GUSTAVSON JEFF B 4

What Happened
Jeff B. Gustavson, President, New Energies at Chevron (CVX), exercised 6,667 stock options on 2026-02-27 (exercise price $125.35) for a cash outlay of $835,708 and immediately sold those 6,667 shares in the open market at $186.04 for total proceeds of $1,240,325. The filing also records a related derivative disposition of 6,667 shares at $0.00, which reflects the option conversion/settlement.

Key Details

• Transaction date: 2026-02-27; Form 4 filed: 2026-03-03 (filed within the typical 2-business-day window).
• Exercise: 6,667 shares at $125.35 = $835,708 (code M — option exercise).
• Sale: 6,667 shares at $186.04 = $1,240,325 (code S — open market sale).
• Related derivative disposition: 6,667 shares shown as disposed at $0.00 (represents the converted option).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 — option granted 01/31/2018 with a 3‑year vesting schedule (1/3 vests each year 2019–2021). F2 — Reporting person disclaims beneficial ownership of 4,633 shares underlying these securities.

Context
This was a same‑day exercise-and-sell (cashless-style) transaction: the options were exercised and the resulting shares were sold on the same day, generating sale proceeds larger than the exercise cost. Such transactions are common for executives exercising vested options and do not, by themselves, indicate a change in view on the company. The filing includes standard disclosures about the original grant and a disclaimer of beneficial ownership for a portion of the shares.