[Form 4] APA Corporation Insider Trading Activity

Rhea-AI Filing Summary

Chansoo Joung, a director of APA Corp (APA), reported an exempt acquisition of 1,086 phantom stock units on 08/22/2025. Each phantom unit is payable in one share of common stock, so the transaction corresponds to 1,086 shares with a reported per-share value of $21.64, resulting in 95,096 shares beneficially owned after the transaction. The filing states the acquisition was exempt under Rule 16b-3(d) and accrued under APA's Outside Directors' Deferral Program. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Joung on 08/25/2025.

Positive

• Transaction disclosed in accordance with Section 16 reporting requirements
• 1,086 phantom stock units accrued under APA's Outside Directors' Deferral Program, converting one-for-one to common shares
• Exempt acquisition under Rule 16b-3(d), indicating compensatory, non-market-transfer treatment
• Beneficial ownership updated to 95,096 shares following the transaction

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine, compensatory equity accrual for a director reported as an exempt acquisition under Rule 16b-3(d).

The Form 4 documents a non-derivative issuance tied to APA's Outside Directors' Deferral Program: 1,086 phantom stock units convertible one-for-one into common shares and recorded at $21.64 per share. Such entries are typical director compensation accruals and are exempt under the cited rule, indicating this was not a market purchase or disposition subject to short-swing profit recovery. The disclosure increases reported beneficial ownership to 95,096 shares, providing transparency on insider holdings without indicating any change in voting control or a market-moving transaction.

Corporate Governance Expert

TL;DR: Governance-level compensation delivery to a director, disclosed properly under Section 16 reporting rules.

The filing shows compliance with Section 16 reporting: the reporting person is identified as a director and the acquisition is explained as accrued deferred compensation under the Outside Directors' Deferral Program. The use of phantom stock units and exemption under Rule 16b-3(d) are consistent with standard board compensation mechanisms. The signature by an attorney-in-fact is noted, and no amendments or additional unusual terms are disclosed.

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^*

Joung Chansoo

(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		1,086		(2)	(2)	Common Stock	1,086	$21.64	95,096	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 Chansoo Joung	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 Chansoo Joung acquire on 08/22/2025?

Chansoo Joung acquired 1,086 phantom stock units on 08/22/2025, each payable in one share of APA common stock.

How many APA shares does Chansoo Joung beneficially own after the reported transaction?

The Form 4 reports 95,096 shares beneficially owned following the transaction.

What was the per-share value reported for the transaction?

The reported per-share price associated with the phantom units is $21.64.

Why was the acquisition exempt from short-swing profit rules?

The filing states the acquisition is exempt under Rule 16b-3(d) and was accrued under APA's Outside Directors' Deferral Program.

Who signed the Form 4 for Chansoo Joung?

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