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Memorandum - May 16, 2012

East of the Rockies - Bulletin 12-E93
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. For information on Chevron's most recent posted prices, call Tracie Mitchell +1 832 854 4574.
For fax receipt problems call +1 832-854-2929.
For a voice recorded message of the posted prices each day, please call 832 854 3033.

Note: Effective January 1, 2008 Chevron will begin posting for Rocky Mountain Condensate.

* Prices are subject to a Gravity Adjustment Scale
East of the RockiesPriceChangeGvty
Adj*
Altamont Yellow Wax77.31(1.17)B
Bonito Sour (Onshore)108.75(1.25)A
Deepwater Sour (Onshore) (30°)105.50(1.00)F,G
East Texas89.00(1.25)none
Eugene Island Sour (Onshore)109.50(1.00)A
Heavy Louisiana Sweet (Onshore)112.75(1.25)A
Light Louisiana Sweet (Onshore)112.00(1.25)A
New Mexico Intermediate89.25(1.25)none
New Mexico Sour (34°)86.25(1.25)none
North Texas Sweet89.25(1.25)none
Oklahoma Sour86.25(1.25)none
Oklahoma Sweet89.25(1.25)none
Rocky Mountain Condensate77.06(1.17)H
South Texas Light Sweet87.25(1.25)none
Southwest Wyoming Sweet82.31(1.17)E
Uinta Basin Black Wax76.31(1.17)B
West Texas Intermediate89.25(1.25)none
West Texas Sour (34°)86.25(1.25)none
Western Colorado78.06(1.17)B
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.