Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-28

Apa Corp (APA)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$13,202,517
John Christmann IV total, FY2025
50th
CEO pay percentile vs peers
56:1
CEO-to-median pay ratio
86.03%
Say-on-pay support, latest vote
Companies that benchmark against APA
18 companies name APA as a compensation peer

Each company listed discloses APA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named APA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
John Christmann IV$1,300,000$0$6,018,436$1,897,996$3,454,360$0$531,725$13,202,517
Chief Executive Officer
Stephen Riney900,000110,1603,424,6021,079,9942,049,8400340,4597,905,055
President
D. Clay Bretches290,74201,712,301539,997001,577,5324,120,572
Former EVP, Operations
Tracey Henderson625,00001,387,251437,4981,186,2500207,8903,843,889
EVP, Exploration
Ben Rodgers580,23253,873951,232299,9931,002,4680156,5963,044,394
EVP, Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
John Christmann IV$13,202,517$11,440,709$13,763,441+1,761,808
Stephen Riney7,905,0556,707,427+1,197,628
D. Clay Bretches4,120,5723,826,9714,906,020+293,601
Tracey Henderson3,843,8893,286,3684,168,620+557,521
Ben Rodgers3,044,394

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Stephen RineyPSU2025-01-0916,41982,094164,188$1,943,986
Tracey HendersonPSU2025-01-096,65133,25566,510787,478
Ben RodgersPSU2025-01-094,56122,80345,606539,975
John Christmann IVPSU2025-01-0928,855144,273288,5463,416,385
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Stephen Riney$0$1,943,986$0100.0%
Tracey Henderson0787,4780100.0%
Ben Rodgers0539,9750100.0%
John Christmann IV03,416,3850100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
John Christmann IVRSU80,152$1,960,518
Ben RodgersRSU1,67640,995
Stephen RineyPSU67,9001,660,834
Stephen RineyRSU7,545184,551
Ben RodgersRSU12,668309,859
John Christmann IVPSU101,5402,483,668
Stephen RineyPSU47,7671,168,381
Stephen RineyPSU82,0942,008,019
Stephen RineyOption113,56423.68
John Christmann IVOption199,57923.68
John Christmann IVRSU45,0161,101,091
John Christmann IVRSU30,011734,069
Tracey HendersonRSU18,475451,899
Ben RodgersPSU15,141370,349
Ben RodgersPSU22,624553,383
John Christmann IVPSU144,3423,530,605
John Christmann IVPSU101,2862,477,456
Stephen RineyPSU57,6331,409,703
D. Clay BretchesPSU41,6991,019,958
Tracey HendersonPSU37,366913,972
Tracey HendersonPSU33,255813,417
Stephen RineyRSU25,615626,543
Tracey HendersonPSU23,346571,043
Ben RodgersPSU22,803557,761
John Christmann IVRSU16,037392,265
Ben RodgersPSU16,009391,580
Ben RodgersOption31,54523.68
John Christmann IVRSU10,692261,526
Tracey HendersonRSU10,376253,797
Stephen RineyRSU5,030123,034
Tracey HendersonRSU5,000122,300
Ben RodgersRSU4,744116,038
Tracey HendersonRSU4,151101,533
D. Clay BretchesRSU3,21578,639
Ben RodgersRSU2,51361,468
D. Clay BretchesRSU2,16853,029
D. Clay BretchesRSU1,44535,345
Tracey HendersonOption46,00423.68
Tracey HendersonPSU19,829485,017
Stephen RineyRSU17,077417,703
Tracey HendersonRSU6,918169,214
Ben RodgersRSU7,115174,033
Tracey HendersonRSU2,76867,705
Stephen RineyRSU45,6081,115,572
D. Clay BretchesOption8,00723.68
John Christmann IVPSU144,2733,528,918
D. Clay BretchesRSU2,70966,262
D. Clay BretchesPSU32,444793,580
D. Clay BretchesRSU1,80644,175
D. Clay BretchesPSU13,684334,711
05

Incentive-plan design — the Compensation Discussion & Analysis

We target total compensation opportunity at the median of our compensation peer group, with realizable pay determined by performance--executives can earn above or below their target opportunities based on actual performance results.

CEO STI target (% of salary)140%
CEO LTI target (% of salary)
Independent consultantPearl Meyer & Partners, LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-21238,710,64538,762,516658,89786.03%Passed
20252025-05-22236,063,20145,671,2501,106,12583.79%Passed
20242024-05-23158,366,37969,581,737527,61569.47%Passed
20232023-05-23216,122,31312,645,364602,44094.47%Passed
20222022-05-13178,067,13677,876,896683,29769.57%Passed
20212021-05-27262,442,11712,857,054529,37795.33%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2186.03%a
20252025-05-2283.79%b
20242024-05-2369.47%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)56 : 1
CEO total compensation$13,202,517
Median employee compensation$237,527
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
H. Lamar McKayIndependent · Board Chair$200,000$299,920$0$499,920
Kenneth M. FisherIndependent · Audit (Chair) · Cybersecurity (Chair)129,303199,961010,000339,264
Juliet S. EllisIndependent · Management Development and Compensation (Chair)120,000199,961010,000329,961
Annell R. BayIndependent · Audit (Chair)115,000199,961010,000324,961
Chansoo JoungIndependent · Audit115,385199,9610315,346
Charles W. HooperIndependent · Corporate Responsibility, Governance, and Nominating (Chair)115,000199,9610314,961
Anya WeavingIndependent · Audit105,000199,961010,000314,961
Peter A. RagaussIndependent · Audit105,000199,961010,000314,961
Matthew R. BobIndependent · Audit · Not standing for re-election105,000199,9610304,961
David L. StoverIndependent · Management Development and Compensation100,000199,9610299,961
John J. Christmann IVEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$199,961
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,209,688
Equity awards (grant-date value)$2,099,569
All other compensation$50,000
Total cost of the board$3,359,257

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Apa Corp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Apa Corp.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Occidental Petroleum Corp.2025Vicki Hollub$1,596,781$12,298,207$0$3,200,000$18,055,969
2Hess Corp.2024John Hess1,575,00012,075,03604,358,70018,036,267
3EOG Resources, Inc.2025Ezra Yacob1,434,61512,729,62802,718,80017,576,636
4Diamondback Energy, Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
5Coterra Energy, Inc.2024Thomas Jorden1,198,55810,628,85002,500,00014,748,960
6Ovintiv Inc.2025Brendan McCracken1,185,0009,900,00502,136,75013,693,140
7Apa Corp2025John Christmann IV1,300,0006,018,4361,897,9963,454,36013,202,517
8Marathon Oil Corp.2023Lee Tillman1,200,0008,668,14401,980,00012,830,222
9Devon Energy Corp.2025Clay Gaspar938,1259,633,68901,612,00012,566,384
10Expand Energy Corp.2025Domenic Dell'Osso947,3468,890,4449,879,106
11Civitas Resources Inc.2024M. Christopher Doyle1,431,1506,933,919008,385,769
12Antero Resources Corp.2025Michael Kennedy655,4704,325,73401,678,3076,687,656
Murphy Oil Corp.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Apa Corp189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
Antero Resources Corp.157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
Civitas Resources Inc.not disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Coterra Energy, Inc.174%PSU 50 · RSU 50Yes — Relative TSRZayla Partners
Devon Energy Corp.124%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Diamondback Energy, Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
EOG Resources, Inc.125%PSU 60 · RSU 40Yes — Relative TSR vs Performance Peer GroupMeridian Compensation Partners, LLC
Expand Energy Corp.150%PSU 70 · RSU 30Yes — Absolute Total Shareholder Return (aTSR)Meridian Compensation Partners, LLC
Hess Corp.184.3%RSU 100Yes — Relative TSR (Total Shareholder Return)Semler Brossy Consulting Group LLC
Marathon Oil Corp.110%PSU 60 · RSU 40NoMeridian Compensation Partners LLC
Murphy Oil Corp.not disclosednot disclosednot disclosednot disclosed
Occidental Petroleum Corp.125%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Ovintiv Inc.140%RSU 50 · PSU 50Yes — Relative TSRFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, John Christmann IVDEF 14A2026-04-090001193125-26-149453Section “Summary Compensation Table” · page 32. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775
2Section 01, Stephen RineyDEF 14A2026-04-090001193125-26-149453Section “Summary Compensation Table” · page 32. As printed: 7,905,055. Filing ↗machine: t67 · r5 · c24 · span 1242699–1242708
3Section 01, D. Clay BretchesDEF 14A2026-04-090001193125-26-149453Section “Summary Compensation Table” · page 32. As printed: 4,120,572. Filing ↗machine: t67 · r15 · c24 · span 1333855–1333864
4Section 01, Tracey HendersonDEF 14A2026-04-090001193125-26-149453Section “Summary Compensation Table” · page 32. As printed: 3,843,889. Filing ↗machine: t67 · r10 · c24 · span 1288172–1288181
5Section 01, Ben RodgersDEF 14A2026-04-090001193125-26-149453Section “Summary Compensation Table” · page 32. As printed: 3,044,394. Filing ↗machine: t67 · r8 · c24 · span 1271753–1271762
6Section 03, Stephen Riney PSUDEF 14A2026-04-090001193125-26-149453Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t72 · r11 · c24 · span 1980895–1980901
7Section 03, Tracey Henderson PSUDEF 14A2026-04-090001193125-26-149453Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t72 · r21 · c25 · span 2100786–2100792
8Section 03, Ben Rodgers PSUDEF 14A2026-04-090001193125-26-149453Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t72 · r16 · c25 · span 2040844–2040850
9Section 03, John Christmann IV PSUDEF 14A2026-04-090001193125-26-149453Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
10Section 07, pay ratioDEF 14A2026-04-090001193125-26-149453Section “CEO Pay Ratio”. As printed: 56 : 1. Filing ↗
11Section 08, H. Lamar McKayDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 499,920. Filing ↗machine: t86 · r8 · c21 · span 2854961–2854968
12Section 08, Kenneth M. FisherDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 339,264. Filing ↗machine: t86 · r5 · c21 · span 2827443–2827450
13Section 08, Juliet S. EllisDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 329,961. Filing ↗machine: t86 · r4 · c21 · span 2818208–2818215
14Section 08, Annell R. BayDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 324,961. Filing ↗machine: t86 · r2 · c21 · span 2799803–2799810
15Section 08, Chansoo JoungDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 315,346. Filing ↗machine: t86 · r7 · c21 · span 2845789–2845796
16Section 08, Charles W. HooperDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 314,961. Filing ↗machine: t86 · r6 · c21 · span 2836618–2836625
17Section 08, Anya WeavingDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 314,961. Filing ↗machine: t86 · r11 · c21 · span 2882598–2882605
18Section 08, Peter A. RagaussDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 314,961. Filing ↗machine: t86 · r9 · c21 · span 2864195–2864202
19Section 08, Matthew R. BobDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 304,961. Filing ↗machine: t86 · r3 · c21 · span 2808975–2808982
20Section 08, David L. StoverDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 299,961. Filing ↗machine: t86 · r10 · c21 · span 2873368–2873375
21Section 08, John J. Christmann IVDEF 14A2026-04-090001193125-26-149453Section “Director Compensation”. As printed: 0. Filing ↗
22Section 06, 2026 voteForm 8-K2026-05-260001841666-26-000037Item 5.07 · say-on-pay result. As reported: 86.03% (votes for as printed: 238,710,645). Filing ↗
23Section 06, 2025 voteForm 8-K2025-05-280001673379-25-000017Item 5.07 · say-on-pay result. As reported: 83.79% (votes for as printed: 236,063,201). Filing ↗
24Section 06, 2024 voteForm 8-K2024-05-290001193125-24-148728Item 5.07 · say-on-pay result. As reported: 69.47% (votes for as printed: 158,366,379). Filing ↗
25Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
27Section 09b board cost (computed)ComputedcomputedCash 1,209,688 + equity 2,099,569 + all other 50,000 = 3,359,257, summed across the director compensation table rows.machine: formula: Σ = 3,359,257
28Occidental Petroleum Corp., Section 10b CEO totalDEF 14A2026-03-190001628280-26-019816CEO total compensation as printed in Occidental Petroleum Corp.'s own proxy. As printed: 18,055,969. Filing ↗machine: r2 · c17 · span 2031997–2032007
29Hess Corp., Section 10b CEO totalDEF 14A2025-04-040001193125-25-073397CEO total compensation as printed in Hess Corp.'s own proxy. As printed: 18,036,267. Filing ↗machine: r2 · c35 · span 890654–890664
30EOG Resources, Inc., Section 10b CEO totalDEF 14A2026-03-270001104659-26-036125CEO total compensation as printed in EOG Resources, Inc.'s own proxy. As printed: 17,576,636. Filing ↗machine: t153 · r6 · c17 · span 1140550–1140560
31Diamondback Energy, Inc., Section 10b CEO totalDEF 14A2026-04-090001308179-26-000242CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. Filing ↗machine: t243 · span 824819–824829
32Coterra Energy, Inc., Section 10b CEO totalDEF 14A2025-03-200001104659-25-026126CEO total compensation as printed in Coterra Energy, Inc.'s own proxy. As printed: 14,748,960. Filing ↗machine: t61 · r1 · c63 · span 936374–936384
33Ovintiv Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124351CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. Filing ↗machine: r3 · c31 · span 1274573–1274583
34Apa Corp (subject), Section 10b CEO totalDEF 14A2026-04-090001193125-26-149453CEO total compensation as printed in Apa Corp's own proxy. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775
35Marathon Oil Corp., Section 10b CEO totalDEF 14A2024-04-100000101778-24-000082CEO total compensation as printed in Marathon Oil Corp.'s own proxy. As printed: 12,830,222. Filing ↗machine: t76 · r2 · c23 · span 726272–726282
36Devon Energy Corp., Section 10b CEO totalDEF 14A2026-05-280001104659-26-067065CEO total compensation as printed in Devon Energy Corp.'s own proxy. As printed: 12,566,384. Filing ↗machine: r1 · c22 · span 1488697–1488707
37Expand Energy Corp., Section 10b CEO totalDEF 14A2026-04-240001104659-26-048155CEO total compensation as printed in Expand Energy Corp.'s own proxy. As printed: 9,879,106. Filing ↗
38Civitas Resources Inc., Section 10b CEO totalDEF 14A2025-04-210001558370-25-005077CEO total compensation as printed in Civitas Resources Inc.'s own proxy. As printed: 8,385,769. Filing ↗machine: t156 · r5 · c14 · span 1210375–1210384
39Antero Resources Corp., Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources Corp.'s own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
40Section 10a, Marathon Oil Corp. reciprocityDEF 14A0000101778-24-000082Marathon Oil Corp. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Coterra Energy, Inc. reciprocityDEF 14A0001104659-25-026126Coterra Energy, Inc. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Diamondback Energy, Inc. reciprocityDEF 14A0001308179-26-000242Diamondback Energy, Inc. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, EOG Resources, Inc. reciprocityDEF 14A0001104659-26-036125EOG Resources, Inc. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Ovintiv Inc. reciprocityDEF 14A0001193125-26-124351Ovintiv Inc. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Hess Corp. reciprocityDEF 14A0001193125-25-073397Hess Corp. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Antero Resources Corp. reciprocityDEF 14A0001308179-26-000330Antero Resources Corp. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Civitas Resources Inc. reciprocityDEF 14A0001558370-25-005077Civitas Resources Inc.'s most recent proxy was read; its disclosed peer group does not include Apa Corp. Filing ↗
48Section 10a, Devon Energy Corp. reciprocityDEF 14A0001104659-26-067065Devon Energy Corp. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Expand Energy Corp. reciprocityDEF 14A0001104659-26-048155Expand Energy Corp. names Apa Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Occidental Petroleum Corp. reciprocityDEF 14A0001628280-26-019816Occidental Petroleum Corp.'s most recent proxy was read; its disclosed peer group does not include Apa Corp. Filing ↗