[Form 4] APA Corporation Insider Trading Activity

Rhea-AI Filing Summary

Kenneth M. Fisher, a director of APA Corp (APA), reported the issuance of 78 shares of common stock on 08/22/2025 under APA's Outside Directors' Deferral Program. The shares reflect a conversion of 78 restricted stock units (one share per unit) and were recorded as an exempt acquisition under Rule 16b-3(d). The report lists a transaction price of $21.64 and shows Mr. Fisher beneficially owns 6,891 shares following the reported transaction. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Fisher on 08/25/2025. No derivative exercises, disposals, or additional transactions are disclosed in this filing.

Positive

• Transparent disclosure of director compensation conversion under the Outside Directors' Deferral Program
• Exempt acquisition under Rule 16b-3(d), indicating the transaction follows standard insider compensation rules

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation conversion; no material change to ownership or control.

This Form 4 documents a standard, routine conversion of deferred director compensation into 78 shares of APA common stock under the company's Outside Directors' Deferral Program. The filing cites Rule 16b-3(d) for exemption, indicating the acquisition is a customary, exempt corporate benefit rather than a market-driven purchase. The incremental increase is small relative to total holdings: beneficial ownership after the transaction is 6,891 shares, so the 78-share issuance is unlikely to affect control or signal a substantive shift in insider alignment. Disclosure timing and signature by attorney-in-fact conform to procedural norms.

Securities Analyst

TL;DR: Minor insider issuance; immaterial to APA's capitalization or investor valuation.

The 78-share issuance arises from conversion of restricted stock units and is recorded at $21.64 per share for reporting purposes. Because this is a non-market compensation-related issuance and the resulting beneficial ownership is modest (6,891 shares), the transaction has no discernible impact on share count or investor value at a material level. The filing contains no disposals, option exercises, or other transactions that would raise liquidity or governance concerns.

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^*

Fisher Kenneth M.

(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		78		(2)	(2)	Common Stock	78	$21.64	6,891	D

Explanation of Responses:

1. One share of APA common stock for each restricted 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 Kenneth M. Fisher	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 Kenneth M. Fisher report on Form 4 for APA (APA)?

He reported the issuance of 78 shares on 08/22/2025, converted from restricted stock units under APA's Outside Directors' Deferral Program.

How many APA shares does Kenneth M. Fisher beneficially own after the transaction?

The Form 4 shows 6,891 shares beneficially owned following the reported transaction.

What was the reported price per share for the transaction on the Form 4?

The filing lists a price of $21.64 per share.

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

The filing states the acquisition was exempt because shares were accrued under the deferred compensation provisions of APA's Outside Directors' Deferral Program.

When was the Form 4 signed and filed?

The signature block shows the form was signed by an attorney-in-fact on behalf of Kenneth M. Fisher on 08/25/2025.