APA Corporation management check
APA · Energy · Oil & Gas Exploration & Production · CEO John J. Christmann IV
Filings as of
2 good · 2 to watch · 2 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $197, against $295 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.44 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.9% of net income$13.2m of reported pay in fiscal 2025, against $1.4bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $392k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +7.8% a year over the last three fiscal years.
- Watch
Is leadership stable?
12 leadership filings in 3 yearsCEO in the pay table: John J. Christmann IV. 12 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 8 | 64 | |
| Pay for performance | 72 | 65 | |
| CEO cost | 53 | 66 | |
| Skin in the game | — | — | 49 |
| Dilution | 0 | 58 | |
| Stable leadership | 65 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Exploration & Production, by management score. APA Corporation is 20th of 20 in its sector.
Pay versus performance
From the proxy statement filed April 9, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | John J. Christmann IV | $13.2m | $20.2m | $4.6m | $197 | $295 | $1.4bn |
| 2024 | — | $11.4m | $6.2m | $4.1m | $176 | $281 | $804.0m |
| 2023 | — | $13.8m | $3.4m | $5.1m | $265 | $285 | $2.9bn |
| 2022 | — | $13.8m | $37.0m | $5.3m | $337 | $273 | $3.7bn |
| 2021 | — | $15.0m | $27.9m | $5.3m | $191 | $171 | $973.0m |
The board says pay is tied most to Free Cash Flow. Its other key measures: Cash Return on Invested Capital, Development Capital Expenditures, Lifting + Workover Costs.
Insiders and the CEO's stake
Light activity: no buys, $392k sold in six months.
- SoldMark D MaddoxExecutive VP - Administration$392kMay 20, 2026
Leadership and governance on file
- May 26, 2026Leadership change8-K 5.02
- Nov 10, 2025Leadership change8-K 5.02
- Jun 20, 2025Leadership change8-K 5.02
- Jun 6, 2025Leadership change8-K 5.02
- Apr 14, 2025Leadership change8-K 5.02
- Jan 10, 2025Leadership change8-K 5.02
- Jan 6, 2025Leadership change8-K 5.02
- Oct 28, 2024Leadership change8-K 5.02
- Apr 10, 2024Leadership change8-K 5.02
- Apr 1, 2024Leadership change8-K 5.02
- Jan 12, 2024Leadership change8-K 5.02
- Jan 10, 2024Leadership change8-K 5.02
Latest shareholder vote results: May 26, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $1.3bn returned to owners in buybacks and dividends, 13% of net income, and $763.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | $973.0m | $3.7bn | $2.9bn | $804.0m | $1.4bn |
| Stock-based pay | $175.0m | $348.0m | $84.0m | $49.0m | $107.0m |
| Buybacks | — | — | — | — | — |
| Dividends | $52.0m | $207.0m | $308.0m | $353.0m | $360.0m |
| Diluted shares | 375m | 333m | 309m | 353m | 359m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.