Chevron (CVX) President Andrew Walz Exercises Options, Sells Shares

What Happened

• Andrew B. Walz, President, Downstream & Chemicals (DM&C) at Chevron, exercised stock options to acquire a total of 16,800 shares (4,100 at $88.20 and 12,700 at $132.69) on August 17, 2026, and sold 16,800 shares in the open market the same day.
• Exercise cost: 4,100 shares @ $88.20 = $361,620; 12,700 shares @ $132.69 = $1,685,163; total strike cost ≈ $2,046,783. Sale proceeds: 16,800 shares @ weighted-average $201.06 = $3,377,833.
• The filing also lists corresponding derivative disposals at $0 for the same share counts — consistent with shares being used to cover the option exercise and/or tax withholding in a cashless exercise.

Key Details

• Transaction date: August 17, 2026; Form 4 filed August 19, 2026 (filed within normal reporting window).
• Sale price range: $201.01–$201.1150; reported weighted-average sale price $201.06 (see footnote F2).
• Option grant and vesting: options granted 1/27/2021 and 1/26/2022 with staggered one-third vesting (see footnotes F4, F5).
• Small additional acquisitions noted in footnotes: 14 shares from dividend reinvestment (F1) and 185 shares via 401(k) purchases between Mar 3 and Aug 17, 2026 (F3).
• Shares owned after the transaction are not specified in the provided filing.

Context

• This is effectively a cashless exercise: options were exercised and the resultant shares were sold the same day. That's a common way for insiders to realize option value and cover exercise costs/taxes; it does not necessarily signal a change in personal view on the company.
• The primary actionable item for investors is the size and timing: Walz realized roughly $3.38M in gross proceeds from the sale on Aug 17, 2026.