Form 4: Chevron VP and General Counsel, R. Hewitt Pate, Reports Share Transactions

Chevron's Vice President and General Counsel, R. Hewitt Pate, reported a gift of shares to his spouse's trust and other transactions affecting his beneficial ownership.

Summary

• R. Hewitt Pate, Vice President and General Counsel at Chevron, filed a Form 4 detailing changes in his beneficial ownership of Chevron stock.
• On November 14, 2024, Pate gifted 8,732 shares of Chevron common stock to his spouse's trust.
• He also acquired 8,732 shares directly, which were previously held by the Pate Family Trust.
• Additionally, Pate acquired 41 shares through dividend reinvestment from vested stock units.
• Pate's spouse's trust now holds 13,264 shares, while his 401(k) plan holds 8,234 shares.
• Between February 1, 2024 and November 14, 2024, Pate acquired 500 shares through the Chevron Employee Savings Investment Plan.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing insider transactions, which is neither positive nor negative for the company's performance.

Management Comments

• The reporting person disclaims beneficial ownership of the shares held by his spouse's trust, and this report should not be deemed an admission that the reporting person is the beneficial owner of the shares held by his spouse's trust for purposes of Section 16 or for any other purpose.

Industry Context

This is a routine filing related to insider transactions and is common for executives of publicly traded companies like Chevron.

Comparison to Industry Standards

• Form 4 filings are standard practice for corporate insiders at publicly traded companies, including Chevron's competitors such as ExxonMobil (XOM) and Shell (SHEL).
• The transactions reported are typical for executives managing their personal investments and compensation packages.
• The gift of shares to a spouse's trust is a common estate planning strategy.

Related Party Transactions

• The gift of shares to the reporting person's spouse's trust is a related party transaction.

Stakeholder Impact

• The transactions have a minimal impact on shareholders as they are related to personal holdings of an executive.
• The transactions do not affect the company's operations or financial position.

Key Dates

Keywords

Chevron, insider trading, Form 4, beneficial ownership, stock transactions, R. Hewitt Pate, equity securities, share gift, 401k, dividend reinvestment