Chevron Crude Oil Marketing - North America - January 2003 California Summary

North America Crude Oil Marketing - January 2003 Summary California Bulletins 03-CA1 to 03-CA16, 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

California	CA1 01/02	CA2 01/03	CA3 01/06	CA4 01/07	CA5 01/08	CA6 01/09	CA7 01/10	CA8 01/13	CA9 01/15
Asphalto	29.60	30.85	29.85	29.10	28.85	30.10	29.85	30.35	31.35
Belridge Hvy (under 28ï¿½)	26.15	27.40	26.40	25.65	25.40	26.65	26.40	26.90	27.90
Belridge Lt (over 28ï¿½)	29.40	30.65	29.65	28.90	28.65	29.90	29.65	30.15	31.15
Buena Vista Hills	28.45	29.70	28.70	27.95	27.70	28.95	28.70	29.20	30.20
Cal Canal	30.45	31.70	30.70	29.95	29.70	30.95	30.70	31.20	32.20
Coalinga	26.45	27.70	26.70	25.95	25.70	26.95	26.70	27.20	28.20
Cymric	25.80	27.05	26.05	25.30	25.05	26.30	26.05	26.55	27.55
Huntington Beach	27.05	28.30	27.30	26.55	26.30	27.55	27.30	27.80	28.80
Kern River	26.00	27.25	26.25	25.50	25.25	26.50	26.25	26.75	27.75
Kettleman Hills	29.85	31.10	30.10	29.35	29.10	30.35	30.10	30.60	31.60
Lost Hills	29.35	30.60	29.60	28.85	28.60	29.85	29.60	30.10	31.10
McKittrick	26.00	27.25	26.25	25.50	25.25	26.50	26.25	26.75	27.75
Midway Sunset	26.00	27.25	26.25	25.50	25.25	26.50	26.25	26.75	27.75
Montebello	27.95	29.20	28.20	27.45	27.20	28.45	28.20	28.70	29.70
Pt Arguello (onshore)	22.65	23.90	22.90	22.15	21.90	23.15	22.90	23.40	24.40
Railroad Gap	29.50	30.75	29.75	29.00	28.75	30.00	29.75	30.25	31.25
San Ardo	24.50	25.75	24.75	24.00	23.75	25.00	24.75	25.25	26.25
Seal Beach	28.90	30.15	29.15	28.40	28.15	29.40	29.15	29.65	30.65

California	CA10 01/16	CA11 01/17	CA12 01/21	CA13 01/23	CA14 01/24	CA15 01/27	CA16 01/29	Mthly Avg
Asphalto	31.85	32.10	32.60	31.85	32.10	31.10	31.85	31.0355
Belridge Hvy (under 28ï¿½)	28.40	28.65	29.15	28.40	28.65	27.65	28.40	27.5855
Belridge Lt (over 28ï¿½)	31.65	31.90	32.40	31.65	31.90	30.90	31.65	30.8355
Buena Vista Hills	30.70	30.95	31.45	30.70	30.95	29.95	30.70	29.8855
Cal Canal	32.70	32.95	33.45	32.70	32.95	31.95	32.70	31.8855
Coalinga	28.70	28.95	29.45	28.70	28.95	27.95	28.70	27.8855
Cymric	28.05	28.30	28.80	28.05	28.30	27.30	28.05	27.2355
Huntington Beach	29.30	29.55	30.05	29.30	29.55	28.55	29.30	28.4855
Kern River	28.25	28.50	29.00	28.25	28.50	27.50	28.25	27.4355
Kettleman Hills	32.10	32.35	32.85	32.10	32.35	31.35	32.10	31.2855
Lost Hills	31.60	31.85	32.35	31.60	31.85	30.85	31.60	30.7855
McKittrick	28.25	28.50	29.00	28.25	28.50	27.50	28.25	27.4355
Midway Sunset	28.25	28.50	29.00	28.25	28.50	27.50	28.25	27.4355
Montebello	30.20	30.45	30.95	30.20	30.45	29.45	30.20	29.3855
Pt Arguello (onshore)	24.90	25.15	25.65	24.90	25.15	24.15	24.90	24.0855
Railroad Gap	31.75	32.00	32.50	31.75	32.00	31.00	31.75	30.9355
San Ardo	26.75	27.00	27.50	26.75	27.00	26.00	26.75	25.9355
Seal Beach	31.15	31.40	31.90	31.15	31.40	30.40	31.15	30.3355

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.