Jeff B. Gustavson, President of New Energies at Chevron Corp, filed a Form 4 on November 4, 2026, disclosing stock option exercises and a sale of common stock that occurred on November 2, 2026.

Key Highlights

  • Option exercise (8,839 shares): Gustavson exercised a non-qualified stock option originally granted January 30, 2019, acquiring 8,839 shares at $113.01 per share on November 2, 2026.
  • Option exercise (15,600 shares): A second non-qualified stock option, originally granted January 29, 2020, was exercised for 15,600 shares at $110.37 per share on the same date.
  • Sale of 24,439 shares: Gustavson disposed of 24,439 shares of common stock at a weighted-average price of $230.7081, with individual trade prices ranging from $230.62 to $230.83.
  • Remaining direct holdings: Following the reported transactions, Gustavson directly held 3,818 shares of Chevron common stock.
  • Indirect holdings via 401(k): The filing also reflects 3 shares held indirectly through a 401(k) plan.
  • Dividend reinvestment: The post-transaction share count following the first option exercise includes 32 shares acquired through reinvestment of dividends on vested restricted stock units under the Chevron Corporation 2022 Long-Term Incentive Plan.

Gustavson's November 2 Option Exercises and Share Sale at Chevron

According to the filing, Jeff B. Gustavson, identified as an officer holding the title President, New Energies at Chevron Corp (NYSE:CVX), reported two non-qualified stock option exercises on November 2, 2026. The first involved 8,839 shares at an exercise price of $113.01, acquired under an option originally granted January 30, 2019, in which one-third of the underlying shares vested on each of January 31, 2020, January 31, 2021, and January 31, 2022, respectively. Following that exercise, Gustavson's direct holdings stood at 12,657 shares, a figure the filing notes includes 32 shares from dividend reinvestment on vested restricted stock units issued under the Chevron Corporation 2022 Long-Term Incentive Plan.

The second exercise covered 15,600 shares at $110.37, drawn from an option originally granted January 29, 2020, with one-third vesting on each of January 31, 2021, January 31, 2022, and January 31, 2023. After this transaction, direct holdings rose to 28,257 shares, according to the filing. Both options carried a reported derivative security price of $0 upon exercise and are now fully disposed of from Table II, with zero shares remaining in each.

Also on November 2, 2026, the filing discloses that Gustavson sold 24,439 shares of common stock. The filing reports a weighted-average sale price of $230.7081, executed across multiple trades at prices ranging from $230.62 to $230.83. The filing states that full information regarding individual trade prices is available upon request to the SEC staff, the issuer, or a security holder. After the sale, Gustavson's direct beneficial ownership stood at 3,818 shares, with an additional 3 shares held indirectly through a 401(k) plan, as reported in the filing.

What Was Disclosed

Chevron Corp officer Jeff B. Gustavson reported exercising two stock options totaling 24,439 shares and selling an equal number of common shares on November 2, 2026, leaving him with 3,818 shares directly held and 3 shares in a 401(k) plan.