Chevron (CVX) director reports 296 phantom stock units and 19,840 total derivatives

Rhea-AI Filing Summary

Chevron Corporation director reports additional phantom stock under equity plan. A Chevron Corp (CVX) director filed a Form 4 disclosing an award of 296 shares of phantom stock on December 1, 2025 under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan. Each unit is convertible into one share of Chevron common stock on a 1-for-1 basis and becomes payable in common stock when the director's board service ends. After this transaction, the director beneficially owned 19,840 derivative securities tied to Chevron common stock, a figure that includes 207 units credited as 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

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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^*

MOORMAN CHARLES W

(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		296		(1)	(1)	Common Stock	296	$152.54	19,840(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 (207) under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.

	/s/ Rose Z. Pierson, Attorney-in-Fact for Charles W. Moorman	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) disclose in this Form 4?

The filing reports that a Chevron director received an award of 296 shares of phantom stock on December 1, 2025 under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.

How do Chevron (CVX) phantom stock units work for this director?

The phantom stock units are issued under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan and become payable in Chevron common stock when the director's service on the board ends.

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

The filing states a 1-for-1 conversion ratio, meaning each phantom stock unit corresponds to one share of Chevron common stock when paid out.

How many Chevron (CVX) derivative securities does the director now beneficially own?

Following this transaction, the director beneficially owned 19,840 derivative securities linked to Chevron common stock, as reported in the Form 4.

What are dividend equivalent accruals in Chevron's phantom stock plan?

The filing notes that the reported total includes 207 units from dividend equivalent accruals, which are additional phantom units credited to reflect dividends on Chevron common stock.

What price is associated with the new Chevron (CVX) phantom stock units?

The table lists a price of $152.54 for the phantom stock entry tied to the 296 units acquired on December 1, 2025.