APA Corp (APA) VP receives new phantom stock unit award

Rhea-AI Filing Summary

APA Corp reported that VP, CAO & Controller Robert P. Rayphole acquired 30.6695 phantom stock units under a non-qualified retirement plan. Each unit is the economic equivalent of one share of APA common stock and can be settled in stock or cash. Following this grant, he indirectly holds a total of 1,583.2235 phantom stock units through the plan.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rayphole Robert P.

(Last) (First) (Middle)

2000 W SAM HOUSTON PKWY S

SUITE 200

(Street)

HOUSTON TX 77042

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APA Corp [ APA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP CAO & Controller

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	02/25/2026		A		30.6695		(1)	(1)	Common Stock	30.6695	$28.72	1,583.2235	I	Non-Qualified Retirement Plan

Explanation of Responses:

1. Each phantom stock unit is the economic equivalent of one share of APA common stock and is payable at the participant's election either in APA common stock or cash, in accordance with and subject to the terms of the company's non-qualified retirement plan.

Remarks:

	Kyle W. Funderburk, Attorney-in-Fact for Robert P. Rayphole	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did APA (APA) report for Robert P. Rayphole?

APA reported that Robert P. Rayphole received 30.6695 phantom stock units. These units were granted under the company’s non-qualified retirement plan and increase his total indirect holdings in such units to 1,583.2235, aligning part of his compensation with APA’s common stock performance.

What are phantom stock units in the APA (APA) filing?

Phantom stock units are awards economically equivalent to one share of APA common stock. Under APA’s non-qualified retirement plan, they can be paid out in either APA common stock or cash, giving the holder stock-linked value without immediately issuing actual shares at grant.

How many phantom stock units does the APA (APA) executive hold after this grant?

After the reported grant, the APA executive indirectly holds 1,583.2235 phantom stock units. This total includes the new 30.6695-unit award and reflects his accumulated balance within APA’s non-qualified retirement plan tied to the company’s common stock value.

Is the APA (APA) phantom stock unit award a direct or indirect holding?

The phantom stock unit award is reported as an indirect holding. It is held through APA’s non-qualified retirement plan rather than as directly owned common shares, meaning it represents a plan-based economic interest linked to APA’s stock rather than traditional share ownership.

Does the APA (APA) phantom stock grant involve buying or selling shares on the market?

The phantom stock grant does not involve buying or selling shares on the open market. It is a grant or award under APA’s non-qualified retirement plan, providing economic exposure to APA common stock without an immediate market purchase or sale transaction.