Chevron
North America Crude Oil Marketing - February 2012 Summary California Bulletins 12-CA21 to 12-CA40, 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
CaliforniaAPICA21
02/01
CA22
02/02
CA23
02/03
CA24
02/06
CA25
02/07
CA26
02/08
CA27
02/09
CA28
02/10
CA29
02/13
CA30
02/14
CA31
02/15
Buena Vista Hills110.85109.60111.10113.20115.70116.25117.40116.20118.45118.25119.30
Midway Sunset105.30104.05105.55107.65110.15110.70111.85110.65112.90112.70113.75
Gravity AdjustmentPrice Adjustment $/bbl/Tenth°API
Above 40.0°API0.00000.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000
34.0° to 40.0°API0.01000.01000.01000.01000.01000.01000.01000.01000.01000.01000.0100
Below 34.0°API0.04250.04250.04250.04250.04250.04250.04250.04250.04250.04250.0425
CaliforniaAPICA32
02/16
CA33
02/17
CA34
02/21
CA35
02/22
CA36
02/23
CA37
02/24
CA38
02/27
CA39
02/28
CA40
02/29
 Mthly
Avg
Buena Vista Hills119.80120.70122.80123.25124.80126.80125.60122.85123.35 118.8466
Midway Sunset114.25115.15117.25117.70119.25121.25120.05117.30117.80 113.2966
Gravity AdjustmentPrice Adjustment $/bbl/Tenth°API
Above 40.0°API0.00000.00000.00000.00000.00000.00000.00000.00000.0000 0.0000
34.0° to 40.0°API0.01000.01000.01000.01000.01000.01000.01000.01000.0100 0.0100
Below 34.0°API0.04250.04250.04250.04250.04250.04250.04250.04250.0425 0.0425
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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