Chevron (CVX) director Marillyn Hewson reports 255 phantom stock units at $152.54

Rhea-AI Filing Summary

Chevron director reports additional phantom stock units

A Chevron Corporation director, Marillyn A. Hewson, reported receiving 255 phantom stock units on December 1, 2025 under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan. Each phantom stock unit is on a 1-for-1 basis with Chevron common stock and becomes payable in common stock when the director's board service ends. The units were valued at $152.54 per underlying share on the transaction date. Following this award and related activity, the director beneficially owned 5,601 derivative securities linked to Chevron common stock, which include 55 units from dividend equivalent accruals.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

HEWSON MARILLYN A

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

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

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
Phantom Stock(1)	(2)	12/01/2025		I		255		(1)	(1)	Common Stock	255	$152.54	5,601(3)	D

Explanation of Responses:

1. The shares of phantom stock issued under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan become payable in common stock upon the reporting person's termination of service.

2. 1-for-1.

3. This number includes dividend equivalent accruals (55) under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.

	/s/ Rose Z. Pierson, Attorney-in-Fact for Marillyn A. Hewson	12/03/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Chevron (CVX) report for Marillyn A. Hewson?

Marillyn A. Hewson, a director of Chevron Corporation, reported an acquisition of 255 phantom stock units on December 1, 2025 under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.

How are Chevron (CVX) phantom stock units treated for Marillyn A. Hewson?

The phantom stock units issued to Marillyn A. Hewson under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan become payable in Chevron common stock when her service as a director terminates.

What is the conversion ratio of Chevron (CVX) phantom stock to common stock?

The phantom stock reported converts to Chevron common stock on a 1-for-1 basis, meaning each phantom stock unit corresponds to one share of common stock.

What was the reference price for the Chevron (CVX) phantom stock units?

The reported transaction shows a reference price of $152.54 per underlying share of Chevron common stock for the 255 phantom stock units acquired on December 1, 2025.

How many Chevron (CVX) derivative securities does Marillyn A. Hewson own after this transaction?

After the reported transaction, Marillyn A. Hewson beneficially owned 5,601 derivative securities linked to Chevron common stock, which includes 55 phantom stock units from dividend equivalent accruals.

Are the Chevron (CVX) phantom stock units held directly or indirectly by the director?

The phantom stock units are reported as being held with direct ownership form, as indicated in the derivative securities table.