[Form 4] APA Corporation Insider Trading Activity

Rhea-AI Filing Summary

John J. Christmann, serving as CEO and a director of APA Corp (APA), reported an acquisition dated 08/22/2025. He was credited with 784.7537 phantom stock units under APA's Deferred Delivery Plan, with each unit converting to one share of APA common stock. The reported transaction price is $21.64 per share for reporting purposes, and the filing shows 68,713.0404 shares beneficially owned following the transaction. The acquisition is marked as exempt under Rule 16b-3(d) as accrued deferred compensation. The Form 4 signature was executed by an attorney-in-fact on 08/25/2025.

Positive

• Deferred compensation converted to equity under the Deferred Delivery Plan, aligning executive pay with shareholder outcomes
• Transaction exempt under Rule 16b-3(d), indicating a standard, pre-established compensation arrangement rather than an open-market trade

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine insider deferred-comp accrual increases executive ownership; no unusual trading or non-exempt transaction.

The reported entry records phantom stock units converting to common shares under the company's deferred delivery plan and is exempt under Rule 16b-3(d), indicating a standard, pre-established compensation mechanism rather than an opportunistic open-market purchase. The post-transaction beneficial ownership of 68,713.0404 shares reflects the executive's stake after accrual. This filing does not disclose any sales, pledges, or derivative exercises that would suggest immediate liquidity events or governance concerns.

Executive Compensation Analyst

TL;DR: Compensation accrual recognized as phantom units; aligns pay with equity without taxable immediate cash transfer.

The transaction represents an accrual under the Deferred Delivery Plan, where phantom stock units vest or accrue and convert into common shares. The listed price of $21.64 is provided for reporting context. Such deferred equity compensation is commonly used to retain executives and align long-term incentives with shareholders. No information in the form indicates acceleration, repricing, or material change to plan terms.

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^*

CHRISTMANN JOHN J

(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
X	Officer (give title below)		Other (specify below)
	CEO

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(1)	$0(1)	08/22/2025		J		784.7537		(2)	(2)	Common Stock	784.7537	$21.64	68,713.0404	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 Deferred Delivery Plan.

Remarks:

	Kyle W. Funderburk, Attorney-in-Fact for John J. Christmann	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 insider John J. Christmann report on Form 4?

The Form 4 reports an acquisition of 784.7537 phantom stock units converting to shares dated 08/22/2025, increasing his beneficial ownership to 68,713.0404 shares.

Was the reported transaction by the APA CEO an open-market purchase?

No. The filing states the acquisition was exempt under Rule 16b-3(d), accrued under APA's Deferred Delivery Plan, not an open-market trade.

What price is shown for the reported APA transaction?

The Form 4 lists a reporting price of $21.64 per share associated with the transaction.

When was the Form 4 for John J. Christmann filed or signed?

The signature on the Form 4 by an attorney-in-fact is dated 08/25/2025 and the transaction date is 08/22/2025.

Does the Form 4 indicate any sales, option exercises, or pledges by Christmann?

No. The filing only shows an exempt acquisition of phantom units converting to shares and does not disclose any sales, exercises, or pledges.