Chevron
North America Crude Oil Marketing - November 2003 Summary California Bulletins 03-CA169 to 03-CA182, with Monthly Averages

Chevron has changed its posted prices as shown below:

Effective 7:00 AM on the above listed effective date, subject to change without notice, Chevron will pay the following prices per barrel for crude oil and condensate delivered for its account into the custody of its authorized carrier or receiving agent. Prices are subject to deduction for transportation and other charges where applicable. Prices for oil apply to quantities measured by approved automatic custody transfer facilities or 100% tank table with customary adjustment of volume and gravity for temperature and full deduction for sediment and water.

* Prices are subject to a Gravity Adjustment Scale
CaliforniaAPICA169
11/03
CA170
11/05
CA171
11/06
CA172
11/07
CA173
11/11
CA174
11/12
CA175
11/13
CA176
11/14
Asphalto26.1027.6027.3527.8528.1028.3528.8529.35
Belridge Hvy (under 28°)22.6524.1523.9024.4024.6524.9025.4025.90
Belridge Lt (over 28°)25.9027.4027.1527.6527.9028.1528.6529.15
Buena Vista Hills24.9526.4526.2026.7026.9527.2027.7028.20
Cal Canal26.9528.4528.2028.7028.9529.2029.7030.20
Coalinga22.9524.4524.2024.7024.9525.2025.7026.20
Cymric22.3023.8023.5524.0524.3024.5525.0525.55
Huntington Beach23.5025.0024.7525.2525.5025.7526.2526.75
Kern River22.5024.0023.7524.2524.5024.7525.2525.75
Kettleman Hills26.3527.8527.6028.1028.3528.6029.1029.60
Lost Hills25.8527.3527.1027.6027.8528.1028.6029.10
McKittrick22.5024.0023.7524.2524.5024.7525.2525.75
Midway Sunset22.5024.0023.7524.2524.5024.7525.2525.75
Montebello24.4525.9525.7026.2026.4526.7027.2027.70
Pt Arguello (onshore)19.0020.5020.2520.7521.0021.2521.7522.25
Railroad Gap26.0027.5027.2527.7528.0028.2528.7529.25
San Ardo20.9522.4522.2022.7022.9523.2023.7024.20
Seal Beach25.4026.9026.6527.1527.4027.6528.1528.65
Gravity AdjustmentPrice Adjustment $/bbl/Tenth°API
Above 40.0°API0.00000.00000.00000.00000.00000.00000.00000.0000
34.0° to 40.0°API0.01000.01000.01000.01000.01000.01000.01000.0100
Below 34.0°API0.01500.01500.01500.01500.01500.01500.01500.0150
CaliforniaAPICA177
11/17
CA178
11/18
CA179
11/19
CA180
11/21
CA181
11/24
CA182
11/26
 Mthly
Avg
Asphalto28.8530.3530.2529.7527.5028.00 28.2850
Belridge Hvy (under 28°)25.4026.9026.4525.9523.7024.20 24.6950
Belridge Lt (over 28°)28.6530.1530.0029.5027.2527.75 28.0650
Buena Vista Hills27.7029.2028.9528.4526.2026.70 27.0750
Cal Canal29.7031.2031.1030.6028.3528.85 29.1350
Coalinga25.7027.2026.7526.2524.0024.50 24.9950
Cymric25.0526.5526.0025.5023.2523.75 24.3050
Huntington Beach26.2527.7527.3526.8524.6025.10 25.5650
Kern River25.2526.7526.2525.7523.5024.00 24.5250
Kettleman Hills29.1030.6030.5030.0027.7528.25 28.5350
Lost Hills28.6030.1029.9529.4527.2027.70 28.0150
McKittrick25.2526.7526.2525.7523.5024.00 24.5250
Midway Sunset25.2526.7526.2525.7523.5024.00 24.5250
Montebello27.2028.7028.3527.8525.6026.10 26.5350
Pt Arguello (onshore)21.7523.2522.7522.2520.0020.50 21.0250
Railroad Gap28.7530.2530.1029.6027.3527.85 28.1650
San Ardo23.7025.2024.6524.1521.9022.40 22.9550
Seal Beach28.1529.6529.4528.9526.7027.20 27.5450
Gravity AdjustmentPrice Adjustment $/bbl/Tenth°API
Above 40.0°API0.00000.00000.00000.00000.00000.0000 0.0000
34.0° to 40.0°API0.01000.01000.01000.01000.01000.0100 0.0100
Below 34.0°API0.01500.01500.02000.02000.02000.0200 0.0170
Note: Prices in $/bbl

Measurement
The prices are based upon computation of quantities by mutually acceptable automatic measuring equipment in accordance with the latest ASTM Standards and API Manual of Petroleum Measurement Standards (MPMS) generally accepted in the petroleum industry with deductions for full sediment, water and other impurities.

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