Form 4: Chevron Director Marillyn A. Hewson Reports Acquisition of Phantom Stock

Chevron director Marillyn A. Hewson acquired 240 shares of phantom stock under the company's Non-Employee Directors' Equity Compensation and Deferral Plan.

Summary

• Marillyn A. Hewson, a director at Chevron Corp, reported the acquisition of 240 shares of phantom stock on December 2, 2024.
• These phantom stock shares were granted under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.
• The phantom stock will be converted to common stock upon Ms. Hewson's termination of service.
• The price of the underlying common stock at the time of the transaction was $162.21 per share.
• Ms. Hewson's total holdings of phantom stock now amount to 4,364 shares, including 46 dividend equivalent accruals.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally neutral to positive. The acquisition of phantom stock aligns the director's interests with the company's long-term performance.

Positives

• The acquisition of phantom stock aligns the director's interests with the long-term performance of the company.
• The dividend equivalent accruals further enhance the value of the phantom stock holdings.

Future Outlook

The phantom stock will convert to common stock upon the director's termination of service, aligning her interests with the long-term performance of the company.

Industry Context

This is a routine filing related to director compensation and is common practice for publicly traded companies. It reflects the company's commitment to aligning director interests with shareholder value through equity-based compensation.

Comparison to Industry Standards

• Granting phantom stock to non-employee directors is a common practice among large publicly traded companies, including those in the energy sector.
• Companies like Exxon Mobil (XOM) and ConocoPhillips (COP) also utilize similar equity compensation plans for their directors.
• The specific terms and conditions of these plans can vary, but the general principle of aligning director interests with shareholder value through equity is consistent across the industry.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning director interests with the long-term performance of the company.

Key Dates

Keywords

Chevron, phantom stock, director, equity compensation, Form 4, insider trading, Marillyn A. Hewson