Chevron Corp Officer Exercises Options and Sells $5.64M in Common Stock

Executive Summary

On November 2, 2026, Jeff B. Gustavson, President of New Energies at Chevron Corp ($CVX), exercised options to acquire 24,439 shares of Common Stock and subsequently sold all 24,439 shares on the open market at a weighted-average price of $230.7081 per share. The gross proceeds from the sale totaled approximately $5.64 million.

Transaction Breakdown

• Option Exercises:
  • 8,839 shares acquired at an exercise price of $113.01 (Options expiring January 30, 2029).
  • 15,600 shares acquired at an exercise price of $110.37 (Options expiring January 29, 2030).
  • Total exercise cost: $2,720,683.39.
• Open-Market Sale:
  • 24,439 shares sold at a weighted-average price of $230.7081 (price range: $230.62–$230.83).
  • Total gross sale value: $5,638,275.26.
  • Net pre-tax profit realized from exercise and sale: ~$2.92 million.

Post-Transaction Ownership

Following the transactions, Gustavson directly holds 3,818 shares of Chevron Common Stock, remaining consistent with his base pre-exercise holding. He also maintains an indirect beneficial ownership of 3 shares through Chevron's 401(k) plan.

Market Significance

The transaction represents a standard "exercise-and-sell" strategy where the insider liquidated all newly acquired option shares while keeping his pre-existing direct base share position essentially unchanged. Due to the routine nature of option-related liquidations, this transaction carries moderate significance.