Form 4: Chevron Controller Sells Shares After Option Exercise
Insider Transaction Report
Chevron's Controller, Alana K. Knowles, exercised stock options and subsequently sold 7,956 shares of common stock on January 5, 2026, as part of a pre-arranged 10b5-1 trading plan.
Summary
- Alana K. Knowles, Controller of Chevron Corp (CVX), reported transactions on January 5, 2026.
- Knowles exercised 7,956 Non-Qualified Stock Options at a price of $88.2 per share.
- Concurrently, 7,956 shares of Common Stock were sold at a price of $165.05 per share.
- These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on February 21, 2025.
- Following these transactions, Knowles directly owns 1,207 shares of Common Stock.
- Additionally, Knowles indirectly owns 12,924 shares of Common Stock through a 401(k) plan.
- The stock option was granted on January 27, 2021, and vested in three equal parts on January 31, 2022, January 31, 2023, and January 31, 2024, with an expiration date of January 27, 2031.
Sentiment
Score: 5
Explanation: The filing is a routine insider transaction report under a pre-arranged 10b5-1 plan. It is neutral in sentiment as it reflects personal financial management rather than new company performance or strategic developments.
Positives
- The reporting person realized a significant gain by exercising options at $88.2 and selling the shares at $165.05, indicating a substantial increase in Chevron's stock value since the option grant.
- The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, which demonstrates structured and compliant insider trading practices.
Negatives
- The sale of shares by a company officer, even under a 10b5-1 plan, reduces their direct equity stake in the company, which some investors might interpret as a slight reduction in direct alignment of interests, though it is a common personal financial planning strategy.
Future Outlook
This Form 4 filing reports past insider transactions and does not contain any forward-looking statements or guidance regarding the company's future outlook.
Industry Context
This filing is a routine insider transaction report for an executive at a major integrated energy company. It reflects personal financial planning rather than broader industry trends or competitive positioning.
Stakeholder Impact
- Shareholders: The transaction is a routine insider sale under a 10b5-1 plan and is unlikely to have a significant impact on shareholder sentiment or the company's operational performance.
- Employees: No direct impact on employees is indicated by this filing.
Key Dates
| Date | Description |
|---|---|
| 01/27/2021 | Date Non-Qualified Stock Option was granted. |
| 01/31/2022 | First vesting date for one-third of the shares subject to the option. |
| 01/31/2023 | Second vesting date for one-third of the shares subject to the option. |
| 01/31/2024 | Third vesting date for one-third of the shares subject to the option. |
| 02/21/2025 | Date the Rule 10b5-1 trading plan was adopted by the reporting person. |
| 01/05/2026 | Date of the reported transactions (option exercise and sale of common stock). |
| 01/07/2026 | Signature date of the Form 4 filing. |
| 01/27/2031 | Expiration date of the Non-Qualified Stock Option. |
Keywords
Chevron, CVX, Form 4, Insider Transaction, Stock Option Exercise, 10b5-1 Plan, Beneficial Ownership, Controller
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