[Form 4] APA Corporation Insider Trading Activity

Rhea-AI Filing Summary

Juliet S. Ellis, a director of APA Corp (APA), reported the acquisition of 779 shares of APA common stock on 08/22/2025. The shares resulted from the conversion of 779 phantom stock units under APA's Outside Directors' Deferral Program, with one share issued per phantom unit. The filing shows the acquisition was coded as exempt under Rule 16b-3(d) for deferred compensation and reports 68,220 shares beneficially owned by Ellis following the transaction. The Form 4 was signed by an attorney-in-fact on 08/25/2025.

Positive

• Director compensation converted to equity under the Outside Directors' Deferral Program, aligning director incentives with shareholders
• Transaction reported as exempt under Rule 16b-3(d), indicating it follows established compensatory exemption procedures

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director compensation converted to shares; small incremental insider ownership increase, limited near-term market impact.

The transaction reflects a non-cash, deferred-compensation conversion of 779 phantom stock units into common shares under an established Outside Directors' Deferral Program. Such conversions are customary and processed under Rule 16b-3(d), which provides an exemption for certain compensatory arrangements. The incremental ownership (779 shares) is modest relative to the reported post-transaction stake of 68,220 shares and is unlikely to materially affect governance or share supply. Analysts should treat this as routine insider compensation rather than a signal of change in company outlook.

Corporate Governance Expert

TL;DR: Compliance-focused disclosure of director compensation conversion; consistent with governance best practices.

This Form 4 documents an exempt acquisition tied to deferred director compensation, reported in a timely manner and executed by an attorney-in-fact. Use of Rule 16b-3(d) exemption and disclosure of the post-transaction beneficial ownership (68,220 shares) align with standard Section 16 reporting and transparency expectations. The filing contains no indications of atypical related-party arrangements or governance concerns based on the supplied facts.

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).

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^*

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)
08/22/2025

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)	08/22/2025		J		779		(2)	(2)	Common Stock	779	$21.64	68,220	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.

Remarks:

	Kyle W. Funderburk, Attorney-in-Fact for Juliet S. Ellis	08/25/2025
	** 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 acquire on 08/22/2025?

She acquired 779 shares of APA common stock through conversion of 779 phantom stock units under the Outside Directors' Deferral Program.

Why was the acquisition exempt under Rule 16b-3(d)?

The filing states the acquisition was an exempt acquisition pursuant to Rule 16b-3(d), indicating the shares were issued as part of a qualifying deferred compensation arrangement for directors.

How many APA shares does Juliet S. Ellis beneficially own after the transaction?

The Form 4 reports 68,220 shares beneficially owned following the reported transaction.

Was the Form 4 signed and filed properly?

The Form 4 shows the signature executed by Kyle W. Funderburk, attorney-in-fact, with a signature date of 08/25/2025.

Does this filing indicate any sale or cash transaction?

No. The filing documents an acquisition via phantom unit conversion and shows a price of $21.64 as the referenced value per share, with no cash sale reported.