Form 4: Chevron CFO's Routine Stock Transactions Disclosed

Chevron's Chief Financial Officer, Eimear P. Bonner, reported routine acquisitions and dispositions of common stock related to restricted stock unit vesting and tax obligations.

Summary

• Eimear P. Bonner, Chevron's Chief Financial Officer, reported transactions on December 17, 2025, involving the acquisition and disposition of common stock.
• Acquired 53 shares of common stock at a price of $0 upon the vesting of restricted stock units (RSUs) that were granted on January 27, 2021.
• Disposed of 53 shares of common stock at a price of $149.52 to cover required tax obligations associated with the RSU vesting.
• Acquired an additional 49 shares of common stock at a price of $0 upon the vesting of restricted stock units (RSUs) that were granted on January 26, 2022.
• Disposed of 49 shares of common stock at a price of $149.52 to cover required tax obligations associated with this second RSU vesting.
• Following these transactions, the direct beneficial ownership of common stock by the reporting person is 4,366 shares.
• Indirectly acquired 10 shares of Chevron common stock between February 11, 2025, and December 17, 2025, under the Chevron Energy Limited Share Incentive Plan, bringing indirect ownership to 403 shares.
• Remaining Restricted Stock Units (from the January 27, 2021 grant) total 7,001 units, which accrue dividend equivalents and are payable in cash upon vesting on January 31, 2026.
• Remaining Restricted Stock Units (from the January 26, 2022 grant) total 6,502 units, which accrue dividend equivalents and are payable in cash upon vesting on January 31, 2027.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of insider transactions related to executive compensation. It does not inherently convey positive or negative sentiment about the company's performance or future prospects, as the transactions are pre-scheduled and for tax purposes.

Positives

• The routine vesting of restricted stock units indicates that the company's long-term incentive compensation plan is functioning as intended, aligning executive interests with shareholder value.
• Acquisition of 192 shares through dividend reinvestment on vested restricted stock units and 10 shares under the Share Incentive Plan demonstrates continued accumulation of company stock by the CFO.

Negatives

• Disposition of 102 shares of common stock (53 shares and 49 shares) was made to cover tax obligations, which reduces the direct beneficial ownership of the reporting person.

Future Outlook

The filing does not provide forward-looking statements or guidance beyond the scheduled vesting payment dates for restricted stock units in January 2026 and January 2027.

Industry Context

This Form 4 filing reflects routine executive compensation practices common in the energy industry, where long-term incentive plans often include restricted stock units that vest over time, aligning executive interests with shareholder value. The transactions are specific to Chevron's CFO and do not indicate broader industry trends.

Corporate Governance

Stakeholder Impact

• Shareholders: Provides transparency regarding executive compensation and insider stock ownership changes, which are routine and expected.
• Employees: No direct impact mentioned.

Next Steps

• Payment of cash for vested restricted stock units from the January 27, 2021 grant on January 31, 2026.
• Payment of cash for vested restricted stock units from the January 26, 2022 grant on January 31, 2027.

Key Dates

Keywords

Chevron, CVX, Form 4, Insider Trading, Beneficial Ownership, Restricted Stock Units, CFO, Stock Transactions, Executive Compensation