APA Insider Filing: 273 Shares Issued to Director via Phantom Unit Conversion

Rhea-AI Filing Summary

David L. Stover, a director of APA Corp (APA), reports acquiring 273 shares of common stock on 08/22/2025 through conversion of phantom stock units under APA's Outside Directors' Deferral Program at an effective price of $21.64 per share. Each phantom unit converted into one share, and the filing states the acquisition was exempt under Rule 16b-3(d). After the transaction Stover beneficially owns 23,873 shares. The Form 4 was signed by Kyle W. Funderburk as attorney-in-fact on 08/25/2025.

Positive

• Conversion of deferred compensation into equity aligns director incentives with shareholders
• Transaction exempt under Rule 16b-3(d), indicating compliance with standard Section 16 rules
• Clear disclosure of post-transaction beneficial ownership (23,873 shares) enhances transparency

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director compensation conversion; small share increase unlikely to affect valuation.

The reported transaction is an exempt conversion of 273 phantom stock units into common shares under the company's director deferral program, executed on 08/22/2025. This is a non-cash, deferred-compensation-driven issuance rather than an open-market purchase or sale. The size—273 shares—represents a modest increase relative to the reported total beneficial ownership of 23,873 shares and is unlikely to be material to APA's outstanding float or affect near-term market dynamics.

Corporate Governance Expert

TL;DR: Transaction follows standard director deferral mechanics and Rule 16b-3 exemption; governance processes appear observed.

The filing documents a conversion consistent with APA's Outside Directors' Deferral Program and cites the Rule 16b-3(d) exemption for transactions arising from deferred compensation arrangements. The Form 4 is filed by a reporting officer (director) and executed via attorney-in-fact, which are common practices. There are no disclosures of additional arrangements or unusual terms in this submission.

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^*

STOVER DAVID L

(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		273		(2)	(2)	Common Stock	273	$21.64	23,873	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 David L. Stover	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 David L. Stover report on Form 4 (APA)?

The Form 4 reports conversion of 273 phantom stock units into 273 APA common shares on 08/22/2025.

At what price were the shares reported on the Form 4 for APA?

The reported price associated with the transaction is $21.64 per share as shown on the Form 4.

How many APA shares does David L. Stover beneficially own after the transaction?

After the reported transaction Stover beneficially owns 23,873 shares of APA common stock.

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

The filing states the acquisition was an exempt acquisition pursuant to Rule 16b-3(d) because shares accrued under APA's Outside Directors' Deferral Program were converted.

Who signed the Form 4 for David L. Stover (APA) and when?

The Form 4 was signed by Kyle W. Funderburk, Attorney-in-Fact for David L. Stover on 08/25/2025.