and Other Noncurrent Liabilities: Other 21 109 Total derivative liabilities $ 62 $ 113 Derivative Activity Recorded in the Statement of Consolidated Operations The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations: For the Quarter Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Realized: Commodity derivative instruments $ (4) $ (48) $ (9) $ 100 Foreign currency derivative instruments (2) — (2) — Realized gain (loss), net (6) (48) (11) 100 Unrealized: Commodity derivative instruments (20) (98) (44) (72) Pipeline capacity embedded derivatives — 2 — 3 Foreign currency derivative instruments (6) — (8) — Preferred Units embedded derivative — 31 (31) 14 Unrealized loss, net (26) (65) (83) (55) Derivative instrument gains (losses), net $ (32) $ (113) $ (94) $ 45 Derivative instrument gains and losses are recorded in “Derivative instrument gains (losses), net” under “Revenues and Other” in the Company’s statement of consolidated operations. Unrealized gains (losses) for derivative activity recorded in the statement of consolidated operations are reflected in the statement of consolidated cash flows separately as “Unrealized derivative instrument losses (gains), net” in “Adjustments to reconcile net income (loss) to net cash provided by operating activities.” The Company seeks to maintain a balance between “first of month” and “gas daily pricing” for its U.S. natural gas portfolio and sales activities in a given month as part of its ordinary course of business. This is typically implemented through a combination of physical and financial contracts that settle monthly. In January 2021, the Company entered into financial contracts that increased its exposure to “gas daily pricing” and reduced its exposure to “first of month” pricing for February 2021. The Company realized a gain of $147 million in connection with these contracts in the first quarter of 2021 as a result of extreme daily gas price volatility across Texas in February resulting from Winter Storm Uri.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	6 Months Ended
OTHER CURRENT ASSETS	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS The following table provides detail of the Company’s other current assets: June 30, 2022 December 31, 2021 (In millions) Inventories $ 473 $ 473 Drilling advances 57 55 Prepaid assets and other 27 56 Current decommissioning security for sold Gulf of Mexico assets 350 100 Total Other current assets $ 907 $ 684

EQUITY METHOD INTERESTS

EQUITY METHOD INTERESTS	6 Months Ended
EQUITY METHOD INTERESTS	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INTERESTS	EQUITY METHOD INTERESTS The Kinetik Class A Common Stock held by the Company is treated as an interest in equity securities measured at fair value. 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 is determined using observable share prices on a major exchange, a Level 1 fair value measurement. Fair value adjustments and dividends received are recorded as a component of “Other, net” under “Revenues and other” in the Company’s statement of consolidated operations. The initial interest in Kinetik was measured at fair value based on the Company’s ownership of approximately 12.9 million shares of Kinetik Class A Common stock as of February 22, 2022. In March 2022, the Company sold four million of its shares of Kinetik Class A Common Stock for a loss, including underwriters fees, of $25 million, which was recorded as a component of “Gain on divestitures, net” under “Revenues and other” in the Company’s statement of consolidated operations. Refer to Note 2–Acquisitions and Divestitures for further detail. A fair value adjustment gain of $24 million was recorded during the first quarter of 2022 based on the Company’s remaining 8.9 million shares of Kinetik Class A Common Stock as of March 31, 2022. During the second quarter of 2022, Kinetik issued a two-for-one split of its Common Stock. Also during the second quarter, the Company received approximately 0.4 million shares of Kinetik’s Class A Common Stock as a paid-in-kind dividend. A fair value adjustment gain of $29 million was recorded during the second quarter based on the Company’s ownership of 18.1 million shares of Kinetik Class A Common Stock on June 30, 2022. The Company’s ownership represented approximately 13 percent of Kinetik’s outstanding Class A Common Stock, as of March 31, 2022 and June 30, 2022. The following table presents the activity in the Company’s equity method interest in Kinetik for the six months ended June 30, 2022: Kinetik Holdings Inc (In millions) Balance at December 31, 2021 $ — Initial interest upon closing the BCP Business Combination 802 Sale of Class A shares (250) Paid-in-kind dividend 13 Fair value adjustments 53 Balance at June 30, 2022 $ 618 During the three and six months ending June 30, 2022, the Company recorded GPT costs for midstream services provided by Kinetik subsequent to the close of the transaction totaling $26 million and $36 million, respectively. As of June 30, 2022, the Company has recorded accrued GPT costs payable to Kinetik of approximately $8 million. Prior to the deconsolidation of Altus on February 22, 2022, the Company, through its ownership of Altus, had the following equity method interests in four Permian Basin long-haul pipeline entities, which were accounted for under the equity method of accounting at December 31, 2021. For each of the equity method interests, Altus had the ability to exercise significant influence based on certain governance provisions and its participation in activities and decisions that impact the management and economic performance of the equity method interests. The table below presents the ownership percentages held by the Company and associated carrying values for each entity: Interest December 31, 2021 (In millions) Gulf Coast Express Pipeline, LLC 16.0% $ 274 EPIC Crude Holdings, LP 15.0% — Permian Highway Pipeline, LLC 26.7% 630 Shin Oak Pipeline (Breviloba, LLC) 33.0% 461 Total Altus equity method interests $ 1,365 The following table presents the activity in Altus’ equity method interests for the six months ended June 30, 2022: Gulf Coast Express EPIC Crude Permian Highway Breviloba, LLC Total (In millions) Balance at December 31, 2021 $ 274 $ — $ 630 $ 461 $ 1,365 Capital contributions — 2 — — 2 Distributions (5) — (9) (7) (21) Equity income (loss), net 8 (2) 10 5 21 Deconsolidation of Altus (277) — (631) (459) (1,367) Balance at June 30, 2022 $ — $ — $ — $ — $ —

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
OTHER CURRENT LIABILITIES	Jun. 30, 2022
Payables and Accruals [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES The following table provides detail of the Company’s other current liabilities: June 30, 2022 December 31, 2021 (In millions) Accrued operating expenses $ 145 $ 129 Accrued exploration and development 303 207 Accrued compensation and benefits 281 292 Accrued interest 96 107 Accrued income taxes 180 28 Current asset retirement obligation 40 41 Current operating lease liability 121 99 Current portion of derivatives at fair value 41 4 Current decommissioning contingency for sold Gulf of Mexico properties 350 100 Other 206 164 Total Other current liabilities $ 1,763 $ 1,171

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	6 Months Ended
ASSET RETIREMENT OBLIGATION	Jun. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATION	ASSET RETIREMENT OBLIGATION The following table describes changes to the Company’s asset retirement obligation (ARO) liability: June 30, 2022 (In millions) Asset retirement obligation, December 31, 2021 $ 2,130 Liabilities incurred 2 Liabilities settled (16) Liabilities divested (4) Deconsolidation of Altus (69) Accretion expense 58 Asset retirement obligation, June 30, 2022 2,101 Less current portion (40) Asset retirement obligation, long-term $ 2,061

DEBT AND FINANCING COSTS

DEBT AND FINANCING COSTS	6 Months Ended
DEBT AND FINANCING COSTS	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT AND FINANCING COSTS	DEBT AND FINANCING COSTS The following table presents the carrying values of the Company’s debt: June 30, 2022 December 31, 2021 (In millions) Apache notes and debentures before unamortized discount and debt issuance costs (1) $ 5,032 $ 6,344 Altus credit facility (2) — 657 Syndicated credit facilities (2) 275 542 Apache finance lease obligations 35 36 Unamortized discount (28) (30) Debt issuance costs (29) (39) Total debt 5,285 7,510 Current maturities (125) (215) Long-term debt $ 5,160 $ 7,295 (1) The fair values of the Apache notes and debentures were $4.4 billion and $7.1 billion as of June 30, 2022 and December 31, 2021, respectively. The Company uses a market approach to determine the fair values of its notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). (2) The carrying value of borrowings on credit facilities approximates fair value because interest rates are variable and reflective of market rates. As of June 30, 2022, current debt included $123 million carrying value of 2.625% senior notes due January 15, 2023 and $2 million of finance lease obligations. As of December 31, 2021, current debt included $213 million carrying value of 3.25% senior notes due April 15, 2022 and $2 million of finance lease obligations. During the quarter ended March 31, 2022, Apache closed cash tender offers for certain outstanding notes issued under its indentures, accepting for purchase $1.1 billion aggregate principal amount of notes. Apache paid holders an aggregate $1.2 billion in cash, reflecting principal, premium to par, and accrued and unpaid interest. The Company recognized a $66 million loss on extinguishment of debt, including $11 million of unamortized debt discount and issuance costs in connection with the note purchases. During the quarter ended March 31, 2022, Apache purchased in the open market and canceled senior notes issued under its indentures in an aggregate principal amount of $15 million for an aggregate purchase price of $16 million in cash, including accrued interest and broker fees, reflecting a premium to par of $1 million. The Company recognized a $1 million loss on these repurchases. During the quarter ended March 31, 2022, Apache redeemed the outstanding $213 million principal amount of 3.25% senior notes due April 15, 2022, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to the redemption date. The redemption was financed by borrowing under Apache’s revolving credit facility. On April 29, 2022, the Company entered into two syndicated credit agreements for general corporate purposes that replaced and refinanced Apache’s 2018 syndicated credit agreement (the Former Facility). • One new agreement is denominated in US dollars (the USD Agreement) and provides for an unsecured five-year revolving credit facility, with aggregate commitments of US$1.8 billion (including a letter of credit subfacility of up to US$750 million, of which US$150 million currently is committed). The Company may increase commitments up to an aggregate US$2.3 billion by adding new lenders or obtaining the consent of any increasing existing lenders. This facility matures in April 2027, subject to the Company’s two, one-year extension options. • The second new agreement is denominated in pounds sterling (the GBP Agreement) and provides for an unsecured five-year revolving credit facility, with aggregate commitments of £1.5 billion for loans and letters of credit. This facility matures in April 2027, subject to the Company’s two, one-year extension options. In connection with the Company’s entry into the USD Agreement and the GBP Agreement (each, a New Agreement), Apache terminated US$4.0 billion of commitments under the Former Facility, borrowings then outstanding under the Former Facility were deemed outstanding under the USD Agreement, and letters of credit then outstanding under the Former Facility were deemed outstanding under a New Agreement, depending upon whether denominated in US dollars or pounds sterling. Apache may borrow under the USD Agreement up to an aggregate principal amount of US$300 million outstanding at any given time. Apache has guaranteed obligations under each New Agreement effective until the aggregate principal amount of indebtedness under senior notes and debentures outstanding under Apache’s existing indentures is less than US$1.0 billion. As of June 30, 2022, there were $275 million of borrowings and a $20 million letter of credit outstanding under the USD Agreement, and an aggregate £748 million in letters of credit outstanding under the GBP Agreement. As of December 31, 2021, there were $542 million of borrowings and an aggregate £748 million and $20 million in letters of credit outstanding under the Former Facility. The letters of credit denominated in pounds were issued to support North Sea decommissioning obligations, the terms of which required such support after Standard & Poor’s reduced Apache’s credit rating from BBB to BB+ on March 26, 2020. Apache, from time to time, has and uses uncommitted credit and letter of credit facilities for working capital and credit support purposes. As of June 30, 2022 and December 31, 2021, there were no outstanding borrowings under these facilities. As of June 30, 2022, there were £117 million and $17 million in letters of credit outstanding under these facilities. As of December 31, 2021, there were £117 million and $17 million in letters of credit outstanding under these facilities. Financing Costs, Net The following table presents the components of the Company’s financing costs, net: For the Quarter Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Interest expense $ 79 $ 110 $ 169 $ 222 Amortization of debt issuance costs 5 3 7 5 Capitalized interest (5) (2) (8) (4) (Gain) loss on extinguishment of debt — (1) 67 (1) Interest income (3) (3) (7) (5) Financing costs, net $ 76 $ 107 $ 228 $ 217

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
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. During the second quarter of 2022, the Company’s effective income tax rate was primarily impacted by a decrease in the amount of valuation allowance against its U.S. deferred tax assets. The Company’s 2022 year-to-date effective income tax rate was primarily impacted by the gain associated with deconsolidation of Altus, the gain on sale of certain non-core mineral rights in the Delaware Basin, and a decrease in the amount of valuation allowance against its U.S. deferred tax assets. During the second quarter and the first six months of 2021, the Company’s effective income tax rate was primarily impacted by a decrease in the amount of valuation allowance against its U.S. deferred tax assets. On May 26, 2022, the U.K. Chancellor announced a new tax on the profits of oil and gas companies operating in the U.K. and the U.K. Continental Shelf. On June 21, 2022, the U.K. Government published draft legislation concerning this new tax and on July 14, 2022, the Energy (Oil and Gas) Profits Levy Act 2022 was enacted, receiving Royal Assent. Under the new law, an additional levy is assessed at a 25 percent tax rate and will be effective for the period of May 26, 2022, through December 31, 2025. Under U.S. GAAP, the financial statement impact of new legislation will be recorded in the period of enactment. Therefore, in the third quarter of 2022, the Company expects to record a deferred tax expense of approximately $230 million to $250 million related to the remeasurement of the June 30, 2022 U.K. deferred tax liability. The Company is subject to U.S. federal income tax as well as income or capital taxes in various state 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 Company is currently under audit by the Internal Revenue Service for the 2014-2017 tax years and is also under audit in various states and foreign jurisdictions as part of its normal course of business.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various legal actions arising in the ordinary course of business, including litigation and governmental and regulatory controls, which also may include controls related to the potential impacts of climate change. As of June 30, 2022, the Company has an accrued liability of approximately $48 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. For material matters that the Company believes an unfavorable outcome is reasonably possible, the Company has disclosed the nature of the matter and a range of potential exposure, unless an estimate cannot be made at this time. It is management’s opinion that the loss for any other litigation matters and claims that are reasonably possible to occur will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. For additional information on Legal Matters described below, refer to Note 11—Commitments and Contingencies to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 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, 2021, 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 2022, several parishes in Louisiana have pending lawsuits against many oil and gas producers, including the Company. These cases were all removed to federal courts in Louisiana. 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. While adverse judgments against the Company might be possible, the Company intends to vigorously oppose these claims. Apollo Exploration Lawsuit In a case captioned Apollo Exploration, LLC, Cogent Exploration, Ltd. Co. & SellmoCo, LLC v. Apache Corporation , Cause No. CV50538 in the 385 th 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 plaintiff’s claims. Further appeal is pending. 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 believes that Quadrant’s claims lack merit and will not have a material adverse effect on the Company’s financial position, results of operation, or liquidity. Canadian Operations Divestiture Dispute Pursuant to a Sale and Purchase Agreement dated July 6, 2017 (Paramount SPA), the Company and its subsidiaries divested their remaining Canadian operations to Paramount Resources LTD (Paramount). Closing occurred on August 16, 2017. On September 11, 2019, four ex-employees of Apache Canada LTD on behalf of themselves and individuals employed by Apache Canada LTD on July 6, 2017, filed an Amended Statement of Claim in a matter styled Stephen Flesch et. al. v Apache Corporation et. al ., No. 1901-09160 Court of Queen’s Bench of Alberta against the Company and others seeking class certification and a finding that the Paramount SPA amounted to a Change of Control of the Company, entitling them to accelerated vesting under the Company’s equity plans. In the suit, the class seeks approximately $60 million USD and punitive damages. The Company believes that Plaintiffs’ claims lack merit and will not have a material adverse effect on the Company’s financial position, results of operation, or liquidity. California and Delaware Litigation On July 17, 2017, in three separate actions, San Mateo County, California, Marin County, California, 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 and in a separate action on January 22, 2018, the City of Richmond, filed similar lawsuits against many of the same defendants. On November 14, 2018, the Pacific Coast Federation of Fishermen’s Associations, Inc. also filed a similar lawsuit against many of the same defendants. After removal of all such lawsuits to federal court, the district court remanded them back to state court. The 9th Circuit Court of Appeals’ affirmance of this remand decision was appealed to the U.S. Supreme Court. That appeal was decided by the U.S. Supreme Court ruling in a similar case, BP p.l.c. v. Mayor and City Council of Baltimore . As a result, the California cases were sent back to the 9th Circuit for further appellate review of the decision to remand the cases to state court. The 9 th Circuit has since, once again, affirmed the district court’s remand to state court. The defendants are appealing this latest remand decision to the U.S. Supreme Court. Further activity in the cases has been stayed pending further appellate review. 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. After removal of this lawsuit to federal court, the district court remanded it back to state court. The remand order is being appealed to the 3 rd Circuit Court of Appeals. Further activity in the case has been stayed pending this appellate review. The Company believes that it is not subject to jurisdiction of the California courts and that claims made against it in the California and Delaware litigation are baseless. The Company intends to challenge jurisdiction in California and to vigorously defend the Delaware lawsuit. Castex Lawsuit In a case styled Apache Corporation v. Castex Offshore, Inc., et. al. , Cause No. 2015-48580, in the 113th Judicial District Court of Harris County, Texas, Castex filed claims for alleged damages of approximately $200 million, relating to overspend on the Belle Isle Gas Facility upgrade, and the drilling of five sidetracks on the Potomac #3 well. After a jury trial, a verdict of approximately $60 million, plus fees, costs, and interest was entered against the Company. The Fourteenth Court of Appeals of Texas reversed the judgment, in part, reducing the judgment to approximately $13.5 million, plus fees, costs, and interest against the Company. Further appeal is pending. Oklahoma Class Action The Company is a party to a purported class action in Oklahoma styled Albert Steven Allen v. Apache Corporation , Case No. CJ-2019-00219. The Allen case seeks to represent a group of owners who have allegedly received late royalty and other payments under Oklahoma statutes. With no admission of liability or wrongdoing, but only to avoid the expense and uncertainty of future litigation, Apache has entered into a settlement agreement in the Allen case to resolve all claims made against it by the class. The settlement agreement is subject to court approval and a full fairness hearing will be held in the coming months. The settlement will not have a material effect on the Company’s financial position, results of operations, or liquidity. 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, (1) alleges that the Company intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (2) alleges that 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) alleges that these statements and omissions artificially inflated the value of the Company’s operations in the Permian Basin; and (4) alleges that, as a result, the Company’s public statements were materially false and misleading. The Company believes that plaintiffs’ claims lack merit and intends to vigorously defend this lawsuit. On March 16, 2021, a case captioned William Wessels, Derivatively and on behalf of APA Corporation v. John J. Christmann IV et al. was filed in the 334th District Court of Harris County, Texas. The case purports to be a derivative action brought against senior management and Company directors over many of the same allegations included in the Plymouth County Retirement System matter and asserts claims of (1) breach of fiduciary duty; (2) waste of corporate assets; and (3) unjust enrichment. On March 17, 2022, the trial court granted Defendants’ Special Exceptions and dismissed the claim with prejudice. Environmental Matters As of June 30, 2022, 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. The notice and information request involve alleged emissions control and reporting violations. The Company is cooperating with the EPA and has responded to the information request. The EPA has referred the notice for civil enforcement proceedings; however, at this time the Company is unable to reasonably estimate whether such proceedings will result in monetary sanctions and, if so, whether they would be more or less than $100,000, exclusive of interest and costs. 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 notice and information request involve alleged emissions control and reporting violations. The Company is cooperating with the EPA and has responded to the information request. The EPA has referred the notice for civil enforcement proceedings; however, at this time the Company is unable to reasonably estimate whether such proceedings will result in monetary sanctions and, if so, whether they would be more or less than $100,000, exclusive of interest and costs. The Company is not aware of any environmental claims existing as of June 30, 2022 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). Under the terms of the purchase agreement, Apache received cash consideration of $3.75 billion and 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). In respect of such abandonment obligations, Fieldwood posted letters of credit in favor of Apache (Letters of Credit) and established trust accounts (Trust A and Trust B) of which Apache was a beneficiary and which were funded by two net profits interests (NPIs) depending on future oil prices. On February 14, 2018, Fieldwood filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In connection with the 2018 bankruptcy, Fieldwood confirmed a plan under which Apache agreed, inter alia, to (i) accept bonds in exchange for certain of the Letters of Credit and (ii) amend the Trust A trust agreement and one of the NPIs to consolidate the trusts into a single Trust (Trust A) funded by both remaining NPIs. Currently, Apache holds two bonds (Bonds) and five Letters of Credit to secure Fieldwood’s asset retirement obligations on the Legacy GOM Assets as and when Apache is required to perform or pay for decommissioning any Legacy GOM Asset over the remaining life of the Legacy GOM Assets. On August 3, 2020, Fieldwood again filed for protection under Chapter 11 of the U.S. Bankruptcy Code. On June 25, 2021, the United States Bankruptcy Court for the Southern District of Texas (Houston Division) entered an order confirming Fieldwood’s bankruptcy plan. On August 27, 2021, Fieldwood’s bankruptcy plan became effective. Pursuant to the plan, 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 will be used to fund decommissioning of Legacy GOM Assets. By letter dated April 5, 2022, replacing two prior letters dated September 8, 2021 and February 22, 2022, respectively, GOM Shelf notified the Bureau of Safety and Environmental Enforcement (BSEE) that it was unable to fund the decommissioning obligations that it is currently 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 to decommission certain of the Legacy GOM Assets included in GOM Shelf’s notification to BSEE. Apache expects to receive such orders on the other Legacy GOM Assets included in GOM Shelf’s notification letter. 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. If Apache incurs costs to decommission any Legacy GOM Asset and GOM Shelf does not reimburse Apache for such costs, then Apache expects to obtain reimbursement from Trust A, the Bonds, and the Letters of Credit until such funds and securities are fully utilized. In addition, after such sources have been exhausted, Apache has agreed to provide a standby loan to GOM Shelf of up to $400 million to perform decommissioning (Standby Loan Agreement), with such standby loan secured by a first and prior lien on the Legacy GOM Assets. If the combination of GOM Shelf’s net cash flow from its producing properties, the Trust A funds, the Bonds, and the remaining Letters of Credit are insufficient to fully fund decommissioning of any Legacy GOM Assets that Apache may be ordered by BSEE to perform, or if GOM Shelf’s net cash flow from its remaining producing properties after the Trust A funds, Bonds, and Letters of Credit are exhausted is insufficient to repay any loans made by Apache under the Standby Loan Agreement, then Apache may be forced to effectively use its available cash to fund the deficit.

REDEMABLE NONCONTROLLING INTERE

REDEMABLE NONCONTROLLING INTEREST - ALTUS	6 Months Ended
REDEMABLE NONCONTROLLING INTEREST - ALTUS	Jun. 30, 2022
Equity [Abstract]
REDEMABLE NONCONTROLLING INTEREST - ALTUS	REDEEMABLE NONCONTROLLING INTEREST — ALTUS Preferred Units Issuance On June 12, 2019, Altus Midstream LP issued and sold Preferred Units for an aggregate issue price of $625 million in a private offering exempt from the registration requirements of the Securities Act (the Closing). Altus Midstream LP received approximately $611 million in cash proceeds from the sale after deducting transaction costs and discounts to certain purchasers. Classification Prior to the deconsolidation of Altus on February 22, 2022, at December 31, 2021, the carrying amount of the Preferred Units was recorded as “Redeemable Noncontrolling Interest — Altus Preferred Unit Limited Partners” classified as temporary equity on the Company’s consolidated balance sheet based on the terms of the Preferred Units, including the redemption rights with respect thereto. Measurement Altus applied a two-step approach to subsequent measurement of the redeemable noncontrolling interest related to the Preferred Units by first allocating a portion of the net income of Altus Midstream LP in accordance with the terms of the partnership agreement. An additional adjustment to the carrying value of the Preferred Unit redeemable noncontrolling interest at each period end was recorded, if applicable. The amount of such adjustment was determined based upon the accreted value method to reflect the passage of time until the Preferred Units were exchangeable at the option of the holder. Pursuant to this method, the net transaction price was accreted using the effective interest method to the Redemption Price calculated at the seventh anniversary of the Closing. The total adjustment was limited to an amount such that the carrying amount of the Preferred Unit redeemable noncontrolling interest at each period end was equal to the greater of (a) the sum of (i) the carrying amount of the Preferred Units, plus (ii) the fair value of the embedded derivative liability and (b) the accreted value of the net transaction price. Activity related to the Preferred Units is as follows: Units Financial Position (In millions, except unit data) Redeemable noncontrolling interest — Preferred Units at: December 31, 2020 660,694 $ 608 Cash distributions to Altus Preferred Unit limited partners — (46) Distributions payable to Altus Preferred Unit limited partners — (12) Allocation of Altus Midstream LP net income N/A 80 Accreted value adjustment N/A 82 Redeemable noncontrolling interest — Preferred Units at: December 31, 2021 660,694 712 Allocation of Altus Midstream LP net income N/A 12 Accreted value adjustment (1) N/A (82) Redeemable noncontrolling interest — Preferred Units at: February 22, 2022 660,694 642 Preferred Units embedded derivative 89 Deconsolidation of Altus (731) $ — (1) Includes the reversal of previously recorded accreted value adjustments of $53 million due to the deconsolidation of Altus. N/A - not applicable. Upon consummation of the Holding Company Reorganization, each outstanding share of Apache common stock automatically converted into a share of APA common stock on a one-for-one basis. As a result, each stockholder of Apache now owns the same number of shares of APA common stock that such stockholder owned of Apache common stock immediately prior to the Holding Company Reorganization. Additionally, in connection with the Holding Company Reorganization, Apache transferred to APA, and APA assumed, sponsorship of all of Apache’s stock plans along with all of Apache’s rights and obligations under each plan. Net Income per Common Share The following table presents a reconciliation of the components of basic and diluted net income per common share in the consolidated financial statements: For the Quarter Ended June 30, 2022 2021 Income Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income attributable to common stock $ 926 341 $ 2.72 $ 316 378 $ 0.83 Effect of Dilutive Securities: Stock options and other $ — 1 $ (0.01) $ — 1 $ — Redeemable noncontrolling interest - Altus Preferred Unit limited partners $ — — $ — $ (6) — $ (0.01) Diluted: Income attributable to common stock $ 926 342 $ 2.71 $ 310 379 $ 0.82 For the Six Months Ended June 30, 2022 2021 Income Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income attributable to common stock $ 2,809 344 $ 8.18 $ 704 378 $ 1.86 Effect of Dilutive Securities: Stock options and other $ — — $ (0.03) $ — 1 $ — Diluted: Income attributable to common stock $ 2,809 344 $ 8.15 $ 704 379 $ 1.86 Prior to the deconsolidation of Altus on February 22, 2022, the Company used the “if-converted method” to determine the potential dilutive effect of an assumed exchange of the outstanding Preferred Units of Altus Midstream LP for shares of Altus Midstream Company’s common stock. The impact to net income attributable to common stock on an assumed conversion of the Preferred Units was anti-dilutive for the six months ended June 30, 2021. The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive of 2.0 million and 3.4 million during the second quarters of 2022 and 2021, respectively, and 2.7 million and 3.7 million during the first six months of 2022 and 2021, respectively. Stock Repurchase Program During 2018, Apache’s Board of Directors authorized the purchase of up to 40 million shares of the Company’s common stock. No shares were purchased under this authorization through December 31, 2020. During the fourth quarter of 2021, the Company’s Board of Directors authorized the purchase of an additional 40 million shares of the Company’s common stock. Shares may be purchased either in the open market or through privately negotiated transactions. In the second quarter of 2022, the Company repurchased 7.0 million shares at an average price of $41.60 per share, and as of June 30, 2022, the Company had remaining authorization to repurchase up to 34.6 million shares. For the six months ended June 30, 2022, the Company repurchased 14.2 million shares at an average price of $38.79 per share The Company is not obligated to acquire any additional shares. The Company did not repurchase any shares during the six months ended June 30, 2021. The Company repurchased 6.9 million shares at an average price of $33.88 per share in July 2022, and as of July 31, 2022, the Company had remaining authorization to repurchase up to 27.7 million shares. The Company is not obligated to acquire any additional shares. Common Stock Dividends For the quarters ended June 30, 2022 and 2021, the Company paid $43 million and $9 million, respectively, in dividends on its common stock. For the six months ended June 30, 2022 and 2021, the Company paid $86 million and $19 million, respectively, in dividends on its common stock.

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
CAPITAL STOCK	Jun. 30, 2022
Equity [Abstract]
CAPITAL STOCK	REDEEMABLE NONCONTROLLING INTEREST — ALTUS Preferred Units Issuance On June 12, 2019, Altus Midstream LP issued and sold Preferred Units for an aggregate issue price of $625 million in a private offering exempt from the registration requirements of the Securities Act (the Closing). Altus Midstream LP received approximately $611 million in cash proceeds from the sale after deducting transaction costs and discounts to certain purchasers. Classification Prior to the deconsolidation of Altus on February 22, 2022, at December 31, 2021, the carrying amount of the Preferred Units was recorded as “Redeemable Noncontrolling Interest — Altus Preferred Unit Limited Partners” classified as temporary equity on the Company’s consolidated balance sheet based on the terms of the Preferred Units, including the redemption rights with respect thereto. Measurement Altus applied a two-step approach to subsequent measurement of the redeemable noncontrolling interest related to the Preferred Units by first allocating a portion of the net income of Altus Midstream LP in accordance with the terms of the partnership agreement. An additional adjustment to the carrying value of the Preferred Unit redeemable noncontrolling interest at each period end was recorded, if applicable. The amount of such adjustment was determined based upon the accreted value method to reflect the passage of time until the Preferred Units were exchangeable at the option of the holder. Pursuant to this method, the net transaction price was accreted using the effective interest method to the Redemption Price calculated at the seventh anniversary of the Closing. The total adjustment was limited to an amount such that the carrying amount of the Preferred Unit redeemable noncontrolling interest at each period end was equal to the greater of (a) the sum of (i) the carrying amount of the Preferred Units, plus (ii) the fair value of the embedded derivative liability and (b) the accreted value of the net transaction price. Activity related to the Preferred Units is as follows: Units Financial Position (In millions, except unit data) Redeemable noncontrolling interest — Preferred Units at: December 31, 2020 660,694 $ 608 Cash distributions to Altus Preferred Unit limited partners — (46) Distributions payable to Altus Preferred Unit limited partners — (12) Allocation of Altus Midstream LP net income N/A 80 Accreted value adjustment N/A 82 Redeemable noncontrolling interest — Preferred Units at: December 31, 2021 660,694 712 Allocation of Altus Midstream LP net income N/A 12 Accreted value adjustment (1) N/A (82) Redeemable noncontrolling interest — Preferred Units at: February 22, 2022 660,694 642 Preferred Units embedded derivative 89 Deconsolidation of Altus (731) $ — (1) Includes the reversal of previously recorded accreted value adjustments of $53 million due to the deconsolidation of Altus. N/A - not applicable. Upon consummation of the Holding Company Reorganization, each outstanding share of Apache common stock automatically converted into a share of APA common stock on a one-for-one basis. As a result, each stockholder of Apache now owns the same number of shares of APA common stock that such stockholder owned of Apache common stock immediately prior to the Holding Company Reorganization. Additionally, in connection with the Holding Company Reorganization, Apache transferred to APA, and APA assumed, sponsorship of all of Apache’s stock plans along with all of Apache’s rights and obligations under each plan. Net Income per Common Share The following table presents a reconciliation of the components of basic and diluted net income per common share in the consolidated financial statements: For the Quarter Ended June 30, 2022 2021 Income Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income attributable to common stock $ 926 341 $ 2.72 $ 316 378 $ 0.83 Effect of Dilutive Securities: Stock options and other $ — 1 $ (0.01) $ — 1 $ — Redeemable noncontrolling interest - Altus Preferred Unit limited partners $ — — $ — $ (6) — $ (0.01) Diluted: Income attributable to common stock $ 926 342 $ 2.71 $ 310 379 $ 0.82 For the Six Months Ended June 30, 2022 2021 Income Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income attributable to common stock $ 2,809 344 $ 8.18 $ 704 378 $ 1.86 Effect of Dilutive Securities: Stock options and other $ — — $ (0.03) $ — 1 $ — Diluted: Income attributable to common stock $ 2,809 344 $ 8.15 $ 704 379 $ 1.86 Prior to the deconsolidation of Altus on February 22, 2022, the Company used the “if-converted method” to determine the potential dilutive effect of an assumed exchange of the outstanding Preferred Units of Altus Midstream LP for shares of Altus Midstream Company’s common stock. The impact to net income attributable to common stock on an assumed conversion of the Preferred Units was anti-dilutive for the six months ended June 30, 2021. The diluted earnings per share calculation excludes options and restricted stock units that were anti-dilutive of 2.0 million and 3.4 million during the second quarters of 2022 and 2021, respectively, and 2.7 million and 3.7 million during the first six months of 2022 and 2021, respectively. Stock Repurchase Program During 2018, Apache’s Board of Directors authorized the purchase of up to 40 million shares of the Company’s common stock. No shares were purchased under this authorization through December 31, 2020. During the fourth quarter of 2021, the Company’s Board of Directors authorized the purchase of an additional 40 million shares of the Company’s common stock. Shares may be purchased either in the open market or through privately negotiated transactions. In the second quarter of 2022, the Company repurchased 7.0 million shares at an average price of $41.60 per share, and as of June 30, 2022, the Company had remaining authorization to repurchase up to 34.6 million shares. For the six months ended June 30, 2022, the Company repurchased 14.2 million shares at an average price of $38.79 per share The Company is not obligated to acquire any additional shares. The Company did not repurchase any shares during the six months ended June 30, 2021. The Company repurchased 6.9 million shares at an average price of $33.88 per share in July 2022, and as of July 31, 2022, the Company had remaining authorization to repurchase up to 27.7 million shares. The Company is not obligated to acquire any additional shares. Common Stock Dividends For the quarters ended June 30, 2022 and 2021, the Company paid $43 million and $9 million, respectively, in dividends on its common stock. For the six months ended June 30, 2022 and 2021, the Company paid $86 million and $19 million, respectively, in dividends on its common stock.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
BUSINESS SEGMENT INFORMATION	Jun. 30, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	BUSINESS SEGMENT INFORMATION As of June 30, 2022, the Company is engaged in exploration and production (Upstream) activities across three operating segments: Egypt, North Sea, and the U.S. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Prior to the deconsolidation of Altus on February 22, 2022, the Company’s Midstream business was operated by Altus Midstream Company, which owned, developed, and operated a midstream energy asset network in the Permian Basin of West Texas. The Company also has active exploration and planned appraisal operations ongoing in Suriname, as well as interests in other international locations that may, over time, result in reportable discoveries and development opportunities. Financial information for each segment is presented below: Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Quarter Ended June 30, 2022 (In millions) Revenues: Oil revenues $ 902 $ 307 $ 654 $ — $ — $ 1,863 Natural gas revenues 88 64 281 — — 433 Natural gas liquids revenues 3 12 214 — — 229 Oil, natural gas, and natural gas liquids production revenues 993 383 1,149 — — 2,525 Purchased oil and gas sales — — 522 — — 522 993 383 1,671 — — 3,047 Operating Expenses: Lease operating expenses 131 118 110 — — 359 Gathering, processing, and transmission 5 12 77 — — 94 Purchased oil and gas costs — — 528 — — 528 Taxes other than income — — 78 — — 78 Exploration 12 2 1 — 41 56 Depreciation, depletion, and amortization 91 54 133 — — 278 Asset retirement obligation accretion — 20 9 — — 29 239 206 936 — 41 1,422 Operating Income (Loss) (2) $ 754 $ 177 $ 735 $ — $ (41) 1,625 Other Income (Expense): Derivative instrument losses, net (32) Loss on divestitures, net (27) Other, net 64 General and administrative (89) Transaction, reorganization, and separation (3) Financing costs, net (76) Income Before Income Taxes $ 1,462 Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Six Months Ended June 30, 2022 (In millions) Revenues: Oil revenues $ 1,692 $ 635 $ 1,253 $ — $ — $ 3,580 Natural gas revenues 186 163 464 — — 813 Natural gas liquids revenues 6 28 421 — (3) 452 Oil, natural gas, and natural gas liquids production revenues 1,884 826 2,138 — (3) 4,845 Purchased oil and gas sales — — 866 5 — 871 Midstream service affiliate revenues — — — 16 (16) — 1,884 826 3,004 21 (19) 5,716 Operating Expenses: Lease operating expenses 262 214 228 — (1) 703 Gathering, processing, and transmission 10 24 154 5 (18) 175 Purchased oil and gas costs — — 879 — — 879 Taxes other than income — — 145 3 — 148 Exploration 27 7 5 — 59 98 Depreciation, depletion, and amortization 188 116 263 2 — 569 Asset retirement obligation accretion — 40 17 1 — 58 487 401 1,691 11 40 2,630 Operating Income (Loss) (2) $ 1,397 $ 425 $ 1,313 $ 10 $ (59) 3,086 Other Income (Expense): Derivative instrument losses, net (94) Gain on divestitures, net 1,149 Other, net 109 General and administrative (245) Transaction, reorganization, and separation (17) Financing costs, net (228) Income Before Income Taxes $ 3,760 Total Assets (3) $ 3,107 $ 2,103 $ 7,156 $ — $ 558 $ 12,924 Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Quarter Ended June 30, 2021 (In millions) Revenues: Oil revenues $ 432 $ 216 $ 493 $ — $ — $ 1,141 Natural gas revenues 65 27 134 — — 226 Natural gas liquids revenues 2 4 141 — — 147 Oil, natural gas, and natural gas liquids production revenues 499 247 768 — — 1,514 Purchased oil and gas sales — — 239 3 — 242 Midstream service revenues — — — 32 (32) — 499 247 1,007 35 (32) 1,756 Operating Expenses: Lease operating expenses 114 98 99 — — 311 Gathering, processing, and transmission 3 8 74 8 (32) 61 Purchased oil and gas costs — — 259 3 — 262 Taxes other than income — — 47 4 — 51 Exploration 14 3 2 — 7 26 Depreciation, depletion, and amortization 137 63 148 3 — 351 Asset retirement obligation accretion — 20 7 1 — 28 268 192 636 19 (25) 1,090 Operating Income (Loss) (2) $ 231 $ 55 $ 371 $ 16 $ (7) 666 Other Income (Expense): Derivative instrument losses, net (113) Gain on divestitures, net 65 Other, net 74 General and administrative (86) Transaction, reorganization, and separation (4) Financing costs, net (107) Income Before Income Taxes $ 495 Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Six Months Ended June 30, 2021 (In millions) Revenues: Oil revenues $ 834 $ 457 $ 841 $ — $ — $ 2,132 Natural gas revenues 135 58 345 — — 538 Natural gas liquids revenues 4 10 261 — — 275 Oil, natural gas, and natural gas liquids production revenues 973 525 1,447 — — 2,945 Purchased oil and gas sales — — 676 6 — 682 Midstream service affiliate revenues — — — 64 (64) — 973 525 2,123 70 (64) 3,627 Operating Expenses: Lease operating expenses 218 173 185 — (1) 575 Gathering, processing, and transmission 4 20 143 15 (63) 119 Purchased oil and gas costs — — 751 5 — 756 Taxes other than income — — 87 8 — 95 Exploration 22 23 18 — 12 75 Depreciation, depletion, and amortization 267 147 273 6 — 693 Asset retirement obligation accretion — 39 15 2 — 56 511 402 1,472 36 (52) 2,369 Operating Income (Loss) (2) $ 462 $ 123 $ 651 $ 34 $ (12) 1,258 Other Income (Expense): Derivative instrument gains, net 45 Gain on divestitures, net 67 Other, net 135 General and administrative (169) Transaction, reorganization, and separation (4) Financing costs, net (217) Income Before Income Taxes $ 1,115 Total Assets (3) $ 3,116 $ 2,127 $ 5,964 $ 1,839 $ 466 $ 13,512 (1) Includes revenue from non-customers for the quarters and six months ended June 30, 2022 and 2021 of: For the Quarter Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Oil $ 302 $ 97 $ 552 $ 190 Natural gas 30 10 61 22 Natural gas liquids 1 — 2 1 (2) Operating income of U.S. and Egypt includes leasehold impairments of $1 million and $1 million, respectively, for the second quarter of 2022. Operating income of U.S. and Egypt includes leasehold impairments of $4 million and $2 million, respectively, for the first six months of 2022. Operating income of U.S. and Egypt includes leasehold and other asset impairments of $1 million and $2 million, respectively, for the second quarter of 2021. Operating income of U.S. and Egypt includes leasehold impairments of $17 million and $4 million, respectively, for the first six months of 2021. (3) Intercompany balances are excluded from total assets. (4) Includes noncontrolling interests in Egypt and Altus prior to deconsolidation.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of APA and its subsidiaries after elimination of intercompany balances and transactions. The implementation of the Holding Company Reorganization was accounted for as a merger under common control. APA recognized the assets and liabilities of Apache at carryover basis. The consolidated financial statements of APA present comparative information for prior years on a combined basis, as if both APA and Apache were under common control for all periods presented. 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. Noncontrolling interests represent third-party ownership in the net assets of a consolidated subsidiary of APA and are reflected separately in the Company’s financial statements. 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. Additionally, prior to the BCP Business Combination defined below, third-party investors owned a minority interest of approximately 21 percent of Altus Midstream Company (ALTM or Altus), which was reflected as a separate noncontrolling interest component of equity in the Company’s consolidated balance sheet. ALTM qualified as a variable interest entity under GAAP, which APA consolidated because a wholly owned subsidiary of APA had a controlling financial interest and was determined to be the primary beneficiary. Additionally, the assets of ALTM could only be used to settle obligations of ALTM. There was no recourse to the Company for ALTM’s liabilities. On February 22, 2022, ALTM closed a previously announced transaction to combine with privately owned BCP Raptor Holdco LP (BCP and, together with BCP Raptor Holdco GP, LLC, the Contributed Entities) in an all-stock transaction, pursuant to the Contribution Agreement entered into by and among ALTM, Altus Midstream LP, New BCP Raptor Holdco, LLC (the Contributor), and BCP (the BCP Contribution Agreement). Pursuant to the BCP Contribution Agreement, the Contributor contributed all of the equity interests of the Contributed Entities (the Contributed Interests) to Altus Midstream LP, with each Contributed Entity becoming a wholly owned subsidiary of Altus Midstream LP (the BCP Business Combination). Upon closing the transaction, the combined entity was renamed Kinetik Holdings Inc. (Kinetik), and the Company determined that it was no longer the primary beneficiary of ALTM. The Company further determined that ALTM no longer qualified as a variable interest entity under GAAP. As a result, the Company deconsolidated ALTM on February 22, 2022. Refer to Note 2—Acquisitions and Divestitures for further detail. The stockholders agreement entered into by and among the Company, ALTM, BCP, and other related and affiliated entities provides that the Company, through one of its wholly owned subsidiaries, retains the ability to designate a director to the board of directors of Kinetik for so long as the Company and its affiliates beneficially own 10 percent or more of Kinetik’s outstanding common stock. Based on this board representation, combined with the Company’s stock ownership, management determined it has significant influence over Kinetik. Investments in which the Company has significant influence, but not control, are accounted for under the equity method of accounting. These investments are recorded separately as “Equity method interests” in the Company’s consolidated balance sheet. The Company elected the fair value option to account for its equity method interest in Kinetik. Refer to Note 6—Equity Method Interests for further detail.
Use of Estimates	Use of Estimates Preparation of financial statements in conformity with GAAP and disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. The Company evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of the Company’s financial statements, and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimates of fair value for long-lived assets (refer to “Fair Value Measurements” and “Property and Equipment” sections in this Note 1 below), the fair value determination of acquired assets and liabilities (refer to Note 2—Acquisitions and Divestitures ), the fair value of equity method interests (refer to “Equity Method Interests” within this Note 1 below and Note 6—Equity Method Interests ), the assessment of asset retirement obligations (refer to Note 8—Asset Retirement Obligation ), the estimation of the contingent liability representing Apache’s potential obligation to decommission sold properties in the Gulf of Mexico (refer to Note 11—Commitments and Contingencies ), the estimate of income taxes (refer to Note 10—Income Taxes ), and the estimate of proved oil and gas reserves and related present value estimates of future net cash flows therefrom.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are reported at fair value on a recurring basis in the Company’s consolidated balance sheet. Accounting Standards Codification (ASC) 820-10-35, “Fair Value Measurement” (ASC 820), provides a hierarchy that prioritizes and defines the types of inputs used to measure fair value. The fair value hierarchy gives the highest priority to Level 1 inputs, which consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments. Level 3 valuations are derived from inputs that are significant and unobservable; hence, these valuations have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach, and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models, and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).
Revenue Recognition	Revenue Recognition There have been no significant changes to the Company’s contracts with customers during the six months ended June 30, 2022 and 2021. Oil and gas production revenues from non-customers represent income taxes paid to the Arab Republic of Egypt by Egyptian General Petroleum Corporation 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 14—Business Segment Information for a disaggregation of oil, gas, and natural gas production revenue by product and reporting segment.
Property and Equipment	Property and Equipment
Oil and Gas Property	Oil and Gas Property The Company follows the successful efforts method of accounting for its oil and gas property. Under this method of accounting, exploration costs, such as exploratory geological and geophysical costs, delay rentals, and exploration overhead, are expensed as incurred. All costs related to production, 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. This determination may take longer than one year in certain areas depending on, among other things, the amount of hydrocarbons discovered, the outcome of planned geological and engineering studies, the need for additional appraisal drilling activities to determine whether the discovery is sufficient to support an economic development plan, and government sanctioning of development activities in certain international locations. At the end of each quarter, management reviews the status of all suspended exploratory well costs in light of ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts or, in the case of discoveries requiring government sanctioning, whether development negotiations are underway and proceeding as planned. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. Acquisition costs of unproved properties are assessed for impairment at least annually and are transferred to proved oil and gas properties to the extent the costs are associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment based on the Company’s current exploration plans. Unproved oil and gas properties with individually insignificant lease acquisition costs are amortized on a group basis over the average lease term at rates that provide for full amortization of unsuccessful leases upon lease expiration or abandonment. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. Costs of maintaining and retaining unproved properties, as well as amortization of individually insignificant leases and impairment of unsuccessful leases, are included in exploration costs in the statement of consolidated operations. 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. The reserve base used to calculate depreciation for leasehold acquisition costs and the cost to acquire proved properties is the sum of proved developed reserves and proved undeveloped reserves. The reserve base used to calculate the depreciation for capitalized well costs is the sum of proved developed reserves only. Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are included in the depreciable cost. Oil and gas properties are grouped for depreciation in accordance with ASC 932 “Extractive Activities—Oil and Gas.” The basis for grouping is a reasonable aggregation of properties with a common geological structural feature or stratigraphic condition, such as a reservoir or field. 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.
Gathering, Processing, and Transmission Facilities	Gathering, Processing, and Transmission (GPT) Facilities GPT facilities are depreciated on a straight-line basis over the estimated useful lives of the assets. The estimation of useful life takes into consideration anticipated production lives from the fields serviced by the GPT assets, whether APA-operated or third party-operated, as well as potential development plans by the Company for undeveloped acreage within, or close to, those fields.

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
ACQUISITIONS AND DIVESTITURES (Tables)	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Components of Deconsolidation	A summary of components of the gain, including the ALTM balance sheet amounts deconsolidated at the time of close, is included below: As of February 22, 2022 (In millions) Fair value of Kinetik Class A Common Stock held by Company $ 802 ASSETS: Cash and cash equivalents $ 143 Other current assets 29 Property and equipment, net 184 Equity method interests 1,367 Other noncurrent assets 12 Total assets deconsolidated $ 1,735 LIABILITIES: Current liabilities $ 3 Long-term debt 657 Other noncurrent liabilities 168 Total liabilities deconsolidated $ 828 NONCONTROLLING INTERESTS: Redeemable noncontrolling interest preferred unit limited partners $ 642 Noncontrolling interest-Altus 72 Total noncontrolling interests deconsolidated $ 714 Net effect of deconsolidating balance sheet $ (193) Gain on deconsolidation of ALTM $ 609

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivative Positions	As of June 30, 2022, the Company had the following open natural gas financial basis swap contracts: Basis Swap Purchased Basis Swap Sold Production Period Settlement Index MMBtu Weighted Average Price Differential MMBtu Weighted Average Price Differential July—December 2022 NYMEX Henry Hub/IF Waha 42,320 $(0.70) — — July—December 2022 NYMEX Henry Hub/IF HSC — — 42,320 $(0.12) October—December 2022 NYMEX Henry Hub/IF Waha 920 $(1.19) — — October—December 2022 NYMEX Henry Hub/IF HSC — — 920 $(0.19) January—March 2023 NYMEX Henry Hub/IF Waha 3,150 $(1.06) — — January—March 2023 NYMEX Henry Hub/IF HSC — — 3,150 $(0.03) January—June 2023 NYMEX Henry Hub/IF Waha 4,525 $(1.54) — — January—June 2023 NYMEX Henry Hub/IF HSC — — 4,525 $(0.11) July—September 2023 NYMEX Henry Hub/IF Waha 1,840 $(1.62) — — July—September 2023 NYMEX Henry Hub/IF HSC — — 1,840 $(0.19) January—December 2023 NYMEX Henry Hub/IF Waha 73,000 $(1.15) — — January—December 2023 NYMEX Henry Hub/IF HSC — — 73,000 $(0.08) January—June 2024 NYMEX Henry Hub/IF Waha 3,640 $(1.25) — — January—June 2024 NYMEX Henry Hub/IF HSC — — 3,640 $(0.10)
Schedule of Derivative Assets Measured at Fair Value	The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using Quoted Price in Active Markets Significant Other Inputs Significant Unobservable Inputs Total Netting (1) Carrying Amount (In millions) June 30, 2022 Assets: Commodity derivative instruments $ — $ — $ — $ — $ 1 $ 1 Liabilities: Commodity derivative instruments — 54 — 54 1 55 Foreign currency derivative instruments — 7 — 7 — 7 December 31, 2021 Liabilities: Commodity derivative instruments $ — $ 10 $ — $ 10 $ — $ 10 Pipeline capacity embedded derivative — 46 — 46 — 46 Preferred Units embedded derivative — — 57 57 — 57 (1) The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties.
Schedule of Derivative Liabilities Measured at Fair Value	The following table presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Using Quoted Price in Active Markets Significant Other Inputs Significant Unobservable Inputs Total Netting (1) Carrying Amount (In millions) June 30, 2022 Assets: Commodity derivative instruments $ — $ — $ — $ — $ 1 $ 1 Liabilities: Commodity derivative instruments — 54 — 54 1 55 Foreign currency derivative instruments — 7 — 7 — 7 December 31, 2021 Liabilities: Commodity derivative instruments $ — $ 10 $ — $ 10 $ — $ 10 Pipeline capacity embedded derivative — 46 — 46 — 46 Preferred Units embedded derivative — — 57 57 — 57 (1) The derivative fair values are based on analysis of each contract on a gross basis, excluding the impact of netting agreements with counterparties.
Schedule of Derivative Instruments on Consolidated Balance Sheet and Statement of Consolidated Operations	The carrying value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows: June 30, 2022 December 31, 2021 (In millions) Current Assets: Other current assets $ — $ — Other Assets: Deferred charges and other 1 — Total derivative assets $ 1 $ — Current Liabilities: Other current liabilities $ 41 $ 4 Deferred Credits and Other Noncurrent Liabilities: Other 21 109 Total derivative liabilities $ 62 $ 113 Derivative Activity Recorded in the Statement of Consolidated Operations The following table summarizes the effect of derivative instruments on the Company’s statement of consolidated operations: For the Quarter Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Realized: Commodity derivative instruments $ (4) $ (48) $ (9) $ 100 Foreign currency derivative instruments (2) — (2) — Realized gain (loss), net (6) (48) (11) 100 Unrealized: Commodity derivative instruments (20) (98) (44) (72) Pipeline capacity embedded derivatives — 2 — 3 Foreign currency derivative instruments (6) — (8) — Preferred Units embedded derivative — 31 (31) 14 Unrealized loss, net (26) (65) (83) (55) Derivative instrument gains (losses), net $ (32) $ (113) $ (94) $ 45

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	6 Months Ended
OTHER CURRENT ASSETS (Tables)	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	The following table provides detail of the Company’s other current assets: June 30, 2022 December 31, 2021 (In millions) Inventories $ 473 $ 473 Drilling advances 57 55 Prepaid assets and other 27 56 Current decommissioning security for sold Gulf of Mexico assets 350 100 Total Other current assets $ 907 $ 684

EQUITY METHOD INTERESTS (Tables

EQUITY METHOD INTERESTS (Tables)	6 Months Ended
EQUITY METHOD INTERESTS (Tables)	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of of Equity Method Investment Information	The following table presents the activity in the Company’s equity method interest in Kinetik for the six months ended June 30, 2022: Kinetik Holdings Inc (In millions) Balance at December 31, 2021 $ — Initial interest upon closing the BCP Business Combination 802 Sale of Class A shares (250) Paid-in-kind dividend 13 Fair value adjustments 53 Balance at June 30, 2022 $ 618 Interest December 31, 2021 (In millions) Gulf Coast Express Pipeline, LLC 16.0% $ 274 EPIC Crude Holdings, LP 15.0% — Permian Highway Pipeline, LLC 26.7% 630 Shin Oak Pipeline (Breviloba, LLC) 33.0% 461 Total Altus equity method interests $ 1,365 The following table presents the activity in Altus’ equity method interests for the six months ended June 30, 2022: Gulf Coast Express EPIC Crude Permian Highway Breviloba, LLC Total (In millions) Balance at December 31, 2021 $ 274 $ — $ 630 $ 461 $ 1,365 Capital contributions — 2 — — 2 Distributions (5) — (9) (7) (21) Equity income (loss), net 8 (2) 10 5 21 Deconsolidation of Altus (277) — (631) (459) (1,367) Balance at June 30, 2022 $ — $ — $ — $ — $ —

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
OTHER CURRENT LIABILITIES (Tables)	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Other Current Liabilities	The following table provides detail of the Company’s other current liabilities: June 30, 2022 December 31, 2021 (In millions) Accrued operating expenses $ 145 $ 129 Accrued exploration and development 303 207 Accrued compensation and benefits 281 292 Accrued interest 96 107 Accrued income taxes 180 28 Current asset retirement obligation 40 41 Current operating lease liability 121 99 Current portion of derivatives at fair value 41 4 Current decommissioning contingency for sold Gulf of Mexico properties 350 100 Other 206 164 Total Other current liabilities $ 1,763 $ 1,171

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	6 Months Ended
ASSET RETIREMENT OBLIGATION (Tables)	Jun. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligation	The following table describes changes to the Company’s asset retirement obligation (ARO) liability: June 30, 2022 (In millions) Asset retirement obligation, December 31, 2021 $ 2,130 Liabilities incurred 2 Liabilities settled (16) Liabilities divested (4) Deconsolidation of Altus (69) Accretion expense 58 Asset retirement obligation, June 30, 2022 2,101 Less current portion (40) Asset retirement obligation, long-term $ 2,061

DEBT AND FINANCING COSTS (Table

DEBT AND FINANCING COSTS (Tables)	6 Months Ended
DEBT AND FINANCING COSTS (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the carrying values of the Company’s debt: June 30, 2022 December 31, 2021 (In millions) Apache notes and debentures before unamortized discount and debt issuance costs (1) $ 5,032 $ 6,344 Altus credit facility (2) — 657 Syndicated credit facilities (2) 275 542 Apache finance lease obligations 35 36 Unamortized discount (28) (30) Debt issuance costs (29) (39) Total debt 5,285 7,510 Current maturities (125) (215) Long-term debt $ 5,160 $ 7,295 (1) The fair values of the Apache notes and debentures were $4.4 billion and $7.1 billion as of June 30, 2022 and December 31, 2021, respectively. The Company uses a market approach to determine the fair values of its notes and debentures using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement). (2) The carrying value of borrowings on credit facilities approximates fair value because interest rates are variable and reflective of market rates.
Schedule of Financing Costs, Net	The following table presents the components of the Company’s financing costs, net: For the Quarter Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Interest expense $ 79 $ 110 $ 169 $ 222 Amortization of debt issuance costs 5 3 7 5 Capitalized interest (5) (2) (8) (4) (Gain) loss on extinguishment of debt — (1) 67 (1) Interest income (3) (3) (7) (5) Financing costs, net $ 76 $ 107 $ 228 $ 217

REDEMABLE NONCONTROLLING INTE_2

REDEMABLE NONCONTROLLING INTEREST - ALTUS (Tables)	6 Months Ended
REDEMABLE NONCONTROLLING INTEREST - ALTUS (Tables)	Jun. 30, 2022
Equity [Abstract]
Schedule of Preferred Units	Activity related to the Preferred Units is as follows: Units Financial Position (In millions, except unit data) Redeemable noncontrolling interest — Preferred Units at: December 31, 2020 660,694 $ 608 Cash distributions to Altus Preferred Unit limited partners — (46) Distributions payable to Altus Preferred Unit limited partners — (12) Allocation of Altus Midstream LP net income N/A 80 Accreted value adjustment N/A 82 Redeemable noncontrolling interest — Preferred Units at: December 31, 2021 660,694 712 Allocation of Altus Midstream LP net income N/A 12 Accreted value adjustment (1) N/A (82) Redeemable noncontrolling interest — Preferred Units at: February 22, 2022 660,694 642 Preferred Units embedded derivative 89 Deconsolidation of Altus (731) $ — (1) Includes the reversal of previously recorded accreted value adjustments of $53 million due to the deconsolidation of Altus. N/A - not applicable.

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	6 Months Ended
CAPITAL STOCK (Tables)	Jun. 30, 2022
Equity [Abstract]
Schedule Reconciliation of the Components of Basic and Diluted Net Income Per Common Share	The following table presents a reconciliation of the components of basic and diluted net income per common share in the consolidated financial statements: For the Quarter Ended June 30, 2022 2021 Income Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income attributable to common stock $ 926 341 $ 2.72 $ 316 378 $ 0.83 Effect of Dilutive Securities: Stock options and other $ — 1 $ (0.01) $ — 1 $ — Redeemable noncontrolling interest - Altus Preferred Unit limited partners $ — — $ — $ (6) — $ (0.01) Diluted: Income attributable to common stock $ 926 342 $ 2.71 $ 310 379 $ 0.82 For the Six Months Ended June 30, 2022 2021 Income Shares Per Share Income Shares Per Share (In millions, except per share amounts) Basic: Income attributable to common stock $ 2,809 344 $ 8.18 $ 704 378 $ 1.86 Effect of Dilutive Securities: Stock options and other $ — — $ (0.03) $ — 1 $ — Diluted: Income attributable to common stock $ 2,809 344 $ 8.15 $ 704 379 $ 1.86

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
BUSINESS SEGMENT INFORMATION (Tables)	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Financial Segment Information	Financial information for each segment is presented below: Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Quarter Ended June 30, 2022 (In millions) Revenues: Oil revenues $ 902 $ 307 $ 654 $ — $ — $ 1,863 Natural gas revenues 88 64 281 — — 433 Natural gas liquids revenues 3 12 214 — — 229 Oil, natural gas, and natural gas liquids production revenues 993 383 1,149 — — 2,525 Purchased oil and gas sales — — 522 — — 522 993 383 1,671 — — 3,047 Operating Expenses: Lease operating expenses 131 118 110 — — 359 Gathering, processing, and transmission 5 12 77 — — 94 Purchased oil and gas costs — — 528 — — 528 Taxes other than income — — 78 — — 78 Exploration 12 2 1 — 41 56 Depreciation, depletion, and amortization 91 54 133 — — 278 Asset retirement obligation accretion — 20 9 — — 29 239 206 936 — 41 1,422 Operating Income (Loss) (2) $ 754 $ 177 $ 735 $ — $ (41) 1,625 Other Income (Expense): Derivative instrument losses, net (32) Loss on divestitures, net (27) Other, net 64 General and administrative (89) Transaction, reorganization, and separation (3) Financing costs, net (76) Income Before Income Taxes $ 1,462 Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Six Months Ended June 30, 2022 (In millions) Revenues: Oil revenues $ 1,692 $ 635 $ 1,253 $ — $ — $ 3,580 Natural gas revenues 186 163 464 — — 813 Natural gas liquids revenues 6 28 421 — (3) 452 Oil, natural gas, and natural gas liquids production revenues 1,884 826 2,138 — (3) 4,845 Purchased oil and gas sales — — 866 5 — 871 Midstream service affiliate revenues — — — 16 (16) — 1,884 826 3,004 21 (19) 5,716 Operating Expenses: Lease operating expenses 262 214 228 — (1) 703 Gathering, processing, and transmission 10 24 154 5 (18) 175 Purchased oil and gas costs — — 879 — — 879 Taxes other than income — — 145 3 — 148 Exploration 27 7 5 — 59 98 Depreciation, depletion, and amortization 188 116 263 2 — 569 Asset retirement obligation accretion — 40 17 1 — 58 487 401 1,691 11 40 2,630 Operating Income (Loss) (2) $ 1,397 $ 425 $ 1,313 $ 10 $ (59) 3,086 Other Income (Expense): Derivative instrument losses, net (94) Gain on divestitures, net 1,149 Other, net 109 General and administrative (245) Transaction, reorganization, and separation (17) Financing costs, net (228) Income Before Income Taxes $ 3,760 Total Assets (3) $ 3,107 $ 2,103 $ 7,156 $ — $ 558 $ 12,924 Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Quarter Ended June 30, 2021 (In millions) Revenues: Oil revenues $ 432 $ 216 $ 493 $ — $ — $ 1,141 Natural gas revenues 65 27 134 — — 226 Natural gas liquids revenues 2 4 141 — — 147 Oil, natural gas, and natural gas liquids production revenues 499 247 768 — — 1,514 Purchased oil and gas sales — — 239 3 — 242 Midstream service revenues — — — 32 (32) — 499 247 1,007 35 (32) 1,756 Operating Expenses: Lease operating expenses 114 98 99 — — 311 Gathering, processing, and transmission 3 8 74 8 (32) 61 Purchased oil and gas costs — — 259 3 — 262 Taxes other than income — — 47 4 — 51 Exploration 14 3 2 — 7 26 Depreciation, depletion, and amortization 137 63 148 3 — 351 Asset retirement obligation accretion — 20 7 1 — 28 268 192 636 19 (25) 1,090 Operating Income (Loss) (2) $ 231 $ 55 $ 371 $ 16 $ (7) 666 Other Income (Expense): Derivative instrument losses, net (113) Gain on divestitures, net 65 Other, net 74 General and administrative (86) Transaction, reorganization, and separation (4) Financing costs, net (107) Income Before Income Taxes $ 495 Egypt (1) North Sea U.S. Altus Midstream Intersegment Total (4) Upstream For the Six Months Ended June 30, 2021 (In millions) Revenues: Oil revenues $ 834 $ 457 $ 841 $ — $ — $ 2,132 Natural gas revenues 135 58 345 — — 538 Natural gas liquids revenues 4 10 261 — — 275 Oil, natural gas, and natural gas liquids production revenues 973 525 1,447 — — 2,945 Purchased oil and gas sales — — 676 6 — 682 Midstream service affiliate revenues — — — 64 (64) — 973 525 2,123 70 (64) 3,627 Operating Expenses: Lease operating expenses 218 173 185 — (1) 575 Gathering, processing, and transmission 4 20 143 15 (63) 119 Purchased oil and gas costs — — 751 5 — 756 Taxes other than income — — 87 8 — 95 Exploration 22 23 18 — 12 75 Depreciation, depletion, and amortization 267 147 273 6 — 693 Asset retirement obligation accretion — 39 15 2 — 56 511 402 1,472 36 (52) 2,369 Operating Income (Loss) (2) $ 462 $ 123 $ 651 $ 34 $ (12) 1,258 Other Income (Expense): Derivative instrument gains, net 45 Gain on divestitures, net 67 Other, net 135 General and administrative (169) Transaction, reorganization, and separation (4) Financing costs, net (217) Income Before Income Taxes $ 1,115 Total Assets (3) $ 3,116 $ 2,127 $ 5,964 $ 1,839 $ 466 $ 13,512 (1) Includes revenue from non-customers for the quarters and six months ended June 30, 2022 and 2021 of: For the Quarter Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Oil $ 302 $ 97 $ 552 $ 190 Natural gas 30 10 61 22 Natural gas liquids 1 — 2 1 (2) Operating income of U.S. and Egypt includes leasehold impairments of $1 million and $1 million, respectively, for the second quarter of 2022. Operating income of U.S. and Egypt includes leasehold impairments of $4 million and $2 million, respectively, for the first six months of 2022. Operating income of U.S. and Egypt includes leasehold and other asset impairments of $1 million and $2 million, respectively, for the second quarter of 2021. Operating income of U.S. and Egypt includes leasehold impairments of $17 million and $4 million, respectively, for the first six months of 2021. (3) Intercompany balances are excluded from total assets. (4) Includes noncontrolling interests in Egypt and Altus prior to deconsolidation.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule Of Significant Accounting Policies [Line Items]
Impairments	$ 0	$ 0	$ 0	$ 0
Receivables from contracts with customer, net	$ 1,800,000,000		$ 1,800,000,000		$ 1,300,000,000
Kinetik
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	10%		10%
Sinopec \| Apache Egypt
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	33.33%		33.33%
Third-Party Investors \| ALTM
Schedule Of Significant Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners	21%		21%

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Additional Information (Details) - USD ($) shares in Millions, $ in Millions		1 Months Ended		3 Months Ended				6 Months Ended
	Feb. 22, 2022	Jul. 31, 2022	Mar. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Feb. 21, 2022
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration								$ 26	$ 3
Proceeds from sale of oil and gas properties								$ 751	181
Gain on deconsolidation of ALTM	$ 609
Shares sold (in shares)			4
Proceeds from sale of stock			$ 224
Kinetik
Business Acquisition [Line Items]
Shares sold (in shares)			4
Loss on sale of stock			$ 25
Expected future minimum investment, period					24 months
Expected future minimum investment, amount			$ 100		$ 100
Kinetik
Business Acquisition [Line Items]
Ownership percentage by noncontrolling owners				10%				10%
Apache Midstream LLC \| ALTM
Business Acquisition [Line Items]
Ownership percentage by parent										79%
BCP Business Combination \| ALTM \| ALTM
Business Acquisition [Line Items]
Ownership percentage by noncontrolling owners	20%
BCP Business Combination \| ALTM \| Class C Common Stock
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares (in shares)	50
BCP Business Combination \| BCP Business Combination Contributor \| Kinetik
Business Acquisition [Line Items]
Ownership percentage by parent	75%
Non-Core Assets And Leasehold \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties				$ 7
Gain (loss) on sale of non-core assets				1
Non-Core Mineral Rights \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties					736
Gain (loss) on sale of non-core assets					563
Other Non-Core Assets And Leasehold \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties					8
Gain (loss) on sale of non-core assets					$ 1
Delaware Basin
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration				51
Delaware Basin \| Subsequent Event
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration		$ 505
Costs of oil and gas properties acquisition		$ 555
Permian Basin
Business Acquisition [Line Items]
Oil and gas property acquisitions consideration				$ 26			$ 2
Permian Basin \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties							3
Gain (loss) on sale of non-core assets							$ 2
Permian Basin \| Non-Core Assets \| Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of oil and gas properties						$ 178
Gain (loss) on sale of non-core assets						65
Carrying value of non-core assets disposed						157			$ 157
Asset retirement obligation assumed						$ 44

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Components of Deconsolidation (Details) - USD ($) $ in Millions		Feb. 22, 2022	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value of Kinetik Class A Common Stock held by Company	[1]		$ 618	$ 1,365
ASSETS:
Cash and cash equivalents		$ 143
Other current assets		29
Property and equipment, net		184
Equity method interests		1,367
Other noncurrent assets		12
Total assets deconsolidated		1,735
LIABILITIES:
Current liabilities		3
Long-term debt		657
Other noncurrent liabilities		168
Total liabilities deconsolidated		828
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interest preferred unit limited partners		642
Noncontrolling interest-Altus		72
Total noncontrolling interests deconsolidated		714
Net effect of deconsolidating balance sheet		(193)
Gain on deconsolidation of ALTM		609
Kinetik
Business Acquisition [Line Items]
Fair value of Kinetik Class A Common Stock held by Company		$ 802	$ 618	$ 0

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

CAPITALIZED EXPLORATORY WELL _2

CAPITALIZED EXPLORATORY WELL COSTS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Extractive Industries [Abstract]
Capitalized exploratory well costs	$ 466	$ 321

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) MMBTU in Thousands, £ in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021 USD ($)	Jun. 30, 2022 GBP (£) $ / MMBTU MMBTU Counterparty
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative counterparties \| Counterparty		12
Basis Swap Purchased \| NYMEX Henry Hub/IF Waha \| Natural gas revenues \| July—September 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU		1,840
Weighted Average Price Differential		(1.62)
Basis Swap Sold \| NYMEX Henry Hub/IF HSC \| Natural gas revenues \| July—September 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU		1,840
Weighted Average Price Differential		(0.19)
Foreign currency derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| £		£ 15
Derivative, weighted average floor price (USD per MMBtu)		1.29
Derivative, weighted average ceiling price (USD per MMBtu)		1.39
Financial Contracts, Gas Daily Pricing
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain in connection with contracts \| $	$ 147

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Instruments (Details) - Natural gas revenues MMBTU in Thousands	6 Months Ended
	Jun. 30, 2022 $ / MMBTU MMBTU
Basis Swap Purchased \| July—December 2022 \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	42,320
Weighted Average Price Differential \| $ / MMBTU	(0.70)
Basis Swap Purchased \| October—December 2022 \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	920
Weighted Average Price Differential \| $ / MMBTU	(1.19)
Basis Swap Purchased \| January—March 2023 \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	3,150
Weighted Average Price Differential \| $ / MMBTU	(1.06)
Basis Swap Purchased \| January—June 2023 \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	4,525
Weighted Average Price Differential \| $ / MMBTU	(1.54)
Basis Swap Purchased \| July—September 2023 \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	1,840
Weighted Average Price Differential \| $ / MMBTU	(1.62)
Basis Swap Purchased \| January—December 2023 \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	73,000
Weighted Average Price Differential \| $ / MMBTU	(1.15)
Basis Swap Purchased \| January—June 2024 \| NYMEX Henry Hub/IF Waha
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	3,640
Weighted Average Price Differential \| $ / MMBTU	(1.25)
Basis Swap Sold \| July—December 2022 \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	42,320
Weighted Average Price Differential \| $ / MMBTU	(0.12)
Basis Swap Sold \| October—December 2022 \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	920
Weighted Average Price Differential \| $ / MMBTU	(0.19)
Basis Swap Sold \| January—March 2023 \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	3,150
Weighted Average Price Differential \| $ / MMBTU	(0.03)
Basis Swap Sold \| January—June 2023 \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	4,525
Weighted Average Price Differential \| $ / MMBTU	(0.11)
Basis Swap Sold \| July—September 2023 \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	1,840
Weighted Average Price Differential \| $ / MMBTU	(0.19)
Basis Swap Sold \| January—December 2023 \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	73,000
Weighted Average Price Differential \| $ / MMBTU	(0.08)
Basis Swap Sold \| January—June 2024 \| NYMEX Henry Hub/IF HSC
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, nonmonetary notional amount (in MMBtu) \| MMBTU	3,640
Weighted Average Price Differential \| $ / MMBTU	(0.10)

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
Derivative asset	$ 1	$ 0
Liabilities:
Derivative liability	62	113
Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Derivative asset, netting	1
Derivative asset	1
Liabilities:
Derivative liability, fair value	54	10
Derivative liability, netting	1	0
Derivative liability	55	10
Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	7
Derivative liability, netting	0
Derivative liability	7
Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		46
Derivative liability, netting		0
Derivative liability		46
Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		57
Derivative liability, netting		0
Derivative liability		57
Quoted Price in Active Markets (Level 1) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	0	0
Quoted Price in Active Markets (Level 1) \| Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	0
Quoted Price in Active Markets (Level 1) \| Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		0
Quoted Price in Active Markets (Level 1) \| Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		0
Significant Other Inputs (Level 2) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	54	10
Significant Other Inputs (Level 2) \| Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	7
Significant Other Inputs (Level 2) \| Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		46
Significant Other Inputs (Level 2) \| Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		0
Significant Unobservable Inputs (Level 3) \| Commodity derivative instruments
Assets:
Derivative asset, fair value	0
Liabilities:
Derivative liability, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Foreign currency derivative instruments
Liabilities:
Derivative liability, fair value	$ 0
Significant Unobservable Inputs (Level 3) \| Pipeline capacity embedded derivatives
Liabilities:
Derivative liability, fair value		0
Significant Unobservable Inputs (Level 3) \| Preferred Units embedded derivative
Liabilities:
Derivative liability, fair value		$ 57

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets and Liabilities and Locations on Consolidated Balance Sheet (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset	$ 1	$ 0
Derivative liability	62	113
Current Assets: Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Other Assets: Deferred charges and other
Derivatives, Fair Value [Line Items]
Derivative asset	1	0
Current Liabilities: Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	41	4
Deferred Credits and Other Noncurrent Liabilities: Other
Derivatives, Fair Value [Line Items]
Derivative liability	$ 21	$ 109

DERIVATIVE INSTRUMENTS AND HE_7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Activities Recorded in the Statement of Consolidated Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss, net			$ (83)	$ (55)
Derivative instrument gains (losses), net	$ (32)	$ (113)	(94)	45
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss), net	(6)	(48)	(11)	100
Unrealized loss, net	(26)	(65)	(83)	(55)
Derivative instrument gains (losses), net	(32)	(113)	(94)	45
Commodity derivative instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss), net	(4)	(48)	(9)	100
Unrealized loss, net	(20)	(98)	(44)	(72)
Foreign currency derivative instruments \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss), net	(2)	0	(2)	0
Unrealized loss, net	(6)	0	(8)	0
Pipeline capacity embedded derivatives \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss, net	0	2	0	3
Preferred Units embedded derivative \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss, net	$ 0	$ 31	$ (31)	$ 14

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Inventories		$ 473	$ 473
Drilling advances		57	55
Prepaid assets and other		27	56
Current decommissioning security for sold Gulf of Mexico assets		350	100
Total Other current assets	[1]	$ 907	$ 684

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

EQUITY METHOD INTERESTS - Addit

EQUITY METHOD INTERESTS - Additional Information (Details) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Feb. 22, 2022 shares	Dec. 31, 2021 entity
Schedule of Equity Method Investments [Line Items]
Shares sold (in shares) \| shares	4
Kinetik
Schedule of Equity Method Investments [Line Items]
Equity method investment, number of shares (in share) \| shares	8.9	18.1	8.9	18.1	12.9
Shares sold (in shares) \| shares	4
Loss on sale of stock \| $	$ 25
Gain on equity fair value adjustment \| $		$ 29	$ 24	$ 53
Dividends paid-in-kind (in shares) \| shares		0.4		0.4
Interest percentage	13%	13%	13%	13%
Gathering, processing and transportation costs \| $		$ 26		$ 36
Gathering, processing and transportation costs payable \| $		$ 8		$ 8
Kinetik \| Kinetik
Schedule of Equity Method Investments [Line Items]
Stock split conversion ratio		2
ALTM
Schedule of Equity Method Investments [Line Items]
Number of long-haul pipeline entities \| entity						4

EQUITY METHOD INTERESTS - Roll

EQUITY METHOD INTERESTS - Roll forward Activity of Kinetik Holdings (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance	[1]		$ 1,365	$ 1,365
Equity method interest, ending balance	[1]	$ 618		618
Kinetik
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance			0	0
Initial interest upon closing the BCP Business Combination				802
Sale of Class A shares				(250)
Paid-in-kind dividend				13
Fair value adjustments		29	$ 24	53
Equity method interest, ending balance		$ 618		$ 618

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

EQUITY METHOD INTERESTS - Summa

EQUITY METHOD INTERESTS - Summary of Investments (Details) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method interests	[1]	$ 618	$ 1,365
ALTM
Schedule of Equity Method Investments [Line Items]
Equity method interests		0	$ 1,365
Gulf Coast Express Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Interest			16%
Gulf Coast Express Pipeline, LLC \| ALTM
Schedule of Equity Method Investments [Line Items]
Equity method interests		0	$ 274
EPIC Crude Holdings, LP
Schedule of Equity Method Investments [Line Items]
Interest			15%
EPIC Crude Holdings, LP \| ALTM
Schedule of Equity Method Investments [Line Items]
Equity method interests		0	$ 0
Permian Highway Pipeline, LLC
Schedule of Equity Method Investments [Line Items]
Interest			26.70%
Permian Highway Pipeline, LLC \| ALTM
Schedule of Equity Method Investments [Line Items]
Equity method interests		0	$ 630
Shin Oak Pipeline (Breviloba, LLC)
Schedule of Equity Method Investments [Line Items]
Interest			33%
Shin Oak Pipeline (Breviloba, LLC) \| ALTM
Schedule of Equity Method Investments [Line Items]
Equity method interests		$ 0	$ 461

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

EQUITY METHOD INTERESTS - Rollf

EQUITY METHOD INTERESTS - Rollforward Activity (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance	$ 1,365	[1]
Equity method interest, ending balance	618	[1]
ALTM
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance	1,365
Capital contributions	2
Distributions	(21)
Equity income (loss), net	21
Deconsolidation of Altus	(1,367)
Equity method interest, ending balance	0
Gulf Coast Express Pipeline LLC \| ALTM
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance	274
Capital contributions	0
Distributions	(5)
Equity income (loss), net	8
Deconsolidation of Altus	(277)
Equity method interest, ending balance	0
EPIC Crude Holdings, LP \| ALTM
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance	0
Capital contributions	2
Distributions	0
Equity income (loss), net	(2)
Deconsolidation of Altus	0
Equity method interest, ending balance	0
Permian Highway Pipeline LLC \| ALTM
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance	630
Capital contributions	0
Distributions	(9)
Equity income (loss), net	10
Deconsolidation of Altus	(631)
Equity method interest, ending balance	0
Breviloba, LLC \| ALTM
Movement In Equity Method Interests [Roll Forward]
Equity method interest, beginning balance	461
Capital contributions	0
Distributions	(7)
Equity income (loss), net	5
Deconsolidation of Altus	(459)
Equity method interest, ending balance	$ 0

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued operating expenses		$ 145	$ 129
Accrued exploration and development		303	207
Accrued compensation and benefits		281	292
Accrued interest		96	107
Accrued income taxes		180	28
Current asset retirement obligation		40	41
Current operating lease liability		121	99
Current portion of derivatives at fair value		41	4
Current decommissioning contingency for sold Gulf of Mexico properties		350	100
Other		206	164
Total Other current liabilities	[1]	$ 1,763	$ 1,171

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at the beginning of period				$ 2,130
Liabilities incurred				2
Liabilities settled				(16)
Liabilities divested				(4)
Deconsolidation of Altus				(69)
Accretion expense		$ 29	$ 28	58	$ 56
Asset retirement obligation at the end of period		2,101		2,101
Less current portion		(40)		(40)		$ (41)
Asset retirement obligation, long-term	[1]	$ 2,061		$ 2,061		$ 2,089

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

DEBT AND FINANCING COSTS - Sche

DEBT AND FINANCING COSTS - Schedule of Debt (Details) - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Apache finance lease obligations		$ 35	$ 36
Unamortized discount		(28)	(30)
Debt issuance costs		(29)	(39)
Total debt		5,285	7,510
Current maturities		(125)	(215)
Long-term debt	[1]	5,160	7,295
Apache notes and debentures
Debt Instrument [Line Items]
Debt instrument, fair value		4,400	7,100
Apache notes and debentures \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		5,032	6,344
Altus credit facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		0	657
Syndicated credit facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 275	$ 542

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

DEBT AND FINANCING COSTS - Addi

DEBT AND FINANCING COSTS - Additional Information (Details)		3 Months Ended			6 Months Ended
DEBT AND FINANCING COSTS - Additional Information (Details)	Apr. 29, 2022 USD ($) option agreement	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 GBP (£)	Apr. 29, 2022 GBP (£) agreement	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)
Debt Instrument [Line Items]
Finance lease obligations, current		$ 2,000,000			$ 2,000,000				$ 2,000,000
(Gain) loss on extinguishment of debt		0		$ (1,000,000)	67,000,000	$ (1,000,000)
Number of syndicated credit agreements \| agreement	2							2
Senior Notes \| Cash Tender Offers
Debt Instrument [Line Items]
Debt repurchased principal amount			$ 1,100,000,000
Debt instrument repurchase program			1,200,000,000
(Gain) loss on extinguishment of debt			66,000,000
Debt instrument, unamortized discount and issuance costs			11,000,000
Senior Notes \| Open Market Repurchase
Debt Instrument [Line Items]
Debt repurchased principal amount			15,000,000
Debt instrument repurchase program			16,000,000
(Gain) loss on extinguishment of debt			1,000,000
Premium (discount) to par of debt repurchase			1,000,000
Senior Notes Due April 15, 2022 \| Senior Notes
Debt Instrument [Line Items]
Current debt outstanding amount			$ 213,000,000
Debt instrument, stated interest rate			3.25%
Redemption price, percentage of principal amount			100%
Former Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, terminated Amount	$ 4,000,000,000
Line of credit facility, covenant benchmark amount	$ 1,000,000,000
Apache credit facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount		17,000,000			17,000,000		£ 117,000,000		17,000,000	£ 117,000,000
Senior Notes \| Senior Notes Due January 15, 2023
Debt Instrument [Line Items]
Current debt outstanding amount		$ 123,000,000			$ 123,000,000
Debt instrument, stated interest rate		2.625%			2.625%		2.625%
Senior Notes \| Senior Notes Due April 15, 2022
Debt Instrument [Line Items]
Current debt outstanding amount									$ 213,000,000
Debt instrument, stated interest rate									3.25%	3.25%
Line of Credit \| USD Agreement
Debt Instrument [Line Items]
Debt instrument term	5 years
Line of credit facility, committed amount	$ 1,800,000,000
Line of credit facility, increased committed amount	$ 2,300,000,000
Line of credit facility, number of extension options \| option	2
Debt extension term	1 year
Line of Credit \| USD Agreement \| 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
Principal amount outstanding	$ 300,000,000
Letters of credit outstanding, amount		$ 20,000,000			$ 20,000,000
Line of Credit \| GBP Agreement
Debt Instrument [Line Items]
Debt instrument term	5 years
Line of credit facility, committed amount \| £								£ 1,500,000,000
Line of credit facility, number of extension options \| option	2
Debt extension term	1 year
Line of Credit \| GBP Agreement \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount \| £							£ 748,000,000
Line of Credit \| Former Facility
Debt Instrument [Line Items]
Credit facility									$ 542,000,000
Line of Credit \| Former Facility \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount									20,000,000	£ 748,000,000
Line of Credit \| Syndicated credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 275,000,000			$ 275,000,000				$ 542,000,000

DEBT AND FINANCING COSTS - Comp

DEBT AND FINANCING COSTS - Components of Financing Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Interest expense	$ 79	$ 110	$ 169	$ 222
Amortization of debt issuance costs	5	3	7	5
Capitalized interest	(5)	(2)	(8)	(4)
(Gain) loss on extinguishment of debt	0	(1)	67	(1)
Interest income	(3)	(3)	(7)	(5)
Financing costs, net	$ 76	$ 107	$ 228	$ 217

INCOME TAXES (Details)

INCOME TAXES (Details) - Forecast - Foreign Tax Authority $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($)
Minimum
Deferred Tax Expense [Line Items]
Deferred tax expense, remeasurement of deferred tax liability	$ 230
Maximum
Deferred Tax Expense [Line Items]
Deferred tax expense, remeasurement of deferred tax liability	$ 250

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions

12 Months Ended

Sep. 10, 2020 defendant

Sep. 11, 2019 USD ($) plaintiff

Dec. 20, 2017 Action

Jul. 17, 2017 defendant Action

Mar. 21, 2016 USD ($)

Mar. 20, 2016 USD ($)

Dec. 31, 2020 USD ($) sidetrack

Dec. 31, 2013 USD ($) source

Jun. 30, 2022 USD ($) bond subsidiary

Dec. 31, 2021 USD ($)

Dec. 31, 2017 AUD ($)

Apr. 30, 2017 AUD ($)

Mar. 12, 2014 USD ($)

Commitment And Contingencies [Line Items]

Accrued liability for legal contingencies

$ 48,000,000

Environmental tax and royalty obligations

$ 100,000,000

Retain right of obligations

45,000,000

Undiscounted reserve for environmental remediation

2,000,000

Standby loan agreed to provide related to ARO

400,000,000

Decommissioning contingency for sold

1,200,000,000

Decommissioning Contingency for sold properties

[1]

825,000,000

$ 1,086,000,000

Current decommissioning contingency for sold Gulf of Mexico properties

350,000,000

100,000,000

Decommissioning security for sold properties

733,000,000

Trust account for disposal group, number of net profits interests

[1]

383,000,000

$ 640,000,000

Current decommissioning security for sold Gulf of Mexico assets

$ 350,000,000

Gulf Of Mexico Shelf Operations and Properties | Disposed of by Sale

Commitment And Contingencies [Line Items]

Proceeds from sale of operations and properties

$ 3,750,000,000

Trust account for disposal group, number of net profits interests | source

Number of bond held | bond

Number of debt instrument held | subsidiary

Minimum

Commitment And Contingencies [Line Items]

AROs, estimated liability

$ 1,200,000,000

Maximum

Commitment And Contingencies [Line Items]

AROs, estimated liability

1,400,000,000

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

Canadian Operations Divestiture Dispute

Commitment And Contingencies [Line Items]

Plaintiffs alleged damages

$ 60,000,000

Number of plaintiffs | plaintiff

California Litigation

Commitment And Contingencies [Line Items]

Number of actions filed | Action

Number of defendants | defendant

Delaware Litigation

Commitment And Contingencies [Line Items]

Number of defendants | defendant

Castex Lawsuit

Commitment And Contingencies [Line Items]

Plaintiffs alleged damages

$ 200,000,000

Loss contingency, estimated of possible loss amount

$ 60,000,000

$ 13,500,000

Number of sidetracks | sidetrack

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

REDEMABLE NONCONTROLLING INTE_3

REDEMABLE NONCONTROLLING INTEREST - ALTUS - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended
	Jun. 12, 2019	Mar. 31, 2022
Class of Stock [Line Items]
Proceeds from sale of stock		$ 224
Altus Midstream LP \| Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners
Class of Stock [Line Items]
Proceeds from sale of stock	$ 625
Proceeds from issuance or sale of equity	$ 611

REDEMABLE NONCONTROLLING INTE_4

REDEMABLE NONCONTROLLING INTEREST - ALTUS - Activity Related to Preferred Units (Details) - USD ($) $ in Millions		2 Months Ended		3 Months Ended				6 Months Ended				12 Months Ended
		Feb. 22, 2022		Jun. 30, 2022		Jun. 30, 2021		Jun. 30, 2022		Jun. 30, 2021		Dec. 31, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	[1]	$ 712						$ 712
Ending balance	[1]			$ 0				0				$ 712
Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		712	[2]	0	[3]	$ 605	[3]	712	[2]	$ 608	[2]	608	[2]
Cash distributions to Altus Preferred Unit limited partners	[2]									(23)
Distributions payable to Altus Preferred Unit limited partners						(12)	[3]			(11)	[2]
Ending balance				$ 0	[3]	$ 617	[2]	$ 0	[3]	$ 617	[2]	$ 712	[2]
Altus Midstream LP
Increase (Decrease) in Temporary Equity [Roll Forward]
Accreted value adjustment		53
Preferred Units embedded derivative		89
Deconsolidation of Altus		(731)
Redeemable noncontrolling interest, net of embedded derivative liability		$ 0
Altus Midstream LP \| Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners
Movement In Preferred Units [Roll Forward]
Preferred units: beginning of period (in shares)		660,694						660,694		660,694		660,694
Preferred units: end of period (in shares)		660,694,000										660,694
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 712						$ 712		$ 608		$ 608
Cash distributions to Altus Preferred Unit limited partners												(46)
Distributions payable to Altus Preferred Unit limited partners												(12)
Allocation of Altus Midstream LP net income		12										80
Accreted value adjustment		(82)										82
Ending balance		$ 642										$ 712

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail. Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail. Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail.

CAPITAL STOCK - Additional Info

CAPITAL STOCK - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jul. 31, 2022 $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares	Sep. 30, 2021 $ / shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2018 shares
Class of Stock [Line Items]
Common stock, conversion ratio		1				1
Options and restricted stock, anti-dilutive (in shares)		2,000,000			3,400,000	2,700,000	3,700,000
Number of shares authorized to be repurchased (in shares)										40,000,000
Treasury shares acquired (in shares)		7,000,000				14,200,000			0
Additional number of shares authorized to be repurchased (in shares)								40,000,000
Treasure stock acquired, average price (in USD per share) \| $ / shares		$ 41.60				$ 38.79
Remaining authorized repurchase amount (in shares)		34,600,000				34,600,000
Payments of dividend on common stock \| $		$ 43			$ 9	$ 86	$ 19
Common stock, dividends, per share (in USD per share) \| $ / shares		$ 0.125	$ 0.125	$ 0.0625	$ 0.025	$ 0.25	$ 0.05
Subsequent Event
Class of Stock [Line Items]
Treasury shares acquired (in shares)	6,900,000
Treasure stock acquired, average price (in USD per share) \| $ / shares	$ 33.88
Remaining authorized repurchase amount (in shares)	27,700,000

CAPITAL STOCK - Net Income (los

CAPITAL STOCK - Net Income (loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic:
Income attributable to common stock	$ 926	$ 316	$ 2,809	$ 704
Weighted average number of shares outstanding, basic (in shares)	341	378	344	378
Basic net income per share (in USD per share)	$ 2.72	$ 0.83	$ 8.18	$ 1.86
Diluted:
Income attributable to common stock	$ 926	$ 310	$ 2,809	$ 704
Income (loss) attributable to common stock (in shares)	342	379	344	379
Diluted net income per share (in USD per share)	$ 2.71	$ 0.82	$ 8.15	$ 1.86
Redeemable Noncontrolling Interest - Altus Preferred Unit Limited Partners
Effect of Dilutive Securities:
Stock options and other, per share (in USD per share)	$ 0	$ (0.01)
Stock options and other	$ 0	$ (6)
Stock options and other
Effect of Dilutive Securities:
Stock options and other, shares (in shares)	1	1	0	1
Stock options and other, per share (in USD per share)	$ (0.01)	$ 0	$ (0.03)	$ 0
Stock options and other			$ 0	$ 0

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reporting segments	3

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Financial Segment Information (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2022		Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021	Dec. 31, 2021	[1]
Segment Reporting Information [Line Items]
Lease operating expenses		$ 359		$ 311	$ 703		$ 575
Taxes other than income		78		51	148		95
Exploration		56		26	98		75
Depreciation, depletion, and amortization		278		351	569		693
Asset retirement obligation accretion		29		28	58		56
Total operating expenses		1,422		1,090	2,630		2,369
Operating Income (Loss)		1,625		666	3,086		1,258
Other Income (Expense):
Derivative instrument losses, net		(32)		(113)	(94)		45
Gain on divestitures, net		(27)		65	1,149		67
Other, net		64		74	109		135
General and administrative		(89)		(86)	(245)		(169)
Transaction, reorganization, and separation		(3)		(4)	(17)		(4)
Financing costs, net		(76)		(107)	(228)		(217)
NET INCOME BEFORE INCOME TAXES		1,462		495	3,760		1,115
Total assets		12,924	[1]	13,512	12,924	[1]	13,512	$ 13,303
Operating Segments \| Egypt
Segment Reporting Information [Line Items]
Purchased oil and gas sales				0	0		0
Lease operating expenses		131		114	262		218
Taxes other than income		0		0	0		0
Exploration		12		14	27		22
Depreciation, depletion, and amortization		91		137	188		267
Asset retirement obligation accretion		0		0	0		0
Total operating expenses		239		268	487		511
Operating Income (Loss)		754		231	1,397		462
Other Income (Expense):
Total assets		3,107		3,116	3,107		3,116
Impairments		1		2	2		4
Operating Segments \| North Sea
Segment Reporting Information [Line Items]
Purchased oil and gas sales				0	0		0
Lease operating expenses		118		98	214		173
Taxes other than income		0		0	0		0
Exploration		2		3	7		23
Depreciation, depletion, and amortization		54		63	116		147
Asset retirement obligation accretion		20		20	40		39
Total operating expenses		206		192	401		402
Operating Income (Loss)		177		55	425		123
Other Income (Expense):
Total assets		2,103		2,127	2,103		2,127
Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Purchased oil and gas sales				0	0		0
Lease operating expenses		110		99	228		185
Taxes other than income		78		47	145		87
Exploration		1		2	5		18
Depreciation, depletion, and amortization		133		148	263		273
Asset retirement obligation accretion		9		7	17		15
Total operating expenses		936		636	1,691		1,472
Operating Income (Loss)		735		371	1,313		651
Other Income (Expense):
Total assets		7,156		5,964	7,156		5,964
Impairments		1		1	4		17
Reportable Legal Entities \| Altus Midstream
Segment Reporting Information [Line Items]
Purchased oil and gas sales				32	16		64
Lease operating expenses		0		0	0		0
Taxes other than income		0		4	3		8
Exploration		0		0	0		0
Depreciation, depletion, and amortization		0		3	2		6
Asset retirement obligation accretion		0		1	1		2
Total operating expenses		0		19	11		36
Operating Income (Loss)		0		16	10		34
Other Income (Expense):
Total assets		0		1,839	0		1,839
Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Purchased oil and gas sales				(32)	(16)		(64)
Lease operating expenses		0		0	(1)		(1)
Taxes other than income		0		0	0		0
Exploration		41		7	59		12
Depreciation, depletion, and amortization		0		0	0		0
Asset retirement obligation accretion		0		0	0		0
Total operating expenses		41		(25)	40		(52)
Operating Income (Loss)		(41)		(7)	(59)		(12)
Other Income (Expense):
Total assets		558		466	558		466
Oil and gas, excluding purchased
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		2,525		1,514	4,845		2,945
Cost of oil and gas purchased	[2]	94		61	175		119
Oil and gas, excluding purchased \| Operating Segments \| Egypt
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		993		499	1,884		973
Cost of oil and gas purchased		5		3	10		4
Oil and gas, excluding purchased \| Operating Segments \| North Sea
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		383		247	826		525
Cost of oil and gas purchased		12		8	24		20
Oil and gas, excluding purchased \| Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		1,149		768	2,138		1,447
Cost of oil and gas purchased		77		74	154		143
Oil and gas, excluding purchased \| Reportable Legal Entities \| Altus Midstream
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		0		0	0		0
Cost of oil and gas purchased		0		8	5		15
Oil and gas, excluding purchased \| Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		0		0	(3)		0
Cost of oil and gas purchased		0		(32)	(18)		(63)
Purchased oil and gas sales
Segment Reporting Information [Line Items]
Purchased oil and gas sales		522		242	871		682
Cost of oil and gas purchased		528		262	879		756
Purchased oil and gas sales \| Operating Segments \| Egypt
Segment Reporting Information [Line Items]
Purchased oil and gas sales		0		0	0		0
Cost of oil and gas purchased		0		0	0		0
Purchased oil and gas sales \| Operating Segments \| North Sea
Segment Reporting Information [Line Items]
Purchased oil and gas sales		0		0	0		0
Cost of oil and gas purchased		0		0	0		0
Purchased oil and gas sales \| Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Purchased oil and gas sales		522		239	866		676
Cost of oil and gas purchased		528		259	879		751
Purchased oil and gas sales \| Reportable Legal Entities \| Altus Midstream
Segment Reporting Information [Line Items]
Purchased oil and gas sales		0		3	5		6
Cost of oil and gas purchased		0		3	0		5
Purchased oil and gas sales \| Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Purchased oil and gas sales		0		0	0		0
Cost of oil and gas purchased		0		0	0		0
Oil and gas
Segment Reporting Information [Line Items]
Total revenues		3,047		1,756	5,716		3,627
Oil and gas \| Operating Segments \| Egypt
Segment Reporting Information [Line Items]
Total revenues		993		499	1,884		973
Oil and gas \| Operating Segments \| North Sea
Segment Reporting Information [Line Items]
Total revenues		383		247	826		525
Oil and gas \| Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Total revenues		1,671		1,007	3,004		2,123
Oil and gas \| Reportable Legal Entities \| Altus Midstream
Segment Reporting Information [Line Items]
Total revenues		0		35	21		70
Oil and gas \| Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Total revenues		0		(32)	(19)		(64)
Oil revenues
Other Income (Expense):
Revenue from non-customers		302		97	552		190
Oil revenues \| Oil and gas, excluding purchased
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		1,863		1,141	3,580		2,132
Oil revenues \| Oil and gas, excluding purchased \| Operating Segments \| Egypt
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		902		432	1,692		834
Oil revenues \| Oil and gas, excluding purchased \| Operating Segments \| North Sea
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		307		216	635		457
Oil revenues \| Oil and gas, excluding purchased \| Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		654		493	1,253		841
Oil revenues \| Oil and gas, excluding purchased \| Reportable Legal Entities \| Altus Midstream
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		0		0	0		0
Oil revenues \| Oil and gas, excluding purchased \| Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		0		0	0		0
Natural gas revenues
Other Income (Expense):
Revenue from non-customers		30		10	61		22
Natural gas revenues \| Oil and gas, excluding purchased
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		433		226	813		538
Natural gas revenues \| Oil and gas, excluding purchased \| Operating Segments \| Egypt
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		88		65	186		135
Natural gas revenues \| Oil and gas, excluding purchased \| Operating Segments \| North Sea
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		64		27	163		58
Natural gas revenues \| Oil and gas, excluding purchased \| Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		281		134	464		345
Natural gas revenues \| Oil and gas, excluding purchased \| Reportable Legal Entities \| Altus Midstream
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		0		0	0		0
Natural gas revenues \| Oil and gas, excluding purchased \| Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		0		0	0		0
Natural gas liquids revenues
Other Income (Expense):
Revenue from non-customers		1		0	2		1
Natural gas liquids revenues \| Oil and gas, excluding purchased
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		229		147	452		275
Natural gas liquids revenues \| Oil and gas, excluding purchased \| Operating Segments \| Egypt
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		3		2	6		4
Natural gas liquids revenues \| Oil and gas, excluding purchased \| Operating Segments \| North Sea
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		12		4	28		10
Natural gas liquids revenues \| Oil and gas, excluding purchased \| Operating Segments \| U.S.
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		214		141	421		261
Natural gas liquids revenues \| Oil and gas, excluding purchased \| Reportable Legal Entities \| Altus Midstream
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		0		0	0		0
Natural gas liquids revenues \| Oil and gas, excluding purchased \| Intersegment Eliminations & Other
Segment Reporting Information [Line Items]
Oil, natural gas, and natural gas liquids production revenues		$ 0		$ 0	$ (3)		$ 0

[1]The Altus VIE amounts are disclosed as of December 31, 2021. All Altus balances were deconsolidated as of February 22, 2022. Refer to Note 1—Summary of Significant Accounting Policies and Note 2—Acquisitions and Divestitures for further detail. Note 6—Equity Method Interest for further detail.