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

North America Crude Oil Marketing - December 2003 Summary California Bulletins 03-CA183 to 03-CA199, 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	CA183 12/01	CA184 12/02	CA185 12/03	CA186 12/04	CA187 12/05	CA188 12/08	CA189 12/10	CA190 12/12	CA191 12/16
Asphalto	27.50	28.00	28.25	28.50	28.25	29.50	29.75	31.00	30.75
Belridge Hvy (under 28ï¿½)	23.70	24.20	24.45	24.70	24.45	25.70	25.95	27.20	26.95
Belridge Lt (over 28ï¿½)	27.25	27.75	28.00	28.25	28.00	29.25	29.50	30.75	30.50
Buena Vista Hills	26.20	26.70	26.95	27.20	26.95	28.20	28.45	29.70	29.45
Cal Canal	28.35	28.85	29.10	29.35	29.10	30.35	30.60	31.85	31.60
Coalinga	24.00	24.50	24.75	25.00	24.75	26.00	26.25	27.50	27.25
Cymric	23.25	23.75	24.00	24.25	24.00	25.25	25.50	26.75	26.50
Huntington Beach	24.60	25.10	25.35	25.60	25.35	26.60	26.85	28.10	27.85
Kern River	23.50	24.00	24.25	24.50	24.25	25.50	25.75	27.00	26.75
Kettleman Hills	27.75	28.25	28.50	28.75	28.50	29.75	30.00	31.25	31.00
Lost Hills	27.20	27.70	27.95	28.20	27.95	29.20	29.45	30.70	30.45
McKittrick	23.50	24.00	24.25	24.50	24.25	25.50	25.75	27.00	26.75
Midway Sunset	23.50	24.00	24.25	24.50	24.25	25.50	25.75	27.00	26.75
Montebello	25.60	26.10	26.35	26.60	26.35	27.60	27.85	29.10	28.85
Pt Arguello (onshore)	20.00	20.50	20.75	21.00	20.75	22.00	22.25	23.50	23.25
Railroad Gap	27.35	27.85	28.10	28.35	28.10	29.35	29.60	30.85	30.60
San Ardo	21.90	22.40	22.65	22.90	22.65	23.90	24.15	25.40	25.15
Seal Beach	26.70	27.20	27.45	27.70	27.45	28.70	28.95	30.20	29.95

California	CA192 12/17	CA193 12/18	CA194 12/19	CA195 12/22	CA196 12/24	CA197 12/29	CA198 12/30	CA199 12/31	Mthly Avg
Asphalto	31.25	31.75	31.00	29.75	30.75	30.50	31.00	30.75	30.0565
Belridge Hvy (under 28ï¿½)	27.45	27.95	27.20	25.95	26.95	26.70	27.20	26.95	26.2565
Belridge Lt (over 28ï¿½)	31.00	31.50	30.75	29.50	30.50	30.25	30.75	30.50	29.8065
Buena Vista Hills	29.95	30.45	29.70	28.45	29.45	29.20	29.70	29.45	28.7565
Cal Canal	32.10	32.60	31.85	30.60	31.60	31.35	31.85	31.60	30.9065
Coalinga	27.75	28.25	27.50	26.25	27.25	27.00	27.50	27.25	26.5565
Cymric	27.00	27.50	26.75	25.50	26.50	26.25	26.75	26.50	25.8065
Huntington Beach	28.35	28.85	28.10	26.85	27.85	27.60	28.10	27.85	27.1565
Kern River	27.25	27.75	27.00	25.75	26.75	26.50	27.00	26.75	26.0565
Kettleman Hills	31.50	32.00	31.25	30.00	31.00	30.75	31.25	31.00	30.3065
Lost Hills	30.95	31.45	30.70	29.45	30.45	30.20	30.70	30.45	29.7565
McKittrick	27.25	27.75	27.00	25.75	26.75	26.50	27.00	26.75	26.0565
Midway Sunset	27.25	27.75	27.00	25.75	26.75	26.50	27.00	26.75	26.0565
Montebello	29.35	29.85	29.10	27.85	28.85	28.60	29.10	28.85	28.1565
Pt Arguello (onshore)	23.75	24.25	23.50	22.25	23.25	23.00	23.50	23.25	22.5565
Railroad Gap	31.10	31.60	30.85	29.60	30.60	30.35	30.85	30.60	29.9065
San Ardo	25.65	26.15	25.40	24.15	25.15	24.90	25.40	25.15	24.4565
Seal Beach	30.45	30.95	30.20	28.95	29.95	29.70	30.20	29.95	29.2565

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.