Pate R. Hewitt

Pate R. Hewitt, Chief Legal Officer of Chevron (CVX), has been a consistent seller of company stock over the past several months, with Form 4 filings revealing a pronounced disposition bias. Across 40 transactions, Hewitt has sold approximately $46.6 million in CVX shares, with zero open-market purchases during the period. The selling activity has been concentrated and aggressive: between late February and late March 2026, Hewitt executed at least 10 open-market sales totaling roughly $43.6 million, including a single $8.57 million sale on March 30 and a $9.07 million sale on March 6. These sales were paired with option exercises (coded M) of comparable value, such as a $5.04 million exercise on March 30 and a $5.33 million exercise on March 6, indicating that Hewitt was converting vested options into cash rather than accumulating shares. The pattern is consistent with routine portfolio diversification by a senior executive, but the scale is notable. The largest cluster of sales occurred on March 2, 2026, when three separate transactions totaling approximately $10.9 million were executed alongside a $6.4 million option exercise. Smaller sales on February 27, totaling roughly $6.6 million, and a $7.26 million sale on January 30, round out a period of heavy liquidation. The filings also include automatic transactions—tax-withholding sales (coded F) and a $1.78 million disposition back to the issuer (coded D) on January 31—which are not discretionary. Notably, there are no recent purchases (coded P) or acquisitions (coded A) with positive value, reinforcing that Hewitt’s activity is entirely on the sell side. While the option exercises and sales are mechanically linked, the sheer volume of open-market sales—over $43 million in just two months—signals a clear reduction in Hewitt’s direct ownership stake in Chevron.