Chevron
North America Crude Oil Marketing - February 2004 Summary California Bulletins 04-CA15 to 04-CA28, 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
CaliforniaAPICA15
02/02
CA16
02/03
CA17
02/04
CA18
02/06
CA19
02/09
CA20
02/10
CA21
02/13
CA22
02/17
Asphalto33.4032.6531.6531.1531.4032.4033.1533.65
Belridge Hvy (under 28°)29.2028.4527.4526.9527.2028.2028.9529.45
Belridge Lt (over 28°)33.1032.3531.3530.8531.1032.1032.8533.35
Buena Vista Hills31.9531.2030.2029.7029.9530.9531.7032.20
Cal Canal34.2533.5032.5032.0032.2533.2534.0034.50
Coalinga29.5028.7527.7527.2527.5028.5029.2529.75
Cymric28.7528.0027.0026.5026.7527.7528.5029.00
Huntington Beach30.2029.4528.4527.9528.2029.2029.9530.45
Kern River29.0028.2527.2526.7527.0028.0028.7529.25
Kettleman Hills33.6532.9031.9031.4031.6532.6533.4033.90
Lost Hills33.0032.2531.2530.7531.0032.0032.7533.25
McKittrick29.0028.2527.2526.7527.0028.0028.7529.25
Midway Sunset29.0028.2527.2526.7527.0028.0028.7529.25
Montebello31.3030.5529.5529.0529.3030.3031.0531.55
Pt Arguello (onshore)25.5024.7523.7523.2523.5024.5025.2525.75
Railroad Gap33.2532.5031.5031.0031.2532.2533.0033.50
San Ardo27.3526.6025.6025.1025.3526.3527.1027.60
Seal Beach32.5031.7530.7530.2530.5031.5032.2532.75
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°API0.02000.02000.02000.02000.02000.02000.02000.0200
CaliforniaAPICA23
02/18
CA24
02/19
CA25
02/20
CA26
02/25
CA27
02/26
CA28
02/27
 Mthly
Avg
Asphalto34.1534.6534.1535.1534.4034.65 33.1845
Belridge Hvy (under 28°)29.9530.4529.9530.9530.2030.45 28.9845
Belridge Lt (over 28°)33.8534.3533.8534.8534.1034.35 32.8845
Buena Vista Hills32.7033.2032.7033.7032.9533.20 31.7345
Cal Canal35.0035.5035.0036.0035.2535.50 34.0345
Coalinga30.2530.7530.2531.2530.5030.75 29.2845
Cymric29.5030.0029.5030.5029.7530.00 28.5345
Huntington Beach30.9531.4530.9531.9531.2031.45 29.9845
Kern River29.7530.2529.7530.7530.0030.25 28.7845
Kettleman Hills34.4034.9034.4035.4034.6534.90 33.4345
Lost Hills33.7534.2533.7534.7534.0034.25 32.7845
McKittrick29.7530.2529.7530.7530.0030.25 28.7845
Midway Sunset29.7530.2529.7530.7530.0030.25 28.7845
Montebello32.0532.5532.0533.0532.3032.55 31.0845
Pt Arguello (onshore)26.2526.7526.2527.2526.5026.75 25.2845
Railroad Gap34.0034.5034.0035.0034.2534.50 33.0345
San Ardo28.1028.6028.1029.1028.3528.60 27.1345
Seal Beach33.2533.7533.2534.2533.5033.75 32.2845
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°API0.02000.02000.02000.02000.02000.0200 0.0200
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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