[Form 4] APA Corporation Insider Trading Activity

Rhea-AI Filing Summary

Peter A. Ragauss, a director of APA Corp (APA), received 1,057 shares of common stock equivalent on 08/22/2025 under the companys Outside Directors Deferral Program. The filing reports these shares as an exempt acquisition of phantom stock units that convert one-for-one into common shares, recorded at an implied value of $21.64 per share. Following the transaction the reporting person beneficially owns 92,563 shares, held directly. The acquisition was made pursuant to deferred compensation arrangements and is exempt under Rule 16b-3(d).

Positive

• Director received 1,057 shares via phantom stock units, providing alignment with shareholder interests
• Transaction is exempt under Rule 16b-3(d), indicating compliance with insider transaction rules for compensation settlements

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine deferred-compensation issuance to a director; immaterial to APAs capital structure.

The Form 4 discloses a director-level accrual conversion: 1,057 phantom units vested or were credited and are treated as one share each, recorded at $21.64 per share. This is a compensation-related issuance under an outside directors deferral program and is specifically noted as exempt under Rule 16b-3(d), indicating no short-swing profit exposure. The change increases the directors direct holdings to 92,563 shares, which is unlikely to move ownership thresholds or materially affect outstanding share count at scale based on the disclosed amount.

Corporate Governance Expert

TL;DR: Transaction reflects standard director deferred-compensation practices with proper exemption cited.

The report shows a standard conversion of phantom stock units into common-stock-equivalent shares under APAs Outside Directors Deferral Program. The filing is signed by an attorney-in-fact and cites the Rule 16b-3(d) exemption, which is the typical regulatory path for director compensation settlements. Documentation appears complete for a Form 4: transaction date, count, price per share, and post-transaction beneficial ownership are disclosed. No governance red flags are evident from the disclosed facts alone.

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^*

Ragauss Peter A

(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		1,057		(2)	(2)	Common Stock	1,057	$21.64	92,563	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 Peter A. Ragauss	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 Peter A. Ragauss report on Form 4 for APA (APA)?

He reported receipt of 1,057 phantom stock units converted one-for-one into common stock equivalents on 08/22/2025.

How many APA shares does the reporting person own after the transaction?

92,563 shares beneficially owned following the reported transaction.

Was the acquisition of the phantom units subject to short-swing profit rules?

No. The filing states the acquisition was exempt pursuant to Rule 16b-3(d).

What price per share is shown in the Form 4 for these units?

$21.64 per share is the price reported for the underlying common stock on the transaction line.

Under what program were the phantom units accrued?

APA's Outside Directors' Deferral Program under the deferred compensation provisions, per the filing.