Chevron Corp: chief legal officer Pate R. Hewitt exercised 43,100 shares

What happened

• The filing says Pate R. Hewitt, chief legal officer, exercised options to acquire 2,400 shares on Oct 19, 2026, at $132.69 per share for $318,456 and 40,700 shares on Oct 20, 2026, at $132.69 per share for $5,400,483. The filing also reports open-market sales of 2,400 shares on Oct 19, 2026, at a weighted-average price of $225.61 per share for $541,466 and 40,700 shares on Oct 20, 2026, at a weighted-average price of $226.65 per share for $9,224,777.
• The Form 4 also lists derivative dispositions of 2,400 shares on Oct 19, 2026, and 40,700 shares on Oct 20, 2026, at $0.00.

Key details

• Transaction dates and prices:
  • Oct 19, 2026: exercised 2,400 shares @ $132.69 = $318,456; sold 2,400 shares @ weighted-average $225.61 (range $225.57 to $225.67) = $541,466 (F3).
  • Oct 20, 2026: exercised 40,700 shares @ $132.69 = $5,400,483; sold 40,700 shares @ weighted-average $226.65 (range $226.50 to $226.96) = $9,224,777 (F4).
  • Derivative dispositions: 2,400 and 40,700 shares reported at $0.00 (derivative) on Oct 19 and Oct 20, 2026.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes:
  • Sales were effected pursuant to a Rule 10b5-1 trading plan adopted Nov 26, 2025 (F1).
  • Includes 72 shares from reinvestment of dividends on vested restricted stock units (F2).
  • The sale prices were executed in multiple trades; weighted-average prices and price ranges are reported (F3, F4).
  • Reporting person acquired 81 shares under the Chevron 401(k) plan between Aug 19, 2026 and Oct 20, 2026 (F5).
  • Reporting person disclaims beneficial ownership of shares held by spouse's trust (F6).
  • Option grant date and vesting schedule noted: option granted Jan 26, 2022; vesting one-third on Jan 31, 2023, Jan 31, 2024 and Jan 31, 2025 (F7).
• Filing timeliness: not filed late (Form 4 filed Oct 21, 2026; transactions on Oct 19 and Oct 20, 2026).

Why it may matter

• The filing shows exercised options followed by sales of the same shares, consistent with a cashless exercise and immediate sales under a 10b5-1 plan.
• A filing does not show why the insider traded or why the company acted.