APA Corp (APA) EVP sells 9,800 shares, boosts phantom stock units

Rhea-AI Filing Summary

APA Corp Executive VP - Administration Mark D. Maddox reported an open-market sale of 9,800 shares of common stock at a weighted average price of $40.04 per share, leaving him with 66,810.471 directly held shares. He also entered a discretionary transaction acquiring 15,500 phantom stock units in the company’s non-qualified retirement plan, bringing that indirect balance to 21,796.074 units, each economically equivalent to one APA share.

Insights

Equity analyst

Routine insider sale paired with internal retirement-plan shift.

Executive VP Mark D. Maddox sold 9,800 APA Corp common shares in an open-market transaction at a weighted average of $40.04 per share, and now directly holds 66,810.471 shares. This appears as a partial reduction rather than an exit.

On the same date, he completed a discretionary transaction under Rule 16b-3(f), moving existing retirement-plan value into 15,500 APA phantom stock units. These units mirror APA’s share value and are payable in stock or cash under the non-qualified retirement plan, increasing his indirect, plan-based exposure.

Overall, the filing shows a net sell of 9,800 common shares alongside increased phantom-unit holdings. The mix of an open-market sale with a retirement-plan allocation looks routine and compensation-related based on the descriptions provided, without clear indication of a thesis-changing shift in insider sentiment.

Insider Trade Summary

Net Seller: 9,800 shares ($392,392)

Net Sell 2 txns

Insider Maddox Mark D

Role Executive VP - Administration

Sold 9,800 shs ($392K)

Type	Security	Shares	Price	Value
I	Phantom Stock Units	15,500	$39.32	$609K
Sale	Common Stock	9,800	$40.04	$392K

Holdings After Transaction: Phantom Stock Units — 21,796.074 shares (Indirect, Non-Qualified Retirement Plan); Common Stock — 66,810.471 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.00 to $40.16 per share, inclusive. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote. 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. The acquisition reported herein represents a discretionary transaction under Rule 16b-3(f), consisting of a participant-directed transfer of existing account value under the company's non-qualified retirement plan from other deemed investment alternatives into the APA common stock deemed investment alternative.

Form 4 Insider Transactions: What Each Field Means →

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^*

Maddox Mark D

(Last) (First) (Middle)

2000 W SAM HOUSTON PARKWAY S

SUITE 200

(Street)

HOUSTON TEXAS 77042

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	Executive VP - Administration

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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

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

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

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
Common Stock	05/20/2026		S		9,800	D	$40.04(1)	66,810.471	D

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	(2)	05/20/2026		I(3)		15,500		(2)	(2)	Common Stock	15,500	$39.32	21,796.074	I	Non-Qualified Retirement Plan

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.00 to $40.16 per share, inclusive. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

2. 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.

3. The acquisition reported herein represents a discretionary transaction under Rule 16b-3(f), consisting of a participant-directed transfer of existing account value under the company's non-qualified retirement plan from other deemed investment alternatives into the APA common stock deemed investment alternative.

Remarks:

	Kyle W. Funderburk, Attorney-in-Fact for Mark D. Maddox	05/22/2026
	** 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.
* Form 4: SEC 1474 (03-26)