4/A: Chevron Executive R. Hewitt Pate Amends SEC Filing to Correct Address
SEC Filing (Form 4/A)
R. Hewitt Pate, VP and General Counsel of Chevron, amended a previous SEC Form 4 filing to correct his address, with no other changes to the reported transactions.
Summary
- R. Hewitt Pate, VP and General Counsel of Chevron, filed an amendment to a previous Form 4 filing on March 6, 2024, to correct his address.
- The original filing, dated February 2, 2024, reported transactions that occurred on January 31, 2024.
- On January 31, 2024, Pate exercised restricted stock units, acquiring 7,859 shares of Chevron common stock.
- Also on January 31, 2024, Pate disposed of 7,859 shares of common stock at a price of $147.43 per share.
- Additionally, 829 shares were disposed of to cover tax obligations at $147.43 per share.
- Following these transactions, Pate directly owns 5,302 shares of Chevron common stock.
- Pate also indirectly owns shares through a 401(k) plan (7,734 shares), the Pate Family Trust (8,732 shares), and a Spouse Trust (4,532 shares).
- The reporting person disclaims beneficial ownership of the shares held by his spouse's trust.
Sentiment
Score: 5
Explanation: The document is a routine SEC filing related to insider transactions and a correction of address, and does not convey any particularly positive or negative sentiment.
Industry Context
This filing is a routine disclosure of insider transactions, which are common for executives of publicly traded companies like Chevron. These filings are monitored by regulators and investors to ensure compliance with securities laws and to gain insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive stock transactions are a normal part of compensation for publicly traded companies.
- Comparing Pate's transactions to those of executives at similar companies like ExxonMobil (XOM) or Shell (SHEL) would provide context on the scale and frequency of such transactions.
- The use of 401(k) plans and family trusts for holding company stock is a common practice among executives.
Key Dates
| Date | Description |
|---|---|
| 12/19/2023 | Start date of the period during which the reporting person acquired 175 shares of Chevron Common Stock under the Chevron Employee Savings Investment Plan. |
| 01/31/2024 | Date of the transactions involving restricted stock units and common stock. |
| 02/02/2024 | Date of the original Form 4 filing. |
| 03/06/2024 | Date of the amended Form 4/A filing. |
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