01—Abstract
Summary
Summary of the 8-K filed April 14, 2025. Cited figures are marked; the original filing is the authoritative source.
APA Corporation announced on April 14, 2025 that its Board of Directors appointed Ben C.
Rodgers as executive vice president and chief financial officer, effective May 12, 2025. Rodgers most recently served as the Company's senior vice president of Finance and Treasurer, a role he held since April 2024, and has been with the Company since 2018 in various treasury and finance positions. Stephen J.
Riney, currently president and chief financial officer, will continue to serve as president after the effective date. Under the compensation approved by the Management Development and Compensation (MD&C) Committee, Rodgers will receive an annual base salary of $625,000a effective May 12, 2025, a target annual incentive opportunity of 100% of base salary effective on that date, and a target long-term incentive opportunity of 350% effective January 1, 2026. The filing states he has no family relationships with directors or executive officers, is not party to any related person transaction, and was not selected pursuant to any arrangement or understanding.
The accompanying press release, filed as Exhibit 99.1, also announces that Rodgers will oversee accounting, audit, investor relations, planning, tax and treasury. The release further reports that Shad Frazier joined as senior vice president, U.S. Onshore Operations, effective immediately, and that Donald Martin will join as vice president, Decommissioning, effective May 26, 2025.
02—Key points
Key Highlights
- Ben C. Rodgers appointed executive vice president and chief financial officer, effective May 12, 2025, with the appointment approved by the Board on April 11, 2025.
- Stephen J. Riney, currently president and chief financial officer, will continue as president after the effective date, overseeing asset development and operations.
- Rodgers's approved base salary is $625,000, effective May 12, 2025.
- Target annual incentive set at 100% of base salary, effective May 12, 2025; target long-term incentive set at 350% effective January 1, 2026.
- Rodgers's responsibilities as CFO will include Accounting, Audit, Investor Relations, Planning, Tax and Treasury.
- Shad Frazier joined as senior vice president, U.S. Onshore Operations, effective immediately, with nearly 30 years of industry experience.
- Donald Martin will join as vice president, Decommissioning, effective May 26, 2025.
03—Questions
Frequently Asked Questions
Who is APA's new chief financial officer and when does the role take effect?
Ben C. Rodgers, who has served as senior vice president of Finance and Treasurer since April 2024, will become executive vice president and chief financial officer effective May 12, 2025. He joined the Company in 2018 and previously served as CFO of Altus Midstream.
What will happen to Stephen Riney's role?
Stephen J. Riney, who currently serves as president and chief financial officer, will continue to serve as the Company's president on the effective date. The press release states he will oversee asset development and operations.
What is Rodgers's compensation package?
The MD&C Committee approved an annual base salary of $625,000 effective May 12, 2025, a target annual incentive opportunity of 100% of base salary effective on that date, and a target long-term incentive opportunity of 350% effective January 1, 2026.
Are there any related-party transactions or family relationships involving the new CFO?
According to the filing, Rodgers has no family relationship with any director or executive officer, is not a party to any related person transaction with the Company, and has no arrangements or understandings under which he was selected as an officer.
04—Continue