Chevron Crude Oil Marketing - North America - January 2004 East of the Rockies Summary

North America Crude Oil Marketing - January 2004 Summary East of the Rockies Bulletins 04-E1 to 04-E20, 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 01/05	E3 01/06	E4 01/07	E5 01/08	E6 01/09	E7 01/12	E8 01/13	E9 01/14	E10 01/15	E11 01/16	Gvty Adj*
Altamont Yellow Wax	32.52	33.78	33.70	33.62	33.98	34.31	34.72	34.43	34.50	33.44	35.07	B
Bonito Sour (Onshore)	31.75	33.00	33.00	32.75	33.25	33.50	34.00	33.75	33.75	32.75	34.25	A
Deepwater Sour (Onshore) (30ï¿½)	29.50	30.75	30.75	30.75	31.00	31.25	31.75	31.50	31.50	30.50	32.00	F,G
East Texas	32.27	33.53	33.45	33.37	33.73	34.06	34.47	34.18	34.25	33.19	34.82	none
Eugene Island Sour (Onshore)	31.50	32.75	32.50	32.50	32.75	33.25	33.50	33.25	33.50	32.25	34.00	A
Heavy Louisiana Sweet (Onshore)	32.25	33.50	33.50	33.50	33.75	34.00	34.50	34.25	34.25	33.25	34.75	A
Light Louisiana Sweet (Onshore)	32.75	34.00	34.00	33.75	34.25	34.50	35.00	34.75	34.75	33.75	35.25	A
New Mexico Intermediate	32.53	33.79	33.71	33.63	33.99	34.32	34.73	34.44	34.51	33.45	35.08	none
New Mexico Sour (34ï¿½)	30.78	32.04	31.96	31.88	32.24	32.57	32.98	32.69	32.76	31.70	33.33	none
North Texas Sweet	31.53	32.79	32.71	32.63	32.99	33.32	33.73	33.44	33.51	32.45	34.08	none
Oklahoma Sour	30.78	32.04	31.96	31.88	32.24	32.57	32.98	32.69	32.76	31.70	33.33	none
Oklahoma Sweet	32.76	34.02	33.94	33.86	34.22	34.55	34.96	34.67	34.74	33.68	35.31	none
South Texas Light Sweet	31.20	32.46	32.38	32.30	32.66	32.99	33.40	33.11	33.18	32.12	33.75	none
Southwest Wyoming Sweet	33.32	34.58	34.50	34.42	34.78	35.11	35.52	35.23	35.30	34.24	35.87	E
Uinta Basin Black Wax	29.77	31.03	30.95	30.87	31.23	31.56	31.97	31.68	31.75	30.69	32.32	B
West Texas Intermediate	31.99	33.25	33.17	33.09	33.45	33.78	34.19	33.90	33.97	32.91	34.54	none
West Texas Sour (34ï¿½)	30.23	31.49	31.41	31.33	31.69	32.02	32.43	32.14	32.21	31.15	32.78	none
Western Colorado	33.31	34.57	34.49	34.41	34.77	35.10	35.51	35.22	35.29	34.23	35.86	B

East of the Rockies	E12 01/20	E13 01/21	E14 01/22	E15 01/23	E16 01/26	E17 01/27	E18 01/28	E19 01/29	E20 01/30	Mthly Avg
Altamont Yellow Wax	36.20	34.58	34.93	34.94	34.47	34.12	33.62	32.81	33.05	34.1003
Bonito Sour (Onshore)	35.50	33.75	34.25	34.25	33.75	33.25	32.75	32.00	32.25	33.3306
Deepwater Sour (Onshore) (30ï¿½)	33.25	31.50	32.00	32.00	31.50	31.25	30.75	29.75	30.00	31.1048
East Texas	35.95	34.33	34.68	34.69	34.22	33.87	33.37	32.56	32.80	33.8503
Eugene Island Sour (Onshore)	35.00	33.50	33.75	33.75	33.25	33.00	32.50	31.75	32.00	32.9919
Heavy Louisiana Sweet (Onshore)	36.00	34.50	34.75	34.75	34.25	34.00	33.50	32.50	32.75	33.8629
Light Louisiana Sweet (Onshore)	36.50	34.75	35.25	35.25	34.75	34.25	33.75	33.00	33.25	34.3306
New Mexico Intermediate	36.21	34.59	34.94	34.95	34.48	34.13	33.63	32.82	33.06	34.1103
New Mexico Sour (34ï¿½)	34.46	32.84	33.19	33.20	32.73	32.38	31.88	31.07	31.31	32.3603
North Texas Sweet	35.21	33.59	33.94	33.95	33.48	33.13	32.63	31.82	32.06	33.1103
Oklahoma Sour	34.46	32.84	33.19	33.20	32.73	32.38	31.88	31.07	31.31	32.3603
Oklahoma Sweet	36.44	34.82	35.17	35.18	34.71	34.36	33.86	33.05	33.29	34.3403
South Texas Light Sweet	34.88	33.26	33.61	33.62	33.15	32.80	32.30	31.49	31.73	32.7803
Southwest Wyoming Sweet	37.00	35.38	35.73	35.74	35.27	34.92	34.42	33.61	33.85	34.9003
Uinta Basin Black Wax	33.45	31.83	32.18	32.19	31.72	31.37	30.87	30.06	30.30	31.3503
West Texas Intermediate	35.67	34.05	34.40	34.41	33.94	33.59	33.09	32.28	32.52	33.5703
West Texas Sour (34ï¿½)	33.91	32.29	32.64	32.65	32.18	31.83	31.33	30.52	30.76	31.8103
Western Colorado	36.99	35.37	35.72	35.73	35.26	34.91	34.41	33.60	33.84	34.8903

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.