CVX Form 4: Alana Knowles Exercises Options, Sells Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Alana K. Knowles, Vice President and Controller at Chevron Corporation (CVX), reported insider transactions dated 08/29/2025. On that date she exercised a non-qualified stock option to acquire 3,978 shares at an $88.20 exercise price under an option granted 01/27/2021, and those shares are tied to options exercisable through 01/27/2031. The same day 3,978 shares were sold pursuant to a Rule 10b5-1 trading plan adopted February 21, 2025, at $160.00 per share. After the reported transactions she directly beneficially owned 5,159 shares at one point and later 1,181 shares per the filing, and she holds 12,732 shares indirectly through a 401(k) plan (including 29 dividend accruals).

Positive

• Transaction executed under a Rule 10b5-1 trading plan adopted 02/21/2025, indicating pre-established sale instructions
• Exercise of options: 3,978 shares acquired at an $88.20 exercise price from an option granted 01/27/2021
• Substantial indirect holdings: 12,732 shares held indirectly through the Chevron Employee Savings Investment Plan, including 29 dividend accruals
• Detailed option disclosure: reporting includes vesting schedule and expiration (exercisable through 01/27/2031) and 7,956 shares underlying options

Negative

• Significant sale of shares: 3,978 shares sold at $160.00, reducing direct beneficial ownership to 1,181 shares per the filing

Insights

Financial Analyst

TL;DR: Insider exercised options and sold the same number of shares under a pre-established 10b5-1 plan; meaningful option and 401(k) holdings remain.

The filing shows an exercise of 3,978 option shares at $88.20 and an immediate sale of 3,978 shares at $160.00 under a 10b5-1 plan adopted 02/21/2025. The option was originally granted 01/27/2021 with scheduled vesting through 01/31/2024, and the derivative position reports 7,956 underlying shares from options. The reporting person also holds 12,732 shares indirectly via the Chevron Employee Savings Investment Plan. These are routine, non-disclosable events from a company-financed equity plan and a pre-set trading plan; they do not, by themselves, signal changes to company fundamentals.

Corporate Governance Expert

TL;DR: Use of a documented 10b5-1 plan and timely Form 4 filing reflect adherence to insider trading controls and disclosure obligations.

The Form 4 indicates the sale was effected pursuant to a Rule 10b5-1 plan adopted on 02/21/2025 and the filing includes an attorney-in-fact signature and an exhibit listing a power of attorney. The filing discloses option grant details, vesting history, and 401(k) accruals (29 shares), which aligns with best practices for transparent insider reporting. No amendments or corrective disclosures are listed.

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^*

Knowles Alana K

(Last) (First) (Middle)

5001 EXECUTIVE PARKWAY

SUITE 200

(Street)

SAN RAMON CA 94583

(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)
	VP and Controller

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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	08/29/2025		M(1)		3,978	A	$88.2	5,159(2)	D
Common Stock	08/29/2025		S(1)		3,978	D	$160	1,181	D
Common Stock								12,732(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)	$88.2	08/29/2025		M			3,978	(4)	01/27/2031	Common Stock	3,978	$0	7,956	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 February 21, 2025.

2. This number includes dividend accruals (29 shares).

3. Between February 11, 2025 and August 29, 2025 the reporting person acquired 379 shares of Chevron common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.

4. Option granted 1/27/2021. One-third of the shares subject to the option vested on January 31, 2022, January 31, 2023 and January 31, 2024, respectively.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Rose Z. Pierson, Attorney-in-Fact for Alana K. Knowles	09/03/2025
	** 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 did Chevron insider Alana K. Knowles do on 08/29/2025?

She exercised 3,978 non-qualified stock option shares at an $88.20 exercise price and sold 3,978 shares at $160.00 per share under a Rule 10b5-1 plan.

Was the sale pre-planned under a 10b5-1 trading plan for CVX insider trades?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on 02/21/2025.

How many Chevron shares does Knowles beneficially own after these transactions?

The Form 4 reports 5,159 direct shares following one reported transaction and later reports 1,181 direct shares; she also holds 12,732 shares indirectly via a 401(k) plan (including 29 dividend accruals).

What option holdings and expirations are disclosed in the Form 4?

The derivative section shows options covering 3,978 shares exercised and 7,956 shares underlying non-qualified stock options with an expiration of 01/27/2031.

When was the option originally granted and what was the vesting schedule?

The option was granted on 01/27/2021. One-third of the shares vested on 01/31/2022, 01/31/2023, and 01/31/2024.