Form 4: Chevron Director Acquires Phantom Stock Units

Chevron director Cynthia J. Warner acquired 24 phantom stock units on December 2, 2024, under the company's Non-Employee Directors' Equity Compensation and Deferral Plan.

Summary

• Cynthia J. Warner, a director at Chevron Corp, acquired 24 units of phantom stock on December 2, 2024.
• These phantom stock units were granted under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.
• The phantom stock will be converted to common stock upon Ms. Warner's termination of service.
• The conversion ratio is 1-for-1.
• The reported transaction also includes dividend equivalent accruals, bringing the total phantom stock units owned to 240.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally to slightly positive as it aligns director interests with company performance.

Positives

• The acquisition of phantom stock aligns the director's interests with the long-term performance of the company.
• The dividend equivalent accruals increase the value of the phantom stock over time.

Future Outlook

The phantom stock will be converted to common stock upon the director's termination of service.

Industry Context

This is a routine filing related to director compensation and is common practice for publicly traded companies.

Comparison to Industry Standards

• Many large public companies use phantom stock or similar equity-based compensation plans for their directors.
• The 1-for-1 conversion ratio is a standard practice for phantom stock plans.
• Chevron's plan is similar to those of other large energy companies such as ExxonMobil and Shell.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns director interests with company performance.

Key Dates

Keywords

Chevron, phantom stock, director, equity compensation, insider trading, Form 4, CVX