APA Corp Files 8-K on Executive Compensation Arrangements
Ticker: APA · Form: 8-K · Filed: Jan 12, 2024 · CIK: 1841666
Complexity: simple
Sentiment: neutral
Topics: executive-compensation, corporate-governance, 8-K, officer-appointment
TL;DR
**APA Corp just filed an 8-K about executive pay changes.**
AI Summary
APA Corp filed an 8-K on January 12, 2024, reporting an event that occurred on January 8, 2024, related to changes in its executive compensation arrangements. This filing indicates potential adjustments to how certain officers are compensated, which could impact the company's operational costs and executive incentives. For investors, this matters because changes in executive compensation can influence management's motivation and the company's financial performance, potentially affecting stock value.
Why It Matters
Changes in executive compensation can signal shifts in corporate strategy or governance, directly impacting investor confidence and the company's financial health.
Risk Assessment
Risk Level: low — This filing is a routine disclosure about executive compensation arrangements, not indicating immediate financial distress or major operational changes.
Analyst Insight
Investors should monitor subsequent filings or company announcements for specific details regarding the changes in compensatory arrangements, as these details could influence future executive performance and company financials.
Key Players & Entities
- APA Corp (company) — the registrant filing the 8-K
- January 8, 2024 (date) — date of the earliest event reported
- January 12, 2024 (date) — date the 8-K was filed
- Nasdaq Global Select Market (company) — exchange where APA Corp's common stock is registered
FAQ
What is the purpose of this 8-K filing by APA Corp?
This 8-K filing by APA Corp is a 'Current Report' pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934, specifically addressing 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' and 'Financial Statements and Exhibits'.
When did the earliest event reported in this 8-K occur?
The earliest event reported in this 8-K occurred on January 8, 2024.
What is APA Corp's trading symbol and where is its common stock registered?
APA Corp's trading symbol is 'APA', and its Common Stock, $0.625 par value, is registered on the Nasdaq Global Select Market.
What is the business address and phone number of APA Corp as listed in the filing?
APA Corp's business address is 2000 Post Oak Boulevard, Suite 100, Houston, Texas 77056-4400, and its telephone number is (713) 296-6000.
Under which SEC Act was this 8-K filed?
This 8-K was filed under the 1934 Act.
Filing Stats: 666 words · 3 min read · ~2 pages · Grade level 13.6 · Accepted 2024-01-12 09:02:31
Key Financial Figures
- $0.625 — nge on which registered Common Stock, $0.625 par value APA Nasdaq Global Select
Filing Documents
- d691143d8k.htm (8-K) — 29KB
- d691143dex101.htm (EX-10.1) — 137KB
- g691143g0111033953983.jpg (GRAPHIC) — 48KB
- 0001193125-24-007137.txt ( ) — 380KB
- apa-20240108.xsd (EX-101.SCH) — 3KB
- apa-20240108_lab.xml (EX-101.LAB) — 18KB
- apa-20240108_pre.xml (EX-101.PRE) — 11KB
- d691143d8k_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 8, 2024, the Management Development and Compensation Committee of the Board of Directors of APA Corporation (the "Company") approved a new form of Performance Share Program Agreement (the "2024 Performance Share Program Agreement"). Pursuant to the 2024 Performance Share Program Agreement, the Company will award performance shares ("Performance Shares") to the Company's executive officers under the Company's 2016 Omnibus Compensation Plan, as amended. The 2024 Performance Share Program Agreement mirrors the Company's previous form of performance share program agreement, with the following exceptions: The 2024 Performance Share Program Agreement provides that vesting of the Performance Shares is based on three individually weighted measures of performance: Relative Total Shareholder Return ("TSR") (40%); Cash Return on Invested Capital ("CROIC") (40%); and Reduction in the Company's global methane intensity ("Methane") (20%). The Methane performance is measured over the performance period against the percentage reduction compared to a previous baseline year to deliver the three-year reduction in methane intensity using the calculation standards applicable to each country of operations. The CROIC performance measure is based on a fixed, cash target amount, subject to adjustment based on the results during the performance period. However, it is not adjusted based on the Company's common stock price. The TSR and Methane performance measures remain subject to adjustment based on the results during the performance period and the Company's common stock price. The foregoing description of the 2024 Performance Share Program Agreement does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the 2024 Performance Share Program Agreement, which is
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Form of 2024 Performance Share Program Agreement (2016 Omnibus Compensation Plan), dated January 8, 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 12, 2024 By: /s/ Rajesh Sharma Rajesh Sharma Corporate Secretary