Chevron Crude Oil Marketing - North America - January 2003 East of the Rockies Summary

North America Crude Oil Marketing - January 2003 Summary East of the Rockies Bulletins 03-E1 to 03-E22, 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.

POSTINGS WILL BE DISCONTINUED AS OF 8/1/19

* Prices are subject to a Gravity Adjustment Scale

East of the Rockies	E1 01/01	E2 01/02	E3 01/03	E4 01/06	E5 01/07	E6 01/08	E7 01/09	E8 01/10	E9 01/13	E10 01/14	E11 01/15	E12 01/16	Gvty Adj*
Altamont Yellow Wax	31.45	32.10	33.33	32.35	31.33	30.81	32.24	31.93	32.51	32.62	33.46	33.91	B
Bonito Sour (Onshore)	30.50	31.00	32.25	31.25	30.25	29.75	31.25	31.00	31.50	31.75	32.50	33.00	A
Deepwater Sour (Onshore) (30ï¿½)	28.00	28.50	29.75	28.75	27.75	27.25	28.75	28.50	29.00	29.25	30.00	30.50	F,G
East Texas	30.99	31.64	32.87	31.89	30.87	30.35	31.78	31.47	32.05	32.16	33.00	33.45	none
Eugene Island Sour (Onshore)	30.25	31.00	32.25	31.25	30.25	29.75	31.00	30.75	31.25	31.50	32.25	32.75	A
Heavy Louisiana Sweet (Onshore)	31.50	32.00	33.25	32.25	31.25	30.75	32.25	32.00	32.50	32.50	33.50	33.75	A
Light Louisiana Sweet (Onshore)	31.50	32.25	33.25	32.50	31.25	30.75	32.25	32.00	32.50	32.75	33.50	34.00	A
New Mexico Intermediate	31.34	31.99	33.22	32.24	31.22	30.70	32.13	31.82	32.40	32.51	33.35	33.80	none
New Mexico Sour (34ï¿½)	29.91	30.56	31.79	30.81	29.79	29.27	30.70	30.39	30.97	31.08	31.92	32.37	none
North Texas Sweet	30.25	30.90	32.13	31.15	30.13	29.61	31.04	30.73	31.31	31.42	32.26	32.71	none
Oklahoma Sour	29.91	30.56	31.79	30.81	29.79	29.27	30.70	30.39	30.97	31.08	31.92	32.37	none
Oklahoma Sweet	31.48	32.13	33.36	32.38	31.36	30.84	32.27	31.96	32.54	32.65	33.49	33.94	none
South Texas Light Sweet	30.01	30.66	31.89	30.91	29.89	29.37	30.80	30.49	31.07	31.18	32.02	32.47	none
Southwest Wyoming Sweet	32.00	32.65	33.88	32.90	31.88	31.36	32.79	32.48	33.06	33.17	34.01	34.46	E
Uinta Basin Black Wax	28.20	28.85	30.08	29.10	28.08	27.56	28.99	28.68	29.26	29.37	30.21	30.66	B
West Texas Intermediate	30.79	31.44	32.67	31.69	30.67	30.15	31.58	31.27	31.85	31.96	32.80	33.25	none
West Texas Sour (34ï¿½)	29.45	30.10	31.33	30.35	29.33	28.81	30.24	29.93	30.51	30.62	31.46	31.91	none
Western Colorado	31.99	32.64	33.87	32.89	31.87	31.35	32.78	32.47	33.05	33.16	34.00	34.45	B

East of the Rockies	E13 01/17	E14 01/21	E15 01/22	E16 01/23	E17 01/24	E18 01/27	E19 01/28	E20 01/29	E21 01/30	E22 01/31	Mthly Avg
Altamont Yellow Wax	34.16	34.86	33.10	32.50	33.53	32.54	32.92	33.88	34.10	33.76	33.0145
Bonito Sour (Onshore)	33.25	33.75	32.00	31.50	32.50	31.50	32.00	33.00	33.00	32.75	32.0161
Deepwater Sour (Onshore) (30ï¿½)	30.75	31.25	29.50	29.00	30.00	29.00	29.50	30.50	30.50	30.25	29.5161
East Texas	33.70	34.40	32.64	32.04	33.07	32.08	32.46	33.42	33.64	33.30	32.5545
Eugene Island Sour (Onshore)	33.00	33.75	32.00	31.25	32.25	31.25	31.75	32.75	33.00	32.50	31.8468
Heavy Louisiana Sweet (Onshore)	34.00	34.75	33.00	32.50	33.50	32.50	32.75	33.75	34.00	33.75	32.9516
Light Louisiana Sweet (Onshore)	34.25	35.00	33.25	32.50	33.50	32.50	33.00	34.00	34.25	33.75	33.0565
New Mexico Intermediate	34.05	34.75	32.99	32.39	33.42	32.43	32.81	33.77	33.99	33.65	32.9045
New Mexico Sour (34ï¿½)	32.62	33.32	31.56	30.96	31.99	31.00	31.38	32.34	32.56	32.22	31.4745
North Texas Sweet	32.96	33.66	31.90	31.30	32.33	31.34	31.72	32.68	32.90	32.56	31.8145
Oklahoma Sour	32.62	33.32	31.56	30.96	31.99	31.00	31.38	32.34	32.56	32.22	31.4745
Oklahoma Sweet	34.19	34.89	33.13	32.53	33.56	32.57	32.95	33.91	34.13	33.79	33.0445
South Texas Light Sweet	32.72	33.42	31.66	31.06	32.09	31.10	31.48	32.44	32.66	32.32	31.5745
Southwest Wyoming Sweet	34.71	35.41	33.65	33.05	34.08	33.09	33.47	34.43	34.65	34.31	33.5645
Uinta Basin Black Wax	30.91	31.61	29.85	29.25	30.28	29.29	29.67	30.63	30.85	30.51	29.7645
West Texas Intermediate	33.50	34.20	32.44	31.84	32.87	31.88	32.26	33.22	33.44	33.10	32.3545
West Texas Sour (34ï¿½)	32.16	32.86	31.10	30.50	31.53	30.54	30.92	31.88	32.10	31.76	31.0145
Western Colorado	34.70	35.40	33.64	33.04	34.07	33.08	33.46	34.42	34.64	34.30	33.5545

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.