APA (APA) VP Rayphole gains phantom stock units in retirement plan grant

Rhea-AI Filing Summary

APA Corp vice president, chief accounting officer, and controller Robert P. Rayphole reported an acquisition of 6.111 phantom stock units on February 27, 2026. The units were granted under a non-qualified retirement plan at an indicated value of $29.10 per unit, bringing his indirect plan-related holdings to 1,589.304 phantom stock units. Each phantom unit is economically equivalent to one share of APA common stock and can be settled in either APA shares or cash in line with the plan’s terms.

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

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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)
02/27/2026

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)	02/27/2026		A		6.111		(1)	(1)	Common Stock	6.111	$29.1	1,589.304	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	03/03/2026
	** 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 acquired 6.111 phantom stock units. These units were granted on February 27, 2026 under a non-qualified retirement plan and increase his indirect economic exposure to APA common stock through that plan.

How many APA phantom stock units does Robert P. Rayphole hold after this Form 4?

After this transaction, Robert P. Rayphole holds 1,589.304 phantom stock units indirectly. These units are credited under a non-qualified retirement plan and each represents the economic equivalent of one APA common share, payable in stock or cash.

Was the APA (APA) Form 4 transaction a market purchase or a grant?

The APA Form 4 reflects a grant or award acquisition of phantom stock units, not an open-market purchase. The units were credited under the company’s non-qualified retirement plan as compensation, with a reference value of $29.10 per unit on the grant date.

What does a phantom stock unit mean for APA (APA) insiders?

For APA insiders, each phantom stock unit is the economic equivalent of one APA common share. Under the non-qualified retirement plan, these units can later be paid in either APA stock or cash, aligning compensation with the company’s share performance over time.

How is Robert P. Rayphole’s ownership in APA (APA) classified in this filing?

His ownership from this transaction is classified as indirect through a non-qualified retirement plan. The Form 4 lists the security as phantom stock units held under the plan, rather than directly held APA common shares in a personal brokerage or similar account.

What was the reference price for the APA phantom stock unit grant reported?

The grant of 6.111 phantom stock units used a reference price of $29.10 per unit. This price is used to value the award for reporting, while the phantom units themselves track the economic value of APA common stock over time under the plan.