DEBT AND FINANCING COSTS (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31, 2026		December 31, 2025

	(In millions)
APA notes and debentures before unamortized discount and debt issuance costs(1)	$	3,521	$	3,579
Apache notes and debentures before unamortized discount and debt issuance costs(2)	911		932


Apache finance lease obligations	27		28
Unamortized discount	(22)		(23)
Debt issuance costs	(23)		(23)
Total debt	4,414		4,493
Current maturities	(134)		(213)
Long-term debt	$	4,280	$	4,280

(1) The fair values of the APA notes and debentures were $3.4 billion as of each of March 31, 2026 and December 31, 2025.

(2) The fair values of the Apache notes and debentures were $851 million and $881 million as of March 31, 2026 and December 31, 2025, 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).

Schedule Of Financing Costs, Net

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


	For the Quarter Ended March 31,
	2026		2025

	(In millions)
Interest expense	$	70	$	91
Amortization of debt issuance costs	1		2
Capitalized interest	(14)		(4)
Gain on extinguishment of debt	—		(142)
Interest income	—		(4)
Financing costs, net	$	57	$	(57)