[Form 4] APA Corporation Insider Trading Activity

Rhea-AI Filing Summary

Bob Matthew Regis, a director of APA Corp (APA), reports an internal compensation-related acquisition dated 08/22/2025. He received 130 phantom stock units that converted to 130 shares of APA common stock, recorded at a price of $21.64 per share, increasing his direct beneficial ownership to 11,395 shares. The acquisition is disclosed as exempt under Rule 16b-3(d) and arose from APA's Outside Directors' Deferral Program. The filing was signed on behalf of Mr. Regis by an attorney-in-fact on 08/25/2025.

Positive

• Director received equity via deferred compensation, aligning director pay with shareholder interests
• Transaction reported as exempt under Rule 16b-3(d), indicating a board-approved, non-short-swing compensatory award
• Filing shows clear disclosure of shares received, price per share, and updated beneficial ownership (11,395 shares)

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director award converted to shares under deferred compensation, disclosed correctly and flagged as Rule 16b-3(d) exempt.

The Form 4 shows a standard director compensation event: accrued phantom stock units under an Outside Directors' Deferral Program converted into 130 shares. The use of Rule 16b-3(d) exemption indicates these were non-performance, board-approved deferred compensation awards for a non-employee director, reducing short-swing liability concerns. Ownership increased to 11,395 shares, which should be assessed relative to total outstanding shares for materiality, but the filing itself follows expected governance and disclosure protocols.

Executive Compensation Analyst

TL;DR: This is a compensation settlement, not a market purchase or sale; it reflects deferred pay converted to equity.

Details show 130 phantom units settled into one-for-one common shares at an indicated price of $21.64 per share and noted as exempt under Rule 16b-3(d). Such settlements are common for director deferred compensation plans and align pay with shareholder outcomes without indicating discretionary additional grants or performance-vesting triggers in this filing. The disclosure of the attorney-in-fact signature confirms procedural completion of the reporting.

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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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^*

Bob Matthew Regis

(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		130		(2)	(2)	Common Stock	130	$21.64	11,395	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 Matthew Regis Bob	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 Bob Regis receive according to the Form 4?

He received 130 phantom stock units that converted to 130 shares of APA common stock.

When was the transaction that led to the ownership change?

The transaction date reported is 08/22/2025 and the Form 4 was executed on 08/25/2025.

Was the acquisition subject to short-swing profit rules?

The acquisition is noted as exempt under Rule 16b-3(d), indicating it arose from a compensatory plan and is exempt from short-swing liability.

What is Bob Regis's total reported beneficial ownership after this transaction?

His beneficial ownership following the transaction is reported as 11,395 shares (direct).

At what price per share is the transaction recorded?

The filing lists a price of $21.64 per share associated with the reported common stock line.