Chevron Corporation management check
CVX · Energy · Integrated Oil & Gas · CEO Michael K Wirth
Filings as of
3 good · 4 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $222, against $275 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.05 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.2% of net income$26.8m of reported pay in fiscal 2025, against $12.3bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.6 years of payThe CEO holds 343,408 shares, directly or through trusts (unvested awards not counted): about 2.6 years of pay. 5 insiders sold $347.8m in the last six months and none bought. 2 of 26 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.6% a year over the last three fiscal years.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: Mr. Wirth. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 26 | 64 | |
| Pay for performance | 52 | 65 | |
| CEO cost | 100 | 66 | |
| Skin in the game | 35 | 49 | |
| Dilution | 58 | 58 | |
| Stable leadership | 75 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Nearest in rank in Energy, by management score. Chevron Corporation is 14th of 20 in its sector.
- 215FANGDiamondback Energy67
- 232COPConocoPhillips66
- 253WMBWilliams Companies64
- 257CVXChevron Corporation64
- 279KMIKinder Morgan63
- 287EQTEQT Corporation62
Pay versus performance
From the proxy statement filed April 7, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Wirth | $26.8m | $17.7m | $9.2m | $222 | $275 | $12.3bn |
| 2024 | — | $32.7m | $32.8m | $7.9m | $202 | $230 | $17.7bn |
| 2023 | — | $27.4m | −$23.8m | $9.6m | $199 | $228 | $21.4bn |
| 2022 | — | $24.2m | $87.4m | $8.1m | $231 | $218 | $35.5bn |
| 2021 | — | $22.6m | $54.4m | $8.7m | $146 | $139 | $15.6bn |
The board says pay is tied most to ROCE. Its other key measures: Earnings, Free cash flow.
Insiders and the CEO's stake
Michael K Wirth (Chairman and CEO) held 343,408 shares directly after their latest Form 4 on Aug 14, 2026, roughly $69.0m at that filing's price.
5 insiders sold $347.8m in the last six months and none bought. 2 of 26 sales ran on pre-arranged 10b5-1 plans.
- SoldJohn B HessDirector$266.8mAug 3, 2026
- SoldMichael K WirthChairman and CEO$64.6mAug 14, 2026
- SoldR. Hewitt PateChief Legal Officer$10.3mOct 20, 2026
- SoldAndrew Benjamin WalzPresident, DM&C$3.4mAug 17, 2026
Leadership and governance on file
- Oct 5, 2026Leadership change8-K 5.02
- May 29, 2026Leadership change8-K 5.02
- Jan 30, 2026Leadership change8-K 5.02
- Jan 27, 2026Leadership change8-K 5.02
- Dec 19, 2025Leadership change8-K/A 5.02
- Nov 3, 2025Leadership change8-K 5.02
- Jul 29, 2025Leadership change8-K 5.02
- Jan 31, 2025Leadership change8-K 5.02
- Aug 2, 2024Leadership change8-K 5.02
- Feb 2, 2024Leadership change8-K 5.02
- Jul 26, 2023Leadership change8-K 5.02
- Jan 27, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 29, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $111.9bn returned to owners in buybacks and dividends, 109% of net income, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $155.6bn | $235.7bn | $196.9bn | $193.4bn | $184.4bn |
| Net income | $15.6bn | $35.5bn | $21.4bn | $17.7bn | $12.3bn |
| Stock-based pay | — | — | — | — | — |
| Buybacks | $1.4bn | $11.3bn | $14.9bn | $15.2bn | $12.1bn |
| Dividends | $10.2bn | $11.0bn | $11.3bn | $11.8bn | $12.8bn |
| Diluted shares | 1920m | 1940m | 1880m | 1817m | 1856m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.