North America Crude Oil Marketing - November 2003 Summary California Bulletins 03-CA169 to 03-CA182, 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	API	CA169 11/03	CA170 11/05	CA171 11/06	CA172 11/07	CA173 11/11	CA174 11/12	CA175 11/13	CA176 11/14
Asphalto		26.10	27.60	27.35	27.85	28.10	28.35	28.85	29.35
Belridge Hvy (under 28�)		22.65	24.15	23.90	24.40	24.65	24.90	25.40	25.90
Belridge Lt (over 28�)		25.90	27.40	27.15	27.65	27.90	28.15	28.65	29.15
Buena Vista Hills		24.95	26.45	26.20	26.70	26.95	27.20	27.70	28.20
Cal Canal		26.95	28.45	28.20	28.70	28.95	29.20	29.70	30.20
Coalinga		22.95	24.45	24.20	24.70	24.95	25.20	25.70	26.20
Cymric		22.30	23.80	23.55	24.05	24.30	24.55	25.05	25.55
Huntington Beach		23.50	25.00	24.75	25.25	25.50	25.75	26.25	26.75
Kern River		22.50	24.00	23.75	24.25	24.50	24.75	25.25	25.75
Kettleman Hills		26.35	27.85	27.60	28.10	28.35	28.60	29.10	29.60
Lost Hills		25.85	27.35	27.10	27.60	27.85	28.10	28.60	29.10
McKittrick		22.50	24.00	23.75	24.25	24.50	24.75	25.25	25.75
Midway Sunset		22.50	24.00	23.75	24.25	24.50	24.75	25.25	25.75
Montebello		24.45	25.95	25.70	26.20	26.45	26.70	27.20	27.70
Pt Arguello (onshore)		19.00	20.50	20.25	20.75	21.00	21.25	21.75	22.25
Railroad Gap		26.00	27.50	27.25	27.75	28.00	28.25	28.75	29.25
San Ardo		20.95	22.45	22.20	22.70	22.95	23.20	23.70	24.20
Seal Beach		25.40	26.90	26.65	27.15	27.40	27.65	28.15	28.65

California	API	CA177 11/17	CA178 11/18	CA179 11/19	CA180 11/21	CA181 11/24	CA182 11/26		Mthly Avg
Asphalto		28.85	30.35	30.25	29.75	27.50	28.00		28.2850
Belridge Hvy (under 28�)		25.40	26.90	26.45	25.95	23.70	24.20		24.6950
Belridge Lt (over 28�)		28.65	30.15	30.00	29.50	27.25	27.75		28.0650
Buena Vista Hills		27.70	29.20	28.95	28.45	26.20	26.70		27.0750
Cal Canal		29.70	31.20	31.10	30.60	28.35	28.85		29.1350
Coalinga		25.70	27.20	26.75	26.25	24.00	24.50		24.9950
Cymric		25.05	26.55	26.00	25.50	23.25	23.75		24.3050
Huntington Beach		26.25	27.75	27.35	26.85	24.60	25.10		25.5650
Kern River		25.25	26.75	26.25	25.75	23.50	24.00		24.5250
Kettleman Hills		29.10	30.60	30.50	30.00	27.75	28.25		28.5350
Lost Hills		28.60	30.10	29.95	29.45	27.20	27.70		28.0150
McKittrick		25.25	26.75	26.25	25.75	23.50	24.00		24.5250
Midway Sunset		25.25	26.75	26.25	25.75	23.50	24.00		24.5250
Montebello		27.20	28.70	28.35	27.85	25.60	26.10		26.5350
Pt Arguello (onshore)		21.75	23.25	22.75	22.25	20.00	20.50		21.0250
Railroad Gap		28.75	30.25	30.10	29.60	27.35	27.85		28.1650
San Ardo		23.70	25.20	24.65	24.15	21.90	22.40		22.9550
Seal Beach		28.15	29.65	29.45	28.95	26.70	27.20		27.5450

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.