Common stock, par value (in USD per share)

  
APA CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEET(Unaudited)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | June 30,2022(1) |  | December 31,2021(1) |
|  |  |  |  |  |
|  |  | (In millions, except share data) |
| ASSETS |  |  |  |  |
| CURRENT ASSETS: |  |  |  |  |
| Cash and cash equivalents ($132 related to Altus VIE) |  | $ | 282  |  |  | $ | 302  |  |
| Receivables, net of allowance of $115 and $109 |  | 1,894  |  |  | 1,394  |  |
| Other current assets ([Note 5](#i28a24ff9302249c2abf373774f12d90c_58)) ($9 related to Altus VIE) |  | 907  |  |  | 684  |  |
|  |  | 3,083  |  |  | 2,380  |  |
| PROPERTY AND EQUIPMENT: |  |  |  |  |
| Oil and gas properties |  | 40,936  |  |  | 40,749  |  |
| Gathering, processing, and transmission facilities ($209 related to Altus VIE) |  | 447  |  |  | 673  |  |
| Other ($3 related to Altus VIE) |  | 604  |  |  | 1,126  |  |
| Less: Accumulated depreciation, depletion, and amortization ($25 related to Altus VIE) |  | (33,756) |  |  | (34,213) |  |
|  |  | 8,231  |  |  | 8,335  |  |
| OTHER ASSETS: |  |  |  |  |
| Equity method interests ([Note 6](#i28a24ff9302249c2abf373774f12d90c_61)) ($1,365 related to Altus VIE) |  | 618  |  |  | 1,365  |  |
| Decommissioning security for sold Gulf of Mexico properties ([Note 11](#i28a24ff9302249c2abf373774f12d90c_76)) |  | 383  |  |  | 640  |  |
| Deferred charges and other ($6 related to Altus VIE) |  | 609  |  |  | 583  |  |
|  |  | $ | 12,924  |  |  | $ | 13,303  |  |
|  |  |  |  |  |
| LIABILITIES, NONCONTROLLING INTERESTS, AND EQUITY (DEFICIT) |  |  |  |  |
| CURRENT LIABILITIES: |  |  |  |  |
| Accounts payable ($12 related to Altus VIE) |  | $ | 925  |  |  | $ | 731  |  |
| Current debt |  | 125  |  |  | 215  |  |
| Other current liabilities ([Note 7](#i28a24ff9302249c2abf373774f12d90c_64)) ($15 related to Altus VIE) |  | 1,763  |  |  | 1,171  |  |
|  |  | 2,813  |  |  | 2,117  |  |
| LONG-TERM DEBT ([Note 9](#i28a24ff9302249c2abf373774f12d90c_70)) ($657 related to Altus VIE) |  | 5,160  |  |  | 7,295  |  |
| DEFERRED CREDITS AND OTHER NONCURRENT LIABILITIES: |  |  |  |  |
| Income taxes |  | 89  |  |  | 148  |  |
| Asset retirement obligation ([Note 8](#i28a24ff9302249c2abf373774f12d90c_67)) ($68 related to Altus VIE) |  | 2,061  |  |  | 2,089  |  |
| Decommissioning contingency for sold Gulf of Mexico properties ([Note 11](#i28a24ff9302249c2abf373774f12d90c_76)) |  | 825  |  |  | 1,086  |  |
| Other ($67 related to Altus VIE) |  | 471  |  |  | 573  |  |
|  |  | 3,446  |  |  | 3,896  |  |
| REDEEMABLE NONCONTROLLING INTEREST - ALTUS PREFERRED UNIT LIMITED PARTNERS ([Note 12](#i28a24ff9302249c2abf373774f12d90c_79)) |  | —  |  |  | 712  |  |
| EQUITY (DEFICIT): |  |  |  |  |
| Common stock, $0.625 par, 860,000,000 shares authorized, 419,756,641 and 419,078,606 shares issued, respectively |  | 262  |  |  | 262  |  |
| Paid-in capital |  | 11,567  |  |  | 11,645  |  |
| Accumulated deficit |  | (6,679) |  |  | (9,488) |  |
| Treasury stock, at cost, 86,362,994 and 72,147,841 shares, respectively |  | (4,587) |  |  | (4,036) |  |
| Accumulated other comprehensive income |  | 21  |  |  | 22  |  |
| APA SHAREHOLDERS’ EQUITY (DEFICIT) |  | 584  |  |  | (1,595) |  |
| Noncontrolling interest - Egypt |  | 921  |  |  | 820  |  |
| Noncontrolling interest - Altus |  | —  |  |  | 58  |  |
| TOTAL EQUITY (DEFICIT) |  | 1,505  |  |  | (717) |  |
|  |  | $ | 12,924  |  |  | $ | 13,303  |  |

(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](#i28a24ff9302249c2abf373774f12d90c_43) and [Note 2—Acquisitions and Divestitures](#i28a24ff9302249c2abf373774f12d90c_49) for further detail.  
The accompanying notes to consolidated financial statements are an integral part of this statement.4
