APA (APA) EVP receives 449 phantom stock units under non-qualified retirement plan

Rhea-AI Filing Summary

Maddox Mark D reported acquisition or exercise transactions in this Form 4 filing.

APA Corp executive Mark D. Maddox reported an indirect award of 449.581 phantom stock units. The grant was made on February 25, 2026 under a non-qualified retirement plan at a reference price of $28.72 per unit, bringing his total phantom stock units to 6,260.210.

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

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 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)
	Executive VP - Administration

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		449.581		(1)	(1)	Common Stock	449.581	$28.72	6,260.21	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 Mark D. Maddox	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 Mark D. Maddox?

APA reported that executive Mark D. Maddox acquired 449.581 phantom stock units. The award was made on February 25, 2026 under APA’s non-qualified retirement plan, increasing his total phantom stock units to 6,260.210 after the transaction.

What are phantom stock units in APA (APA)'s non-qualified retirement plan?

APA’s phantom stock units are the economic equivalent of one share of APA common stock. They are payable, at the participant’s election, either in APA common stock or in cash, subject to the detailed terms and conditions of the company’s non-qualified retirement plan.

Was the APA (APA) insider transaction a buy or sell of common stock?

The APA insider transaction was an acquisition of phantom stock units, not an open-market stock purchase or sale. It represents a grant under a non-qualified retirement plan, economically tied to APA common shares but payable in stock or cash at the participant’s election.

How many APA (APA) phantom stock units does Mark D. Maddox hold after this award?

After the February 25, 2026 award, Mark D. Maddox holds 6,260.210 phantom stock units. These units are indirectly owned through APA’s non-qualified retirement plan and are economically equivalent to the same number of APA common shares under the plan’s terms.

Is Mark D. Maddox’s APA (APA) phantom stock award held directly or indirectly?

Mark D. Maddox’s phantom stock award is reported as indirectly owned. The Form 4 lists the ownership type as “Indirect,” with the nature of ownership specified as participation in APA’s non-qualified retirement plan rather than direct ownership of APA common stock.

What was the reference price for the APA (APA) phantom stock units granted?

The phantom stock units were granted using a reference price of $28.72 per unit. This price is disclosed in the Form 4 and is used to calculate the economic value of the 449.581 phantom stock units awarded under APA’s non-qualified retirement plan.