Chevron Director Cynthia J. Warner Receives 19 Shares (Phantom Stock)

What Happened Cynthia J. Warner, a member of Chevron's board of directors, received 19 derivative shares under a discretionary transaction on August 28, 2026. The filing lists a per-share value of $201.86, for a reported total of approximately $3,835. This was not an open-market purchase or sale but an issuance of phantom stock units under Chevron’s Non-Employee Directors' Equity Compensation and Deferral Plan.

Key Details

• Transaction date and type: August 28, 2026 — Discretionary derivative issuance (code I).
• Price and value reported: $201.86 per share; total about $3,835 (filing rounds to $3,835).
• Shares after transaction: total holdings after this transaction are not specified in the provided summary; see the full Form 4 for complete beneficial ownership.
• Footnotes of note:
  • F1: Phantom stock units become payable in common stock upon the reporting person's termination of service.
  • F2: Units convert 1-for-1 to common shares.
  • F3: The reported number includes 4 dividend-equivalent accruals under the plan.
• Filing timeliness: Form 4 was filed on Sept 1, 2026 for an Aug 28 transaction — filed within the typical 2-business-day window.

Context This was an award of deferred/phantom stock (a derivative compensation vehicle) rather than an open-market buy or a sale. Such units generally do not confer immediate liquidity or indicate intent to buy/sell shares in the market; they are payable in Chevron common stock upon the director’s termination of service.