[Form 4] Chevron Corporation Insider Trading Activity

Rhea-AI Filing Summary

Charles W. Moorman, a Chevron Corporation (CVX) director, reported receipt of 281 units of phantom stock under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan on 08/29/2025. The filing shows a reference price of $160.6 per share and reports 19,337 shares beneficially owned following the transaction; that total includes 222 dividend equivalent accruals. Phantom units convert 1-for-1 to common stock and become payable in common stock upon the reporting person's termination of service. The Form 4 was signed by an attorney-in-fact on 09/03/2025.

Positive

• Transparent disclosure of phantom stock issuance and dividend equivalent accruals
• Phantom units convert 1-for-1 to common stock, clearly stated for investor clarity

Negative

• None.

Insights

Securities Analyst

TL;DR: Director received phantom stock units that accrue dividends and convert to shares at termination; ownership stake modest relative to issuer.

The report documents a routine director compensation event: 281 phantom units granted or issued under the non-employee directors' plan. These units are payable in common stock on termination and include 222 dividend equivalent accruals rolled into the reported beneficial ownership of 19,337 shares. The transaction is non-cash compensation and does not reflect an open-market buy or sale.

Corporate Governance Expert

TL;DR: This is a standard equity-compensation disclosure for a director; no governance red flags shown.

The filing clarifies the nature of indirect ownership through the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan and the 1-for-1 conversion feature. Disclosure of dividend equivalent accruals is helpful for transparency. There are no indications of unusual related-party transactions or departures from standard plan terms in the form.

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
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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^*

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)
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

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)	08/29/2025		I		281		(1)	(1)	Common Stock	281	$160.6	19,337(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 (222) under the Chevron Non-Employee Directors' Equity Compensation Plan.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney

	/s/ Rose Z. Pierson, Attorney-in-Fact for Charles W. Moorman	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 Charles W. Moorman report on Form 4 for CVX?

The filing reports 281 phantom stock units issued on 08/29/2025 under Chevron's non-employee directors' plan and shows 19,337 shares beneficially owned after the transaction.

Do the phantom stock units convert to Chevron common stock?

Yes. The phantom units convert 1-for-1 to common stock and become payable in common stock upon the reporting person's termination of service.

Are dividend equivalents included in the reported ownership?

Yes. The reported 19,337 shares include 222 dividend equivalent accruals under the directors' equity plan.

What type of transaction is this on Form 4?

This is a non-derivative, non-cash compensation event (phantom stock issued under a director compensation plan), not an open-market purchase or sale.

When was the Form 4 signed and by whom?

The Form 4 bears a signature by an attorney-in-fact, Rose Z. Pierson, dated 09/03/2025.