[Form 4] APA Corporation Insider Trading Activity

Rhea-AI Filing Summary

Lamar McKay, a director of APA Corp (APA), acquired 505 shares of common stock through the companys phantom stock program on 08/22/2025. Each phantom stock unit converted to one share at no purchase price, the acquisition is reported as exempt under Rule 16b-3(d) because it accrued under APAs Outside Directors Deferral Program, and the reporting form shows Mr. McKay holds 44,201 shares following the transaction. The report was filed individually and signed by an attorney-in-fact on 08/25/2025.

Positive

• Director received 505 shares through conversion of phantom stock units, increasing alignment with shareholders
• Transaction is exempt under Rule 16b-3(d), indicating it arose from a pre-existing deferred compensation program

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation conversion; aligns director with shareholders but not material.

This Form 4 documents a standard conversion of deferred phantom stock units into 505 shares for a director under APAs Outside Directors Deferral Program. The transaction is reported as exempt under Rule 16b-3(d), indicating it arose from a compensation arrangement rather than an open-market purchase. The net change is modest relative to the directors total reported holdings (44,201 shares) and does not indicate a change in control, insider selling, or any governance event.

Executive Compensation Analyst

TL;DR: Compensation-related vesting credited 505 shares; appears routine and procedurally exempt.

The filing shows one-for-one conversion of phantom stock units into common shares with a $0 conversion price, consistent with deferred compensation payouts to outside directors. The exemption citation (Rule 16b-3(d)) and the characterization as accrued under the Outside Directors' Deferral Program indicate this is a planned, non-discretionary compensation settlement rather than a market transaction. The amount is small and consistent with routine director compensation practices.

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^*

McKay Lamar

(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		505		(2)	(2)	Common Stock	505	$21.64	44,201	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 Lamar McKay	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 Lamar McKay report on the APA (APA) Form 4?

The Form 4 reports that Lamar McKay acquired 505 shares via conversion of phantom stock units on 08/22/2025, bringing his total to 44,201 shares.

Was the acquisition of 505 shares purchased or part of compensation?

The shares were received as compensation: one common share was issued for each phantom stock unit and the acquisition is described as accrued under APAs Outside Directors' Deferral Program.

Is the reported transaction subject to Rule 16b-3 restrictions?

The filing states the acquisition is exempt pursuant to Rule 16b-3(d), which covers certain transactions arising from director compensation plans.

How many shares does Lamar McKay beneficially own after the transaction?

The Form 4 reports 44,201 shares beneficially owned following the reported transaction.

When was the Form 4 filed and who signed it?

The transaction date is 08/22/2025 and the Form 4 was executed by Kyle W. Funderburk, Attorney-in-Fact on 08/25/2025.