Chevron executive reports 9,325-share option exercise and sale

Rhea-AI Filing Summary

Chevron Corporation (CVX) executive Jeff B. Gustavson, a vice president, reported an option exercise and related stock sale. On 11/21/2025, he exercised a non-qualified stock option to buy 9,325 shares of Chevron common stock at an exercise price of $83.29 per share. That same day, he reported selling 9,325 shares of common stock at a price of $150.2716 per share.

After these transactions, he reports owning 1,675 shares of Chevron common stock directly and 3 shares indirectly through a 401(k) plan. The option exercised on this date was originally granted on 1/27/2016 and vested in three equal annual installments.

Insider Trade Summary

Net Seller: 9,325 shares ($1,401,283)

Net Sell 4 txns

Insider GUSTAVSON JEFF B

Role Vice President

Sold 9,325 shs ($1.40M)

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (Right to Buy)	9,325	$0.00	--
Exercise	Common Stock	9,325	$83.29	$777K
Sale	Common Stock	9,325	$150.2716	$1.40M
holding	Common Stock	--	--	--

Holdings After Transaction: Non-Qualified Stock Option (Right to Buy) — 0 shares (Direct); Common Stock — 1,675 shares (Direct); Common Stock — 3 shares (Indirect, by 401(k) plan)

Footnotes (1)

1. The reporting person does not have a pecuniary interest and disclaims beneficial ownership of these shares. These shares have been omitted from the total reported in Column 5. This number includes the acquisition of stock resulting from the reinvestment of dividends on vested restricted stock units (58) issued under the Chevron Corporation 2022 Long-Term Incentive Plan. Option granted 1/27/2016. One-third of the shares subject to the option vested on each of the first, second and third anniversaries of the date of grant.

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
	Vice President

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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
Common Stock	11/21/2025		M		9,325(1)	A	$83.29	1,675(2)	D
Common Stock	11/21/2025		S		9,325(1)	D	$150.2716	1,675	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)	$83.29	11/21/2025		M			9,325	(3)	01/27/2026	Common Stock	9,325	$0	0	D

Explanation of Responses:

1. The reporting person does not have a pecuniary interest and disclaims beneficial ownership of these shares. These shares have been omitted from the total reported in Column 5.

2. This number includes the acquisition of stock resulting from the reinvestment of dividends on vested restricted stock units (58) issued under the Chevron Corporation 2022 Long-Term Incentive Plan.

3. Option granted 1/27/2016. One-third of the shares subject to the option vested on each of the first, second and third anniversaries of the date of grant.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Rose Z. Pierson, Attorney-in-Fact for Jeff B. Gustavson	11/25/2025
	** 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 on this Form 4?

The Form 4 reports that vice president Jeff B. Gustavson exercised a non-qualified stock option for 9,325 shares and sold 9,325 shares of Chevron common stock on 11/21/2025.

At what prices did the Chevron (CVX) executive exercise and sell shares?

He exercised a non-qualified stock option to buy shares at an exercise price of $83.29 per share and reported selling 9,325 shares of Chevron common stock at $150.2716 per share.

How many Chevron (CVX) shares does Jeff B. Gustavson report owning after the transactions?

Following the reported transactions, he reports owning 1,675 shares of Chevron common stock directly and 3 shares indirectly through a 401(k) plan.

What was the source and vesting schedule of the Chevron (CVX) option exercised?

The non-qualified stock option exercised for 9,325 shares was granted on 1/27/2016. One-third of the shares subject to the option vested on each of the first, second and third anniversaries of the grant date.

Does the Chevron (CVX) Form 4 mention dividend reinvestment on restricted stock units?

Yes. The filing notes that the 1,675 shares reported include stock acquired from reinvestment of dividends on 58 vested restricted stock units issued under the Chevron Corporation 2022 Long-Term Incentive Plan.

What does the Form 4 say about beneficial ownership of certain Chevron (CVX) shares?

The filing explains that the reporting person does not have a pecuniary interest in the 9,325 shares marked with footnote (1), disclaims beneficial ownership of those shares, and states they have been omitted from the total in Column 5.