SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
  
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
WATSON JOHN S

(Last) (First) (Middle)
6001 BOLLINGER CANYON ROAD

(Street)
SAN RAMON CA 94583

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CHEVRON CORP [ CVX ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Vice Pres. and Pres. CIEP
3. Date of Earliest Transaction (Month/Day/Year)
05/04/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 16,394(3) I By 401(k) plan
Common Stock 05/04/2006 M 24,200(1) A $39.5625 50,423(2) D
Common Stock 05/04/2006 M 24,200 A $44.9375 74,623 D
Common Stock 05/04/2006 M 66,000 A $40.75 140,623 D
Common Stock 05/04/2006 S 1,000 D $62.25 139,623 D
Common Stock 05/04/2006 S 500 D $62.24 139,123 D
Common Stock 05/04/2006 S 100 D $62.21 139,023 D
Common Stock 05/04/2006 S 200 D $62.2 138,823 D
Common Stock 05/04/2006 S 1,700 D $62.19 137,123 D
Common Stock 05/04/2006 S 500 D $62.18 136,623 D
Common Stock 05/04/2006 S 3,200 D $62.17 133,423 D
Common Stock 05/04/2006 S 2,200 D $62.16 131,223 D
Common Stock 05/04/2006 S 7,500 D $62.15 123,723 D
Common Stock 05/04/2006 S 400 D $62.14 123,323 D
Common Stock 05/04/2006 S 7,300 D $62.14 116,023 D
Common Stock 05/04/2006 S 400 D $62.13 115,623 D
Common Stock 05/04/2006 S 4,600 D $62.12 111,023 D
Common Stock 05/04/2006 S 100 D $62.11 110,923 D
Common Stock 05/04/2006 S 1,000 D $62.1 109,923 D
Common Stock 05/04/2006 S 5,500 D $62.09 104,423 D
Common Stock 05/04/2006 S 3,000 D $62.07 101,423 D
Common Stock 05/04/2006 S 400 D $62.05 101,023 D
Common Stock 05/04/2006 S 300 D $62.04 100,723 D
Common Stock 05/04/2006 S 3,400 D $62.03 97,323 D
Common Stock 05/04/2006 S 3,200 D $62.02 94,123 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (Right to Buy) $39.5625(4) 05/04/2006 M 24,200(4) 10/27/1999 10/27/2008 Common Stock 24,200(4) $0 0 D
Non-Qualified Stock Option (Right to Buy) $44.9375(4) 05/04/2006 M 24,200(4) 10/27/2000 10/27/2009 Common Stock 24,200(4) $0 0 D
Non-Qualified Stock Option (Right to Buy) $40.75(4) 05/04/2006 M 66,000(4) 10/25/2001 10/25/2010 Common Stock 66,000(4) $0 0 D
Explanation of Responses:
1. The Form 4 is one of two being filed to report transactions occurring on May 4, 2006.
2. This number includes dividend equivalent accruals (963 shares) from awards granted under the Chevron Long-Term Incentive Plan.
3. Between February 8, 2005 and May 3, 2006, the reporting person acquired 1,081 shares of Chevron Corporation common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.
4. The option exercise price and number of shares are adjusted for the September 10, 2004, 2-for-1 stock split of Chevron Corporation common stock.
Christopher A. Butner on behalf of John S. Watson 05/05/2006
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.