CHEVRON CORP 8-K

What Happened
Chevron Corporation filed an 8-K (dated Jan. 30, 2026) reporting that the independent directors reviewed and approved 2026 compensation actions on Jan. 28, 2026. The Board approved raises to the annual base salaries of CEO Michael K. Wirth and other named executive officers, ratified target bonus percentages under the Chevron Incentive Plan (CIP), and approved equity grant award values with a grant date of Feb. 1, 2026.

Key Details

• Base salary increases effective March 1, 2026: Michael K. Wirth (CEO) +$75,000 to $1,975,000; Eimear P. Bonner (CFO) +$50,000 to $1,100,000; Mark A. Nelson (Vice Chairman) +$25,000 to $1,350,000; R. Hewitt Pate (Chief Legal Officer) +$50,000 to $1,250,000.
• CIP target percentages for 2026 unchanged: Wirth 165%; Bonner 110%; Nelson 120%; Pate 110%.
• Equity awards (grant date Feb. 1, 2026): Wirth $23,000,000; Bonner $5,094,000; Nelson $8,533,800; Pate $7,641,000. Each award is 50% performance shares and 50% restricted stock units; number of shares determined by dividing target value by Chevron’s closing stock price on the grant date.

Why It Matters
These actions show the Board’s decisions on pay mix and incentives for Chevron’s top executives: modest base salary increases, unchanged bonus target percentages, and large equity grants that tie compensation to stock performance and future payouts. For investors, the equity awards are the most material items to watch because they translate into future share-based compensation (potential dilution) and align executives’ pay with company performance via performance shares and RSUs.