Chevron (NYSE: CVX) New Energies president exercises options, sells 6,667 shares

Rhea-AI Filing Summary

Chevron Corp executive Jeff B. Gustavson, President, New Energies, reported a same‑day option exercise and share sale. On February 27, 2026, he exercised a non‑qualified stock option for 6,667 shares, converting it into common stock at a stated exercise price of $125.35 per share. He then sold 6,667 shares of common stock at an average price of $186.0394 per share, an open‑market transaction. After these trades, his directly held common stock position was reported as 3,716 shares, with an additional 3 shares held indirectly through a 401(k) plan. A footnote states that he disclaims beneficial ownership of 4,633 shares underlying the remaining option securities.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GUSTAVSON JEFF B

(Last) (First) (Middle)

1400 SMITH STREET

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CHEVRON CORP [ CVX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, New Energies

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/27/2026		M		6,667	A	$125.35	10,383	D
Common Stock	02/27/2026		S		6,667	D	$186.0394	3,716	D
Common Stock								3	I	By 401(k) plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (Right to Buy)	$125.35	02/27/2026		M			6,667	(1)	01/31/2028	Common Stock	6,667	$0	4,633(2)	D

Explanation of Responses:

1. Option granted 1/31/2018. One-third of the shares subject to the option vested on January 31, 2019, January 31, 2020 and January 31, 2021, respectively.

2. The Reporting Person disclaims beneficial ownership of 4,633 shares underlying these securities.

	/s/ Rose Z. Pierson, Attorney-in-Fact for Jeff B. Gustavson	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did Chevron (CVX) executive Jeff B. Gustavson report in this Form 4?

Jeff B. Gustavson reported an option exercise and related share sale. He exercised 6,667 non-qualified stock options into Chevron common stock, then sold 6,667 shares in an open-market transaction on February 27, 2026, updating his reported holdings.

How many Chevron (CVX) shares did Jeff B. Gustavson sell and at what price?

He sold 6,667 shares of Chevron common stock. The transaction was reported as an open-market sale at an average price of $186.0394 per share on February 27, 2026, following his exercise of a matching number of stock options.

What option exercise did Jeff B. Gustavson report for Chevron (CVX)?

He exercised a non-qualified stock option covering 6,667 Chevron shares. The conversion occurred on February 27, 2026, at a stated exercise price of $125.35 per share, turning the derivative security into common stock before the reported open-market sale.

What are Jeff B. Gustavson’s reported Chevron (CVX) share holdings after these transactions?

After the transactions, he reported 3,716 shares of Chevron common stock held directly. He also reported 3 additional shares held indirectly through a 401(k) plan, reflecting his remaining beneficial ownership of Chevron equity following the option exercise and sale.

What does the footnote about 4,633 Chevron (CVX) shares mean?

A footnote states that Gustavson disclaims beneficial ownership of 4,633 shares underlying option securities. This means he does not assert full beneficial ownership of those underlying shares, even though they relate to his reported stock option position in Chevron.

What role does Jeff B. Gustavson hold at Chevron (CVX)?

He is reported as an officer of Chevron serving as President, New Energies. This title indicates his leadership position over Chevron’s New Energies segment, and the Form 4 reflects equity transactions related to his executive compensation and holdings.