Form 4: Chevron Exec Reports Routine Stock Transactions

Chevron's President of New Energies, Jeff B. Gustavson, reported the exercise of restricted stock units and subsequent tax-related share disposals.

Summary

• Jeff B. Gustavson, President, New Energies at Chevron Corp, reported transactions on December 17, 2025.
• Acquired 22 shares of Common Stock at an exercise price of $0 upon the conversion of Restricted Stock Units.
• Disposed of 22 shares of Common Stock at a price of $149.52 to cover required tax obligations.
• Acquired an additional 24 shares of Common Stock at an exercise price of $0 upon the conversion of Restricted Stock Units.
• Disposed of an additional 24 shares of Common Stock at a price of $149.52 to cover required tax obligations.
• Beneficial ownership after these transactions includes 1,694 shares held directly and 3 shares held indirectly via a 401(k) plan.
• Still holds 2,943 Restricted Stock Units (including 129 dividend equivalents) from a January 27, 2021 grant, which are payable upon vesting on January 31, 2026.
• Still holds 3,223 Restricted Stock Units (including 142 dividend equivalents) from a January 26, 2022 grant, which are payable upon vesting on January 31, 2027.

Sentiment

Score: 5

Explanation: The filing details routine executive compensation transactions (RSU vesting and tax-related sales) which are standard and do not indicate a significant positive or negative shift in company performance or outlook.

Positives

• The vesting and exercise of Restricted Stock Units indicate the successful execution of long-term incentive plans, aligning executive interests with shareholder value.
• The acquisition of shares at a $0 exercise price reflects the value derived from the company's compensation structure.

Negatives

• The disposal of shares to cover tax obligations, while a standard practice, results in a reduction of the executive's direct shareholding.

Future Outlook

The filing indicates the continued structure of long-term incentive plans with future vesting dates for Restricted Stock Units on January 31, 2026, and January 31, 2027.

Industry Context

This filing details routine executive compensation transactions, which are common across all industries for publicly traded companies and do not provide specific insights into broader industry trends or competitive dynamics.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as a component of executive compensation is a widely adopted practice across large corporations, including those in the energy sector.
• The practice of withholding shares to cover tax obligations upon the vesting of equity awards is a standard and common procedure in executive compensation plans globally.

Stakeholder Impact

• Shareholders: Minimal direct impact as these are routine compensation events and do not reflect a change in company strategy or financial health.
• Employees: No direct impact mentioned beyond the reporting person's compensation.

Next Steps

• Vesting of Restricted Stock Units granted on January 27, 2021, on January 31, 2026.
• Vesting of Restricted Stock Units granted on January 26, 2022, on January 31, 2027.

Key Dates

Keywords

Chevron, CVX, Form 4, insider transaction, executive compensation, restricted stock units, stock ownership, tax withholding, energy sector