Chevron
North America Crude Oil Marketing - January 2012 Summary East of the Rockies Bulletins 12-E1 to 12-E20, with Monthly Averages

Chevron has changed its posted prices as shown below:

Effective 7:00 a.m. on the date(s) indicated, and subject to change without notice and subject to the terms and conditions of its division orders or other contracts, Chevron will pay the following prices ($/bbl) for oil at 40.0° API and above, except as noted below, delivered into pipelines for its account into the custody of its authorized carrier or receiving agent. The posted prices for crude oil transported by truck or barge will be the following prices less appropriate trucking or barge cost. The posted prices for crude oil received off shore will be the following prices less appropriate transportation and quality costs to get the crude on shore. Regarding technical issues of Chevron's most recent posted prices, call Christine Mathwig 832-854-5159.

* Prices are subject to a Gravity Adjustment Scale
East of the RockiesE1
01/03
E2
01/04
E3
01/05
E4
01/06
E5
01/09
E6
01/10
E7
01/11
E8
01/12
E9
01/13
E10
01/17
E11
01/18
Gvty
Adj*
Altamont Yellow Wax90.2190.4789.0688.8188.5689.4988.1286.3585.9587.2187.09B
Bonito Sour (Onshore)111.75112.00110.50110.25110.00111.00109.50107.75107.50109.50109.25A
Deepwater Sour (Onshore) (30°)109.25109.50108.25108.00107.75108.50107.25105.50105.00107.00107.00F,G
East Texas99.2599.5098.0097.7597.5098.5097.2595.5095.0097.0097.00none
Eugene Island Sour (Onshore)111.75112.00110.75110.50110.25111.00109.75108.00107.50109.50109.50A
Heavy Louisiana Sweet (Onshore)114.00114.25112.75112.50112.25113.25111.75110.00109.75111.75111.50A
Light Louisiana Sweet (Onshore)113.25113.50112.00111.75111.50112.50111.25109.25109.00111.00110.75A
New Mexico Intermediate99.5099.7598.2598.0097.7598.7597.5095.7595.2597.2597.25none
New Mexico Sour (34°)96.5096.7595.2595.0094.7595.7594.5092.7592.2594.2594.25none
North Texas Sweet99.5099.7598.2598.0097.7598.7597.5095.7595.2597.2597.25none
Oklahoma Sour96.5096.7595.2595.0094.7595.7594.5092.7592.2594.2594.25none
Oklahoma Sweet99.5099.7598.2598.0097.7598.7597.5095.7595.2597.2597.25none
Rocky Mountain Condensate91.7191.9790.5690.3190.0690.9989.6287.8587.4589.4689.34H
South Texas Light Sweet97.5097.7596.2596.0095.7596.7595.5093.7593.2595.2595.25none
Southwest Wyoming Sweet97.2197.4796.0695.8195.5696.4995.1293.3592.9594.9694.84E
Uinta Basin Black Wax89.2189.4788.0687.8187.5688.4987.1285.3584.9586.2186.09B
West Texas Intermediate99.5099.7598.2598.0097.7598.7597.5095.7595.2597.2597.25none
West Texas Sour (34°)96.5096.7595.2595.0094.7595.7594.5092.7592.2594.2594.25none
Western Colorado93.4693.7292.3192.0691.8192.7491.3789.6089.2091.2191.09B
East of the RockiesE12
01/19
E13
01/20
E14
01/23
E15
01/24
E16
01/25
E17
01/26
E18
01/27
E19
01/30
E20
01/31
 Gvty
Adj*
Mthly
Avg
Altamont Yellow Wax86.8984.9686.0885.4585.9086.2086.0685.2884.98 86.8642
Bonito Sour (Onshore)109.00107.25108.25107.75108.00108.50108.25107.50107.25 109.1210
Deepwater Sour (Onshore) (30°)106.75104.75106.00105.25105.75106.00106.00105.25104.75 106.7258
East Texas96.7594.7596.0095.2595.7596.0095.7595.0094.75 96.2661
Eugene Island Sour (Onshore)109.25107.25108.50107.75108.25108.50108.50107.75107.25 109.2742
Heavy Louisiana Sweet (Onshore)111.25109.50110.50110.00110.50110.75110.50109.75109.50 111.3468
Light Louisiana Sweet (Onshore)110.75108.75109.75109.25109.75110.00109.75109.00108.75 110.6129
New Mexico Intermediate97.0095.0096.2595.5096.0096.2596.0095.2595.00 96.5161
New Mexico Sour (34°)94.0092.0093.2592.5093.0093.2593.0092.2592.00 93.5161
North Texas Sweet97.0095.0096.2595.5096.0096.2596.0095.2595.00 96.5161
Oklahoma Sour94.0092.0093.2592.5093.0093.2593.0092.2592.00 93.5161
Oklahoma Sweet97.0095.0096.2595.5096.0096.2596.0095.2595.00 96.5161
Rocky Mountain Condensate89.1487.2188.3387.7088.1588.4588.3187.5387.23 88.7271
South Texas Light Sweet95.0093.0094.2593.5094.0094.2594.0093.2593.00 94.5161
Southwest Wyoming Sweet94.6492.7193.8393.2093.6593.9593.8193.0392.73 94.2271
Uinta Basin Black Wax85.8983.9685.0884.4584.9085.2085.0684.2883.98 85.8642
West Texas Intermediate97.0095.0096.2595.5096.0096.2596.0095.2595.00 96.5161
West Texas Sour (34°)94.0092.0093.2592.5093.0093.2593.0092.2592.00 93.5161
Western Colorado90.8988.9690.0889.4589.9090.2090.0689.2888.98 90.4771
Note: Prices in $/bbl

Measurement
The prices are based upon computation of quantities by mutually acceptable automatic measuring equipment in accordance with provisions of API Standard 1101 or from 100% tank tables with corrections of volume and gravity for temperature to 60°F in accordance with ASTM D-1250 and supplements thereto, if any, and with deductions for full sediment, water and other impurities. Only merchantable oil acceptable to the receiving agency designated by Chevron and containing not more than 1% sediment and water will be accepted.

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