APA Insider Filing: Ragauss Converts 2,059 Units; Beneficial Ownership Updated

Rhea-AI Filing Summary

Peter A. Ragauss, a director of APA Corp (APA), reported share-based compensation transactions dated 09/30/2025. The filing shows 2,059 phantom stock units treated as one share each and recorded as an exempt acquisition under Rule 16b-3, resulting in a total beneficial ownership of 94,622 shares held directly after that transaction. On the same date the director was granted 2,059 restricted stock units under APA's 2016 Omnibus Compensation Plan and an additional 2,059 restricted stock units are shown as having vested.

The Form 4 lists these transactions as director compensation (non-employee director awards) and includes an attorney-in-fact signature dated 10/01/2025. Explanations in the filing state the phantom units and restricted stock units convert to one share of common stock each and that the grant and vesting were pursuant to the company’s director deferral and omnibus plans.

Positive

• Director received equity compensation in the form of 2,059 phantom stock units that convert to common stock
• Beneficial ownership increased to 94,622 shares following the reported conversion
• Grants and vesting documented under shareholder-approved 2016 Omnibus Compensation Plan
• Transactions noted as exempt under Rule 16b-3, indicating compliance with insider transaction rules

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity compensation increased direct holdings to 94,622 shares; transactions appear administrative and exempt under Rule 16b-3.

This Form 4 documents standard non-employee director awards: 2,059 phantom stock units converted to common stock, a grant of 2,059 restricted stock units, and vesting of 2,059 restricted stock units. The conversion and acquisitions are described as exempt under Rule 16b-3 and arise from APA’s Outside Directors' Deferral Program and 2016 Omnibus Compensation Plan. For investors, this is a governance/compensation disclosure rather than an operational or financial performance signal.

Corporate Governance Expert

TL;DR: Compensation actions are consistent with approved equity plans and reflect routine director remuneration and vesting schedules.

The filing explicitly ties the awards to the 2016 Omnibus Compensation Plan (shareholder-approved) and the Outside Directors' Deferral Program, and notes Rule 16b-3 exemption for the accrued phantom units. The presence of an attorney-in-fact signature is administrative. There are no indications of unusual timing or amounts in the document provided.

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).

1. Name and Address of Reporting Person^*

Ragauss Peter A

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	$0(1)	09/30/2025		M		2,059		(2)	(2)	Common Stock	2,059	$0	94,622	D
Restricted Stock / Units	$0(3)	09/30/2025		A		2,059		09/30/2025(4)	(4)	Common Stock	2,059	$0	2,059	D
Restricted Stock / Units	$0(3)	09/30/2025		M			2,059	09/30/2025(5)	(5)	Common Stock	2,059	$0	0	D

Explanation of Responses:

1. One share of APA common stock for each phantom stock unit.

2. Exempt acquisition pursuant to Rule 16b-3(d) - accrued under the deferred compensation provisions of APA's Outside Directors' Deferral Program.

3. One share of APA common stock for each restricted stock unit.

4. Restricted stock units granted to each of APA's non-employee directors under the 2016 Omnibus Compensation Plan which plan was approved by shareholders in May 2016.

5. Vesting of restricted stock units granted to each of APA's non-employee directors under the 2016 Omnibus Compensation Plan.

Remarks:

	Kyle W. Funderburk, Attorney-in-Fact for Peter A. Ragauss	10/01/2025
	** 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 transactions did APA director Peter A. Ragauss report on Form 4 (APA)?

The Form 4 reports conversion of 2,059 phantom stock units to common stock, a grant of 2,059 restricted stock units, and the vesting of 2,059 restricted stock units, all dated 09/30/2025.

How many shares does Peter A. Ragauss beneficially own after the reported transactions?

Following the reported conversion of phantom units, the filing shows 94,622 shares beneficially owned directly.

Were these transactions exempt from short-swing profit rules?

Yes. The filing states the phantom unit acquisition was exempt under Rule 16b-3 as accrued under APA's Outside Directors' Deferral Program.

Under which compensation plan were the restricted stock units granted?

The restricted stock units were granted under APA's 2016 Omnibus Compensation Plan, which was approved by shareholders.

When was the Form 4 signed and by whom?

The Form 4 bears the signature of Kyle W. Funderburk, Attorney-in-Fact for Peter A. Ragauss dated 10/01/2025.