APA director granted 1,178 deferred stock units

Bay Annell R reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Bay Annell R reported acquisition or exercise transactions in this Form 4 filing.

APA Corp director Annell R. Bay received a grant of 1,178 restricted stock units as compensation for service as a non-employee director. These units immediately vest and are automatically deferred into phantom stock units under APA’s Outside Directors' Deferral Program.

After this grant and deferral, Bay’s deferred account reflects 101,536 phantom stock units. This total includes the 1,178 newly deferred units, 99,492 phantom stock units from prior awards, and 866 phantom stock units credited for dividends on APA common stock.

Insider Trade Summary

Grant/Award: 1,178 shares

Grant/Award 1 txn

Insider Bay Annell R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,178	$0.00	$0.00

Holdings After Transaction: Common Stock — 101,536 shares (Direct)

Footnotes (2)

1. F1. Restricted stock units granted to each of APA's non-employee directors under the 2016 Omnibus Compensation Plan, which immediately vest and are automatically deferred under the deferred compensation provisions of APA's Outside Directors' Deferral Program (the "ODDP").
2. F2. The reporting person has reported prior awards of restricted stock units and automatic deferrals in the form of phantom stock units in Table II of Form 4. The total reported in Column 5 includes the 1,178 newly deferred phantom stock units, 99,492 phantom stock units previously reported in Table II, and 866 phantom stock units accrued under the ODDP attributable to dividends paid on APA common stock.

Key Figures

RSU grant: 1,178 units Total phantom stock units: 101,536 units Previously reported phantom units: 99,492 units +1 more

4 metrics

RSU grant 1,178 units Restricted stock units granted to non-employee director

Total phantom stock units 101,536 units Deferred account balance following the transaction

Previously reported phantom units 99,492 units Phantom stock units from prior awards in deferred account

Dividend-equivalent phantom units 866 units Units accrued under deferral program from dividends

Key Terms

restricted stock units, phantom stock units, 2016 Omnibus Compensation Plan, Outside Directors' Deferral Program

4 terms

restricted stock units financial

"Restricted stock units granted to each of APA's non-employee directors"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

phantom stock units financial

"automatic deferrals in the form of phantom stock units in Table II"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

2016 Omnibus Compensation Plan financial

"Restricted stock units granted to each of APA's non-employee directors under the 2016 Omnibus Compensation Plan"

Outside Directors' Deferral Program financial

"deferred under the deferred compensation provisions of APA's Outside Directors' Deferral Program"

FAQ

What did APA (APA) director Annell R. Bay report on this Form 4?

Annell R. Bay reported receiving 1,178 restricted stock units as a non-employee director of APA Corp. These immediately vested and were deferred into phantom stock units under the company’s Outside Directors' Deferral Program.

How many APA phantom stock units does Annell R. Bay hold after this transaction?

After this transaction, Annell R. Bay’s deferred account reflects 101,536 phantom stock units. This figure combines the 1,178 new units, 99,492 previously reported units, and 866 units credited for dividends on APA common stock.

Is the 1,178-unit APA award to Annell R. Bay an open-market stock purchase?

No, the 1,178 units represent a grant of restricted stock units to Annell R. Bay as a non-employee director. They immediately vested and were converted into phantom stock units, rather than being bought on the open market.

What is APA’s Outside Directors' Deferral Program mentioned in the Form 4?

APA’s Outside Directors' Deferral Program allows non-employee directors to have equity awards automatically deferred as phantom stock units. The 1,178 restricted stock units granted to Annell R. Bay were immediately deferred under this program upon vesting.

How were dividends on APA common stock reflected in Annell R. Bay’s holdings?

Dividends on APA common stock led to 866 additional phantom stock units in Annell R. Bay’s deferred account. These dividend-equivalent units are included in the reported total of 101,536 phantom stock units following the grant and deferral.

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Accepted by SEC EDGAR 04/02/2026 - 04:34 PM Learn about SEC filing dates

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^*

Bay Annell R

(Last) (First) (Middle)

2000 W SAM HOUSTON PARKWAY S

SUITE 200

(Street)

HOUSTON TEXAS 77042

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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
Common Stock	03/31/2026		A		1,178(1)	A	$0	101,536(2)	D

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

Explanation of Responses:

1. Restricted stock units granted to each of APA's non-employee directors under the 2016 Omnibus Compensation Plan, which immediately vest and are automatically deferred under the deferred compensation provisions of APA's Outside Directors' Deferral Program (the "ODDP").

2. The reporting person has reported prior awards of restricted stock units and automatic deferrals in the form of phantom stock units in Table II of Form 4. The total reported in Column 5 includes the 1,178 newly deferred phantom stock units, 99,492 phantom stock units previously reported in Table II, and 866 phantom stock units accrued under the ODDP attributable to dividends paid on APA common stock.

Remarks:

	Kyle W. Funderburk, Attorney-in-Fact for Annell R. Bay	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)