Form 4: APA Director Kenneth Fisher Reports Equity Transactions

APA Corp Director Kenneth M. Fisher disclosed the acquisition of phantom stock units and the grant and vesting of restricted stock units on December 31, 2025.

Summary

• Kenneth M. Fisher, a Director of APA Corp, reported changes in his beneficial ownership of the company's securities.
• On December 31, 2025, Fisher acquired 2,044 phantom stock units, bringing his total beneficial ownership of phantom stock units to 11,088. These units accrued under APA's Outside Directors' Deferral Program and include 94 units attributable to dividends paid on APA common stock.
• Also on December 31, 2025, Fisher was granted 2,044 restricted stock units under the 2016 Omnibus Compensation Plan.
• Concurrently, 2,044 restricted stock units vested on December 31, 2025, resulting in 0 restricted stock units remaining from that specific grant.

Sentiment

Score: 7

Explanation: The filing details routine equity compensation transactions for a director, indicating standard corporate governance practices and continued alignment of director interests with the company's equity performance. This is generally a neutral to slightly positive indicator of stable governance.

Positives

• Director Kenneth M. Fisher increased his beneficial ownership of phantom stock units by 2,044, demonstrating continued participation in the company's deferred compensation program.
• The grant of 2,044 restricted stock units aligns director compensation with shareholder interests through equity awards.
• The vesting of 2,044 restricted stock units indicates the fulfillment of compensation terms for the director.

Future Outlook

This filing does not contain forward-looking statements or guidance.

Industry Context

The use of phantom stock units and restricted stock units for director compensation is a common practice in publicly traded companies, particularly within the energy sector, to align director incentives with long-term shareholder value.

Comparison to Industry Standards

• The compensation structure involving phantom stock units and restricted stock units is standard practice for non-employee directors in many U.S. public companies, including those in the oil and gas industry. Specific comparable companies or projects are not detailed in this filing.

Corporate Governance

Related Party Transactions

• The transactions involve a director (Kenneth M. Fisher) and the company (APA Corp), which are considered related parties. These are standard compensation arrangements disclosed as required by SEC regulations.

Stakeholder Impact

• Shareholders: The grant and vesting of equity awards align director interests with shareholder value. The deferred compensation program encourages long-term commitment from the director.
• Employees: No direct impact on employees is mentioned.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is mentioned.

Key Dates

Recommendation

This Form 4 filing details routine equity compensation for a director and does not provide information that would warrant a change in investment recommendation. It reflects standard corporate governance and compensation practices, suggesting stability rather than a catalyst for significant price movement.

Keywords

APA Corp, APA, Kenneth M. Fisher, Director, Form 4, SEC Filing, Insider Transaction, Beneficial Ownership, Phantom Stock Units, Restricted Stock Units, Equity Compensation, Deferred Compensation, Corporate Governance