Form 4: APA Corp Director Peter Ragauss Reports Routine Equity Compensation Transactions

APA Corp Director Peter A. Ragauss reported the conversion of 2,733 phantom stock units, the grant of 2,733 restricted stock units, and the vesting of 2,733 restricted stock units, all occurring on June 30, 2025.

Summary

• Peter A. Ragauss, a Director of APA Corp, reported multiple equity transactions on June 30, 2025.
• 2,733 phantom stock units converted into an equal number of APA common shares. These units were accrued under APA's Outside Directors' Deferral Program and are exempt acquisitions under Rule 16b-3(d).
• An additional 2,733 restricted stock units were granted to Mr. Ragauss under the 2016 Omnibus Compensation Plan, which was approved by shareholders in May 2016.
• Concurrently, 2,733 previously granted restricted stock units vested, resulting in their conversion to common stock.
• Following these transactions, Mr. Ragauss beneficially owns 91,506 phantom stock units and 2,733 restricted stock units directly.

Sentiment

Score: 7

Explanation: The filing reports routine, expected equity compensation transactions for a director, indicating standard corporate governance and compensation practices. There are no negative surprises or significant positive catalysts beyond the ordinary course of business.

Positives

• The transactions represent standard compensation for a non-employee director, aligning their interests with shareholders.
• The acquisition of common stock through phantom unit conversion and RSU vesting increases the director's direct ownership in the company.

Future Outlook

NA

Industry Context

This is a routine insider transaction filing, common across all industries for publicly traded companies, reflecting standard director compensation practices. It does not provide specific industry context.

Comparison to Industry Standards

• The use of phantom stock units and restricted stock units as part of non-employee director compensation is a common practice across publicly traded companies, aligning director incentives with shareholder value.
• The 2016 Omnibus Compensation Plan, under which these units were granted, is a typical long-term incentive plan designed to attract and retain qualified directors and executives, similar to plans at peer companies in the energy sector like ExxonMobil or Chevron.
• The specific amounts granted (2,733 units) would need to be compared against APA's peer group's director compensation disclosures to assess if they are within industry norms, but the type of compensation is standard.

Corporate Governance

Stakeholder Impact

• Shareholders: The transactions align the director's interests with shareholders through equity ownership. The compensation plan under which these transactions occurred was shareholder-approved.

Next Steps

• Future vesting or conversion events related to the remaining 91,506 phantom stock units beneficially owned by Mr. Ragauss.
• Future grants of equity compensation to non-employee directors under the 2016 Omnibus Compensation Plan or successor plans.

Key Dates

Recommendation

Keywords

APA Corp, Peter A. Ragauss, Form 4, SEC filing, Director compensation, Phantom Stock Units, Restricted Stock Units, Equity compensation, Insider transactions, Corporate governance