Form 4: Chevron Director Cynthia J. Warner Reports Changes in Beneficial Ownership

Director Cynthia J. Warner reports acquisition of phantom stock under Chevron's Non-Employee Directors' Equity Compensation and Deferral Plan.

Summary

• Cynthia J. Warner, a director of Chevron Corp, filed a Form 4 on May 28, 2024, reporting changes in beneficial ownership of Chevron securities.
• The report indicates that Warner acquired 24 shares of phantom stock on May 24, 2024, under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.
• The price of the phantom stock was $157.75.
• Following the reported transaction, Warner beneficially owns 185 shares of phantom stock.
• These shares are payable in common stock upon termination of service.
• The reported holdings include dividend equivalent accruals.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reports a standard transaction related to director compensation. It doesn't indicate any significant positive or negative implications for the company.

Positives

• The acquisition of phantom stock by a director signals confidence in the company's future performance.

Industry Context

Director stock ownership is a common practice in publicly traded companies and is often seen as a way to align the interests of management with those of shareholders. Phantom stock plans are a type of deferred compensation that allows directors to receive the value of company stock without actually owning the stock until a later date.

Comparison to Industry Standards

• Director compensation packages, including phantom stock, are common across the oil and gas industry.
• Companies like ExxonMobil (XOM) and Shell (SHEL) also utilize equity-based compensation for their directors.
• The specific terms and amounts of these packages vary based on company size, performance, and governance practices.

Stakeholder Impact

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

Key Dates