Walz Andrew Benjamin 4

What Happened Andrew Walz, President, Downstream & Chemicals at Chevron (CVX), exercised stock options to acquire a total of 22,200 shares on Feb 3, 2026 and sold those 22,200 shares in the open market the same day. The option exercises required aggregate cash payments of $2,600,751 (4,100 @ $117.24; 6,900 @ $125.35; 7,200 @ $113.01; 4,000 @ $110.37). The subsequent weighted-average sale of 22,200 shares was at $176.53, grossing $3,919,050. Net proceeds before taxes/fees were roughly $1.32 million.

Key Details

• Transaction date: Feb 3, 2026; Form 4 filed Feb 5, 2026 (timely).
• Exercises (M): 4,100; 6,900; 7,200; 4,000 shares at exercise prices $117.24, $125.35, $113.01, $110.37 respectively (total cash paid $2,600,751).
• Sale (S): 22,200 shares sold at a weighted-average price of $176.53 for $3,919,050. (Executed in multiple trades priced between $176.44 and $176.65 per footnote.)
• Derivative reporting: the filing also shows corresponding $0.00 disposition lines reflecting conversion/exercise of the options into shares.
• Shares owned after the transaction: not specified in the provided filing text.
• Notable footnotes: F1 notes a 1-share adjustment from a previously reported RSU settlement; F2 clarifies the sale price range and availability of trade-level detail; F3–F6 identify option grants (1/25/2017, 1/31/2018, 1/30/2019, 1/29/2020) and their vesting schedules.

Context These entries reflect an option exercise followed by an immediate or same-day open-market sale of the resulting shares (common "exercise-and-sell" pattern). The $0.00 derivative disposition lines simply document conversion of options into shares. The filing is informational and does not indicate the insider's future expectations for the stock; purchases are typically considered more indicative of bullish sentiment than routine sales following exercises.