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Memorandum - April 17, 2014

California - Bulletin 14-CA74
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
CaliforniaAPIPriceChange
Buena Vista Hills108.960.54
Midway Sunset102.460.54
Note: Prices in $/bbl

Prices for crude oil and condensate will be adjusted to the nearest tenth °API using the following price adjustments for gravity variations from the posted gravity.

Gravity Range °APIPrice Adjustment
$/bbl/Tenth°API
Above 40.0°API0.0000
34.0° to 40.0°API0.0010
Below 34.0°API0.0050

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.