North America Crude Oil Marketing - January 2004 Summary California Bulletins 04-CA1 to 04-CA14, 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	CA1 01/05	CA2 01/08	CA3 01/09	CA4 01/12	CA5 01/13	CA6 01/15	CA7 01/16	CA8 01/20
Asphalto		32.00	32.25	32.50	33.00	32.75	31.75	33.25	34.65
Belridge Hvy (under 28�)		28.20	28.45	28.70	29.20	28.95	27.95	29.45	30.45
Belridge Lt (over 28�)		31.75	32.00	32.25	32.75	32.50	31.50	33.00	34.35
Buena Vista Hills		30.70	30.95	31.20	31.70	31.45	30.45	31.95	33.20
Cal Canal		32.85	33.10	33.35	33.85	33.60	32.60	34.10	35.50
Coalinga		28.50	28.75	29.00	29.50	29.25	28.25	29.75	30.75
Cymric		27.75	28.00	28.25	28.75	28.50	27.50	29.00	30.00
Huntington Beach		29.10	29.35	29.60	30.10	29.85	28.85	30.35	31.45
Kern River		28.00	28.25	28.50	29.00	28.75	27.75	29.25	30.25
Kettleman Hills		32.25	32.50	32.75	33.25	33.00	32.00	33.50	34.90
Lost Hills		31.70	31.95	32.20	32.70	32.45	31.45	32.95	34.25
McKittrick		28.00	28.25	28.50	29.00	28.75	27.75	29.25	30.25
Midway Sunset		28.00	28.25	28.50	29.00	28.75	27.75	29.25	30.25
Montebello		30.10	30.35	30.60	31.10	30.85	29.85	31.35	32.55
Pt Arguello (onshore)		24.50	24.75	25.00	25.50	25.25	24.25	25.75	26.75
Railroad Gap		31.85	32.10	32.35	32.85	32.60	31.60	33.10	34.50
San Ardo		26.40	26.65	26.90	27.40	27.15	26.15	27.65	28.60
Seal Beach		31.20	31.45	31.70	32.20	31.95	30.95	32.45	33.75

California	API	CA9 01/21	CA10 01/26	CA11 01/27	CA12 01/28	CA13 01/29	CA14 01/30		Mthly Avg
Asphalto		33.40	32.90	32.65	32.15	31.40	31.65		32.4532
Belridge Hvy (under 28�)		29.20	28.70	28.45	27.95	27.20	27.45		28.4984
Belridge Lt (over 28�)		33.10	32.60	32.35	31.85	31.10	31.35		32.1839
Buena Vista Hills		31.95	31.45	31.20	30.70	29.95	30.20		31.3929
Cal Canal		34.25	33.75	33.50	33.00	32.25	32.50		33.3032
Coalinga		29.50	29.00	28.75	28.25	27.50	27.75		28.9186
Cymric		28.75	28.25	28.00	27.50	26.75	27.00		28.0484
Huntington Beach		30.20	29.70	29.45	28.95	28.20	28.45		29.6043
Kern River		29.00	28.50	28.25	27.75	27.00	27.25		28.2984
Kettleman Hills		33.65	33.15	32.90	32.40	31.65	31.90		33.1143
Lost Hills		33.00	32.50	32.25	31.75	31.00	31.25		32.4671
McKittrick		29.00	28.50	28.25	27.75	27.00	27.25		28.4071
Midway Sunset		29.00	28.50	28.25	27.75	27.00	27.25		28.4071
Montebello		31.30	30.80	30.55	30.05	29.30	29.55		30.4758
Pt Arguello (onshore)		25.50	25.00	24.75	24.25	23.50	23.75		24.8786
Railroad Gap		33.25	32.75	32.50	32.00	31.25	31.50		32.3032
San Ardo		27.35	26.85	26.60	26.10	25.35	25.60		26.7157
Seal Beach		32.50	32.00	31.75	31.25	30.50	30.75		31.9386

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.