APA (APA) VP CAO Rayphole gains 17.952 phantom stock units in retirement plan

Rhea-AI Filing Summary

APA Corp executive Robert P. Rayphole, VP CAO & Controller, reported an acquisition of derivative securities in the form of phantom stock units on February 12, 2026. He received 17.952 phantom stock units at $28.26 per unit, held indirectly through a non-qualified retirement plan.

After this award, Rayphole indirectly holds 1,552.554 phantom stock units. Each unit is economically equivalent to one share of APA common stock and can be settled in APA stock or cash, according to the terms of the company’s non-qualified retirement 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

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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)
02/12/2026

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)	02/12/2026		A		17.952		(1)	(1)	Common Stock	17.952	$28.26	1,552.554	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	02/17/2026
	** 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 VP CAO & Controller Robert P. Rayphole acquired 17.952 phantom stock units on February 12, 2026. These units are held indirectly through a non-qualified retirement plan and are economically equivalent to APA common shares under the plan’s terms.

How many APA phantom stock units does Robert P. Rayphole now beneficially own?

Following the reported transaction, Robert P. Rayphole beneficially owns 1,552.554 phantom stock units indirectly. These units track the value of APA common stock and are administered under the company’s non-qualified retirement plan, providing equity-linked compensation to the executive.

What are phantom stock units in the APA (APA) Form 4 filing?

The phantom stock units are derivative awards that each equal one APA common share in economic value. Under the company’s non-qualified retirement plan, they may be paid in APA stock or cash at the participant’s election, subject to the plan’s detailed terms and conditions.

Was the APA (APA) insider transaction a buy or a grant?

The Form 4 describes the transaction as an acquisition coded “A,” indicating a grant, award, or other acquisition of 17.952 phantom stock units. It reflects compensation rather than an open-market purchase or sale of APA common shares by the executive.

How is Robert P. Rayphole’s ownership in APA recorded after this transaction?

After the acquisition, Rayphole’s 1,552.554 phantom stock units are reported as indirect ownership. They are held through APA’s non-qualified retirement plan, which governs how the units are credited, valued, and ultimately settled in either APA stock or cash.

What role does the non-qualified retirement plan play in APA (APA) phantom units?

APA’s non-qualified retirement plan administers the phantom stock units, setting rules for accrual, elections, and payouts. Participants like Rayphole can receive value in APA common stock or cash, aligning part of their compensation with the company’s share performance over time.