Form 4: Chevron CLO Exercises, Sells Stock in Pre-Planned Trade
Insider Transaction Report
Chevron's Chief Legal Officer, R. Hewitt Pate, exercised stock options and subsequently sold 40,200 shares of common stock for a significant gain as part of a pre-arranged trading plan.
Summary
- R. Hewitt Pate, Chief Legal Officer of Chevron Corp (CVX), executed a pre-planned transaction on March 30, 2026.
- Pate acquired 40,200 shares of Chevron common stock by exercising non-qualified stock options at a price of $125.35 per share.
- Concurrently, Pate disposed of 40,200 shares of Chevron common stock at a weighted-average sale price of $213.3049 per share.
- The transactions were conducted under a Rule 10b5-1 trading plan adopted on November 26, 2025.
- The option exercised was granted on January 31, 2018, and vested in three equal annual installments from January 31, 2019, to January 31, 2021, with an expiration date of January 31, 2028.
- Following these transactions, Pate directly beneficially owns 8,638 shares of common stock.
- Indirect beneficial ownership includes 9,574 shares via a 401(k) plan, 20 shares via the Pate Family Trust, and 13,264 shares via a Spouse Trust (for which beneficial ownership is disclaimed).
Sentiment
Score: 5
Explanation: StockSavvy.ai views this filing as neutral. It represents a standard, pre-planned insider transaction for executive compensation management and does not provide new information regarding Chevron's operational or financial performance.
Positives
- The Chief Legal Officer realized a significant gain from the exercise and sale of stock options, demonstrating the value of executive compensation plans.
- The transaction was executed under a Rule 10b5-1 trading plan, indicating a pre-scheduled and transparent approach to insider stock sales.
Future Outlook
This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.
Management Comments
- The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2025.
- The reporting person disclaims beneficial ownership of the shares held by his spouse's trust, and this report should not be deemed an an admission that the reporting person is the beneficial owner of the shares held by his spouse's trust for purposes of Section 16 or for any other purpose.
Industry Context
StockSavvy.ai notes that executive stock option exercises and subsequent sales under Rule 10b5-1 plans are routine events in the corporate landscape, particularly for large, established companies like Chevron. These transactions are typically part of an executive's long-term compensation strategy and personal financial planning, rather than an indicator of immediate company performance or strategic shifts.
Key Dates
| Date | Description |
|---|---|
| 01/31/2018 | Date Non-Qualified Stock Option was granted. |
| 01/31/2019 | First vesting date for one-third of the shares subject to the option. |
| 01/31/2020 | Second vesting date for one-third of the shares subject to the option. |
| 01/31/2021 | Third and final vesting date for one-third of the shares subject to the option. |
| 11/26/2025 | Date the Rule 10b5-1 trading plan was adopted by the reporting person. |
| 03/07/2026 | Start date of the period during which 88 shares of Chevron common stock were acquired under the Chevron Employee Savings Investment Plan. |
| 03/30/2026 | Date of stock option exercise and subsequent sale of common stock. |
| 04/01/2026 | Signature date of the Form 4 filing. |
| 01/31/2028 | Expiration date of the Non-Qualified Stock Option. |
Keywords
Chevron, CVX, Insider Trading, Form 4, Stock Option Exercise, Executive Compensation, Rule 10b5-1 Plan, Stock Sale
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