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

North America Crude Oil Marketing - July 2003 Summary California Bulletins 03-CA110 to 03-CA123, 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	CA110 07/02	CA111 07/03	CA112 07/07	CA113 07/09	CA114 07/11	CA115 07/15	CA116 07/16	CA117 07/17
Asphalto	27.60	27.85	27.60	28.35	28.60	29.10	28.60	28.85
Belridge Hvy (under 28ï¿½)	24.90	25.15	24.90	25.65	25.90	26.40	25.90	26.15
Belridge Lt (over 28ï¿½)	27.50	27.75	27.50	28.25	28.50	29.00	28.50	28.75
Buena Vista Hills	26.70	26.95	26.70	27.45	27.70	28.20	27.70	27.95
Cal Canal	28.40	28.65	28.40	29.15	29.40	29.90	29.40	29.65
Coalinga	25.20	25.45	25.20	25.95	26.20	26.70	26.20	26.45
Cymric	24.60	24.85	24.60	25.35	25.60	26.10	25.60	25.85
Huntington Beach	25.50	25.75	25.50	26.25	26.50	27.00	26.50	26.75
Kern River	24.75	25.00	24.75	25.50	25.75	26.25	25.75	26.00
Kettleman Hills	27.80	28.05	27.80	28.55	28.80	29.30	28.80	29.05
Lost Hills	27.45	27.70	27.45	28.20	28.45	28.95	28.45	28.70
McKittrick	24.75	25.00	24.75	25.50	25.75	26.25	25.75	26.00
Midway Sunset	24.75	25.00	24.75	25.50	25.75	26.25	25.75	26.00
Montebello	26.35	26.60	26.35	27.10	27.35	27.85	27.35	27.60
Pt Arguello (onshore)	21.05	21.30	21.05	21.80	22.05	22.55	22.05	22.30
Railroad Gap	27.50	27.75	27.50	28.25	28.50	29.00	28.50	28.75
San Ardo	23.25	23.50	23.25	24.00	24.25	24.75	24.25	24.50
Seal Beach	27.10	27.35	27.10	27.85	28.10	28.60	28.10	28.35

California	CA118 07/18	CA119 07/21	CA120 07/22	CA121 07/24	CA122 07/30	CA123 07/31	Mthly Avg
Asphalto	29.35	29.10	27.60	27.85	28.10	27.85	28.2290
Belridge Hvy (under 28ï¿½)	26.65	26.40	24.90	25.15	25.40	25.15	25.5290
Belridge Lt (over 28ï¿½)	29.25	29.00	27.50	27.75	28.00	27.75	28.1290
Buena Vista Hills	28.45	28.20	26.70	26.95	27.20	26.95	27.3290
Cal Canal	30.15	29.90	28.40	28.65	28.90	28.65	29.0290
Coalinga	26.95	26.70	25.20	25.45	25.70	25.45	25.8290
Cymric	26.35	26.10	24.60	24.85	25.10	24.85	25.2290
Huntington Beach	27.25	27.00	25.50	25.75	26.00	25.75	26.1290
Kern River	26.50	26.25	24.75	25.00	25.25	25.00	25.3790
Kettleman Hills	29.55	29.30	27.80	28.05	28.30	28.05	28.4290
Lost Hills	29.20	28.95	27.45	27.70	27.95	27.70	28.0790
McKittrick	26.50	26.25	24.75	25.00	25.25	25.00	25.3790
Midway Sunset	26.50	26.25	24.75	25.00	25.25	25.00	25.3790
Montebello	28.10	27.85	26.35	26.60	26.85	26.60	26.9790
Pt Arguello (onshore)	22.80	22.55	21.05	21.30	21.55	21.30	21.6790
Railroad Gap	29.25	29.00	27.50	27.75	28.00	27.75	28.1290
San Ardo	25.00	24.75	23.25	23.50	23.75	23.50	23.8790
Seal Beach	28.85	28.60	27.10	27.35	27.60	27.35	27.7290

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.