Chevron (CVX) vice chair Nelson exercises options, sells 139,600 shares

Rhea-AI Filing Summary

Chevron Vice Chairman Mark A. Nelson reported option exercises and share sales. On March 2, 2026, he exercised non-qualified stock options for 62,600 shares at $113.01 per share and 77,000 shares at $110.37 per share, acquiring Chevron common stock through derivative exercises.

He then sold 62,600 shares of common stock at a weighted average price of $188.1138 and 77,000 shares at a weighted average price of $187.7643, totaling 139,600 shares sold in open-market transactions. After these trades, he directly owned 11,337 Chevron common shares and indirectly held 18,907 shares through a 401(k) plan, which included 9 shares acquired between February 11, 2026 and March 2, 2026.

Insights

Equity Compensation and Insider Trading Analyst

Large option exercises were immediately paired with equivalent share sales.

Vice Chairman Mark A. Nelson exercised long-vested stock options on 62,600 and 77,000 Chevron shares at strike prices of $113.01 and $110.37, respectively. These are standard non-qualified stock options that had fully vested in prior years based on the grant schedules disclosed.

On the same day, he sold all 139,600 acquired shares in open-market transactions at weighted average prices of about $188.11 and $187.76. This pattern resembles a cashless exercise, where options are converted and shares are sold to realize value rather than held for longer-term exposure.

Following these transactions, his direct holdings decreased to 11,337 Chevron shares, while indirect holdings via a 401(k) plan rose to 18,907 shares, including 9 shares accumulated between February 11, 2026 and March 2, 2026. The overall impact on Chevron’s total share count is minimal, and the activity primarily reflects personal portfolio and compensation management.

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^*

NELSON MARK 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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	03/02/2026		M		62,600	A	$113.01	73,937	D
Common Stock	03/02/2026		S		62,600	D	$188.1138(1)	11,337	D
Common Stock	03/02/2026		M		77,000	A	$110.37	88,337	D
Common Stock	03/02/2026		S		77,000	D	$187.7643(2)	11,337	D
Common Stock								18,907(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)	$113.01	03/02/2026		M			62,600	(4)	01/30/2029	Common Stock	62,600	$0	0	D
Non-Qualified Stock Option (Right to Buy)	$110.37	03/02/2026		M			77,000	(5)	01/29/2030	Common Stock	77,000	$0	0	D

Explanation of Responses:

1. These shares were sold in multiple transactions at prices ranging from $187.50 to $188.45, inclusive. The price reported in Column 4 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 ranges set forth in footnotes 1 and 2 to this Form 4.

2. These shares were sold in multiple transactions at prices ranging from $187.50 to $188.22, inclusive. The price reported in Column 4 reflects the weighted average sale price.

3. Between February 11, 2026 and March 2, 2026, the reporting person acquired 9 shares of Chevron common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.

4. Option granted 1/30/2019. One-third of the shares subject to the option vested on January 31, 2020, January 31, 2021 and January 31, 2022, respectively.

5. Option granted 1/29/2020. One-third of the shares subject to the option vested on January 31, 2021, January 31, 2022 and January 31, 2023, respectively.

	/s/ Rose Z. Pierson, Attorney-in-Fact for Mark A. Nelson	03/04/2026
	** 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.

FAQ

What insider transactions did Chevron (CVX) Vice Chairman Mark A. Nelson report?

Mark A. Nelson reported exercising stock options for 62,600 and 77,000 Chevron shares, then selling all 139,600 shares in open-market transactions on March 2, 2026. He also reported updated direct and 401(k) plan holdings after these trades.

How many Chevron (CVX) shares did Mark A. Nelson sell and at what prices?

He sold 62,600 shares at a weighted average price of $188.1138 and 77,000 shares at a weighted average price of $187.7643. Footnotes state these sales occurred in multiple trades within narrow price ranges around those averages.

What stock options did Mark A. Nelson exercise in this Chevron (CVX) Form 4?

Nelson exercised non-qualified stock options for 62,600 shares at $113.01 and 77,000 shares at $110.37 on March 2, 2026. Footnotes show these options were granted in 2019 and 2020 and vested in equal annual installments through 2023.

What are Mark A. Nelson’s Chevron (CVX) share holdings after these transactions?

After the reported option exercises and sales, Nelson directly held 11,337 Chevron common shares. Indirectly, he held 18,907 shares through the Chevron Employee Savings Investment Plan, a 401(k) plan, reflecting accumulated shares including 9 acquired between February 11 and March 2, 2026.

What does the Chevron (CVX) Form 4 say about Mark A. Nelson’s 401(k) plan shares?

The filing shows 18,907 Chevron shares held indirectly through a 401(k) plan. A footnote explains that between February 11, 2026 and March 2, 2026, Nelson acquired 9 shares of Chevron common stock under the Chevron Employee Savings Investment Plan.

Are Mark A. Nelson’s Chevron (CVX) trades in this Form 4 open-market sales?

Yes. The Form 4 classifies the 62,600- and 77,000-share dispositions as open-market or private sales, coded as “S.” Footnotes clarify the shares were sold in multiple trades within disclosed price ranges, with reported prices reflecting weighted averages.