APA said its Management Development and Compensation Committee of the Board of Directors approved a new form of 2024 Performance Share Program Agreement on January 8, 2024. Under the agreement, the company will award performance shares to executive officers under the 2016 Omnibus Compensation Plan.

1. 01

   APA said its Management Development and Compensation Committee of the Board of Directors approved a new form of 2024 Performance Share Program Agreement on January 8, 2024. Under the agreement, the company will award performance shares to executive officers under the 2016 Omnibus Compensation Plan.

2. 02

   The company said vesting of performance shares is based on three individually weighted performance measures. The weightings are Relative Total Shareholder Return (TSR) at 40%, Cash Return on Invested Capital (CROIC) at 40%, and reduction in global methane intensity (Methane) at 20%.

3. 03

   The company said Methane performance is measured over the performance period as the percentage reduction compared with a prior baseline year, delivering a 3-year reduction in methane intensity calculated under the standards applicable to each country of operation.

4. 04

   The company said the CROIC measure is based on a fixed cash target amount and is adjusted based on performance period results, but is not adjusted based on APA's common stock price. The TSR and Methane measures are adjusted based on performance period results and the stock price.

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