Form 4: Chevron Director Cynthia Warner Acquires Phantom Stock

Chevron Corporation director Cynthia J. Warner acquired 20 shares of phantom stock through the company's non-employee director compensation plan.

Summary

• Director Cynthia J. Warner acquired 20 shares of phantom stock on June 1, 2026.
• The transaction was executed at a price of $185.83 per share.
• Following this transaction, the director holds a total of 403 shares of phantom stock.
• The phantom stock is issued under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan and is payable in common stock upon termination of service.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing regarding routine director compensation that does not signal a change in company strategy or financial outlook.

Positives

• Demonstrates continued alignment of director interests with shareholders through equity-based compensation.

Negatives

• None identified.

Risks

• Value of phantom stock is subject to the market performance of Chevron common stock.
• Liquidity of the holdings is restricted until the director's termination of service.

Future Outlook

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

Industry Context

StockSavvy.ai notes that this is a routine disclosure of director compensation within the energy sector, reflecting standard corporate governance practices for non-employee board members.

Comparison to Industry Standards

• Consistent with standard equity compensation practices for directors at major integrated oil and gas companies like ExxonMobil and Shell.

Stakeholder Impact

• Minimal impact on shareholders as this represents standard director compensation.

Next Steps

• No further actions required; this is a standard disclosure of equity acquisition.

Key Dates

Keywords

Chevron, CVX, Form 4, Insider Trading, Director Compensation, Phantom Stock