Chevron (CVX) CLO exercises options, sells 40,200 shares under 10b5-1 plan

Rhea-AI Filing Summary

Chevron Chief Legal Officer Pate R. Hewitt exercised stock options and sold the resulting shares in a pre-planned trade. He exercised non-qualified stock options for 40,200 shares of Chevron common stock at an exercise price of $125.35 per share and acquired the same number of shares.

On the same March 30, 2026, he sold 40,200 shares of common stock at a weighted-average price of $213.3049 per share under a Rule 10b5-1 trading plan adopted on November 26, 2025. After these transactions, he held 8,638 shares directly, plus indirect holdings through a 401(k) plan and family trusts, including shares in a spouse trust for which he disclaims beneficial ownership.

Insights

Insider trading and executive compensation analyst

Routine option exercise-and-sell under a pre-planned 10b5-1 arrangement.

Pate R. Hewitt, Chevron’s Chief Legal Officer, exercised non-qualified stock options for 40,200 shares at an exercise price of $125.35 per share and simultaneously acquired common stock. This is a standard derivative exercise converting options into shares.

He then sold 40,200 Chevron common shares at a weighted-average price of $213.3049 per share on March 30, 2026. A footnote states the sales were made under a Rule 10b5-1 trading plan adopted on November 26, 2025, indicating the dispositions were pre-scheduled rather than opportunistic.

Following the transactions, he directly held 8,638 shares and indirectly held additional shares through a 401(k) plan and family trusts, including 13,264 shares in a spouse trust for which he disclaims beneficial ownership. With no remaining derivative position reported and the sale executed under a plan, this looks like routine liquidity management rather than a thesis-changing event.

Insider Trade Summary 10b5-1

Net Seller: 40,200 shares ($8,574,857)

Net Sell 6 txns

Insider Pate R. Hewitt

Role Chief Legal Officer

Sold 40,200 shs ($8.57M)

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (Right to Buy)	40,200	$0.00	--
Exercise	Common Stock	40,200	$125.35	$5.04M
Sale	Common Stock	40,200	$213.3049	$8.57M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Non-Qualified Stock Option (Right to Buy) — 0 shares (Direct); Common Stock — 48,838 shares (Direct); Common Stock — 9,574 shares (Indirect, By 401(k) plan)

Footnotes (1)

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2025. This number includes the acquisition of stock resulting from the reinvestment of dividends on vested restricted stock units (80) issued under the Chevron Corporation 2022 Long-Term Incentive Plan. This transaction was executed in multiple trades at prices ranging from $213.10 to $213.82. The price reported above reflects the weighted-average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price within the range provided. Between March 7, 2026 and March 30, 2026, the reporting person acquired 88 shares of Chevron common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan. 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. 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.

Key Figures

Options exercised: 40,200 shares Exercise price: $125.35/share Shares sold: 40,200 shares +5 more

8 metrics

Options exercised 40,200 shares Non-qualified stock options exercised on March 30, 2026

Exercise price $125.35/share Exercise price for non-qualified stock options

Shares sold 40,200 shares Common stock sold on March 30, 2026

Weighted-average sale price $213.3049/share Open-market sale price range $213.10–$213.82

Direct holdings after transactions 8,638 shares Chevron common stock held directly post-transaction

401(k) indirect holdings 9,574 shares Chevron shares held via Employee Savings Investment Plan

Pate Family Trust holdings 20 shares Chevron shares held via Pate Family Trust

Spouse Trust holdings 13,264 shares Chevron shares held via spouse trust; beneficial ownership disclaimed

Key Terms

Rule 10b5-1 trading plan, Non-Qualified Stock Option, Chevron Employee Savings Investment Plan, beneficial ownership, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Non-Qualified Stock Option financial

"security_title: Non-Qualified Stock Option (Right to Buy)"

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

Chevron Employee Savings Investment Plan financial

"acquired 88 shares of Chevron common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan"

beneficial ownership regulatory

"The reporting person disclaims beneficial ownership of the shares held by his spouse's trust"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Long-Term Incentive Plan financial

"restricted stock units (80) issued under the Chevron Corporation 2022 Long-Term Incentive Plan"

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

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).

X

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^*

Pate R. Hewitt

(Last) (First) (Middle)

1400 SMITH STREET

(Street)

HOUSTON TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	Chief Legal Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2026

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

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

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

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	03/30/2026		M(1)		40,200	A	$125.35	48,838(2)	D
Common Stock	03/30/2026		S(1)		40,200	D	$213.3049(3)	8,638	D
Common Stock								9,574(4)	I	By 401(k) plan
Common Stock								20	I	By Pate Family Trust
Common Stock								13,264	I	By Spouse Trust(5)

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	03/30/2026		M			40,200	(6)	01/31/2028	Common Stock	40,200	$0	0	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2025.

2. This number includes the acquisition of stock resulting from the reinvestment of dividends on vested restricted stock units (80) issued under the Chevron Corporation 2022 Long-Term Incentive Plan.

3. This transaction was executed in multiple trades at prices ranging from $213.10 to $213.82. The price reported above reflects the weighted-average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price within the range provided.

4. Between March 7, 2026 and March 30, 2026, the reporting person acquired 88 shares of Chevron common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.

5. 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.

6. 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.

	/s/ Rose Z. Pierson, Attorney-in-Fact for R. Hewitt Pate	04/01/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Chevron (CVX) Chief Legal Officer Pate R. Hewitt do in this Form 4?

Pate R. Hewitt exercised stock options for 40,200 Chevron shares at $125.35 each and sold 40,200 shares at a weighted-average price of $213.3049. These moves convert option-based compensation into cash and adjust his direct shareholdings.

At what prices did Pate R. Hewitt exercise and sell Chevron (CVX) shares?

He exercised non-qualified stock options at an exercise price of $125.35 per share and sold 40,200 Chevron common shares at a weighted-average price of $213.3049. The sale price range was $213.10 to $213.82, according to the footnotes.

Was Pate R. Hewitt’s Chevron (CVX) stock sale under a Rule 10b5-1 trading plan?

Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan adopted on November 26, 2025. Such plans are pre-arranged, helping show that the timing of the sale was scheduled in advance rather than chosen reactively.

How many Chevron (CVX) shares does Pate R. Hewitt hold after these transactions?

After the transactions, he held 8,638 Chevron shares directly. He also had indirect holdings, including 9,574 shares through a 401(k) plan, 20 shares via the Pate Family Trust, and 13,264 shares in a spouse trust, where he disclaims beneficial ownership.

What are the details of the Chevron (CVX) stock options exercised by Pate R. Hewitt?

He exercised non-qualified stock options covering 40,200 Chevron shares at an exercise price of $125.35 per share. A footnote explains the option was granted on January 31, 2018, with one-third vesting annually on January 31 of 2019, 2020, and 2021.

What does the filing say about Chevron (CVX) shares held in Pate R. Hewitt’s spouse’s trust?

The filing reports 13,264 Chevron shares held indirectly by a spouse trust and states that Hewitt disclaims beneficial ownership of those shares. It notes the report should not be deemed an admission of beneficial ownership for Section 16 or other purposes.