APA Corp Reports Officer/Director Changes & Compensation on Jan 7
Ticker: APA · Form: 8-K · Filed: Jan 10, 2024 · CIK: 1841666
Complexity: simple
Sentiment: neutral
Topics: executive-changes, compensation, corporate-governance
TL;DR
**APA Corp just reported executive changes and compensation updates; keep an eye on leadership shifts.**
AI Summary
APA Corp filed an 8-K on January 10, 2024, reporting an event that occurred on January 7, 2024, related to the departure or election of directors/officers and their compensation. This filing indicates changes in leadership or executive compensation structures, which can impact the company's strategic direction and financial performance. Investors should pay attention to these changes as they can signal shifts in company strategy or financial health, potentially affecting stock value.
Why It Matters
Changes in executive leadership or compensation can signal strategic shifts or financial health, directly impacting investor confidence and the company's future performance.
Risk Assessment
Risk Level: medium — Changes in leadership can introduce uncertainty regarding future company direction and performance, warranting a medium risk assessment.
Analyst Insight
Investors should monitor subsequent filings or company announcements for specific details regarding the executive changes and compensation arrangements to understand their potential impact on company strategy and financial outlook.
Key Numbers
- 001-40144 — Commission File Number (identifies APA Corp's filings with the SEC)
- 86-1430562 — IRS Employer Identification No. (identifies APA Corp for tax purposes)
- $0.625 — par value per share (par value of APA Corp's Common Stock)
Key Players & Entities
- APA Corp (company) — registrant
- January 7, 2024 (date) — date of earliest event reported
- January 10, 2024 (date) — filing date
- Nasdaq Global Select Market (company) — exchange where APA stock is registered
- Delaware (company) — state of incorporation for APA Corp
Forward-Looking Statements
- APA Corp will announce specific details of the executive changes and compensation adjustments within the next quarter. (APA Corp) — medium confidence, target: 2024-04-10
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 7, 2024.
What specific items are covered in this 8-K filing according to the ITEM INFORMATION section?
The ITEM INFORMATION section indicates that the filing covers 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' and 'Financial Statements and Exhibits'.
What is the business address of APA Corporation?
The business address of APA Corporation is 2000 Post Oak Boulevard, Suite 100, Houston, Texas 77056-4400.
On which exchange is APA Corporation's Common Stock traded?
APA Corporation's Common Stock, with a par value of $0.625, is traded on the Nasdaq Global Select Market under the trading symbol APA.
What is the Central Index Key (CIK) for APA Corp?
The Central Index Key (CIK) for APA Corp is 0001841666.
Filing Stats: 712 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-01-10 14:45:30
Key Financial Figures
- $0.625 — nge on which registered Common Stock, $0.625 par value APA Nasdaq Global Select
- $900,000 — ed for him (i) an annual base salary of $900,000, (ii) a target annual incentive compens
Filing Documents
- d446871d8k.htm (8-K) — 26KB
- d446871dex991.htm (EX-99.1) — 5KB
- g446871g123.jpg (GRAPHIC) — 4KB
- 0001193125-24-005852.txt ( ) — 158KB
- apa-20240107.xsd (EX-101.SCH) — 3KB
- apa-20240107_lab.xml (EX-101.LAB) — 18KB
- apa-20240107_pre.xml (EX-101.PRE) — 11KB
- d446871d8k_htm.xml (XML) — 3KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 7, 2024, the Management Development and Compensation Committee (the "MD&C Committee") of the Board of Directors (the "Board") of APA Corporation (the "Company"), through authority delegated to the MD&C Committee by the full Board, appointed Stephen J. Riney, 63, to the role of president and chief financial officer of the Company, effective as of January 1, 2024. John J. Christmann IV, who held the role of president, continues to serve as the Company's chief executive officer and a member of the Board. On January 9, 2024, the Company issued a press release announcing this appointment, a copy of which is filed herewith as Exhibit 99.1. Mr. Riney was previously appointed executive vice president on February 18, 2015, and chief financial officer effective March 3, 2015. He served as chief financial officer for BP Exploration and Production from July 2012 to January 2015 and global head of mergers and acquisitions for BP p.l.c. from January 2007 to June 2012. In connection with Mr. Riney's appointment and commensurate with his position and responsibilities, the MD&C Committee approved for him (i) an annual base salary of $900,000, (ii) a target annual incentive compensation opportunity (expressed as a percentage of his annual base salary) of 120%, and (iii) a target long-term incentive compensation opportunity of 600%, each effective as of January 1, 2024. The long-term incentive compensation opportunity is comprised of performance shares (i.e., cash-based restricted stock units with performance-based conditions) and restricted stock units (both stock- and cash-settled), under the terms of the Company's 2016 Omnibus Compensation Plan, as amended. Mr. Riney (i) has no family relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release of APA Corporation dated January 9, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. APA CORPORATION Date: January 10, 2024 By: /s/ Rajesh Sharma Rajesh Sharma Corporate Secretary