APA Form 4: Juliet S. Ellis Reports 2,059-Share Conversion and RSU Activity

Rhea-AI Filing Summary

Juliet S. Ellis, a director of APA Corp (APA), reported changes to her beneficial ownership on 09/30/2025. The filing shows the conversion of 2,059 phantom stock units into one share of APA common stock per unit and the grant and vesting activity related to 2,059 restricted stock units (RSUs) for non-employee directors under APA's 2016 Omnibus Compensation Plan. Following the reported transactions, Ms. Ellis is shown as directly owning 70,279 shares of APA common stock. The filing notes the phantom-unit conversion and the RSU activity were exempt or covered by the company’s director deferral and compensation programs.

Positive

• Director increased direct ownership to 70,279 shares following conversion/vesting, aligning interests with shareholders
• Transactions occurred under company programs (Outside Directors' Deferral Program and 2016 Omnibus Compensation Plan) and were exempt under Rule 16b-3(d)

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director converted deferred units and recorded RSU grant/vesting, modestly increasing direct holdings.

The Form 4 documents routine director compensation mechanics rather than open-market trading. Conversion of 2,059 phantom stock units into common shares and concurrent restricted stock unit grant and vesting reflect standard equity deferral and non-employee director awards under APA’s 2016 Omnibus Compensation Plan. The filing explicitly states the conversion was exempt under Rule 16b-3(d), indicating the company’s insider-transaction safe harbor applied. This is governance/compensation activity with limited market-significance beyond signaling continued alignment of a director with shareholder equity.

Securities Analyst

TL;DR: Transaction is routine, showing 2,059-share conversion/vesting; not a material capital-markets event.

The disclosure shows Ms. Ellis acquired or received an aggregate of 2,059 shares via phantom-unit conversion and RSU activity on 09/30/2025, resulting in reported direct beneficial ownership of 70,279 shares. The filing contains no cash purchases or sales and no changes to outstanding option positions. As a Form 4 focused on director compensation conversions and vesting, it does not present new financial results or material changes to capital structure.

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
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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).

1. Name and Address of Reporting Person^*

Ellis Juliet S

(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	70,279	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 Juliet S. Ellis	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 did APA director Juliet S. Ellis report on Form 4 (APA)?

The Form 4 reports conversion of 2,059 phantom stock units into shares and grant/vesting activity of 2,059 restricted stock units on 09/30/2025, resulting in 70,279 shares beneficially owned.

How many shares did Juliet S. Ellis acquire or receive?

The filing shows an aggregate of 2,059 shares associated with phantom-unit conversion and 2,059 restricted stock units granted/vested, with 2,059 shares reflected as acquired/converted on 09/30/2025.

Were these transactions purchases or part of a compensation program?

These were not open-market purchases; they resulted from APA’s Outside Directors' Deferral Program and awards under the 2016 Omnibus Compensation Plan, per the filing.

Is the reported acquisition subject to Rule 16b-3 exemption?

Yes. The filing explicitly states the acquisition was exempt pursuant to Rule 16b-3(d) as accrued deferred compensation.

What is the reporting date of the transactions?

All reported transactions in the Form 4 occurred on 09/30/2025.