North America Crude Oil Marketing - October 2004 Summary California Bulletins 04-CA159 to 04-CA177, 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	CA159 10/01	CA160 10/04	CA161 10/05	CA162 10/06	CA163 10/07	CA164 10/08	CA165 10/11	CA166 10/12	CA167 10/13	CA168 10/14
Buena Vista Hills		42.95	42.70	43.70	44.45	44.95	45.45	45.70	44.45	45.70	46.70
Coalinga		39.35	39.10	40.10	40.85	41.35	41.85	42.10	40.85	42.10	43.10
Huntington Beach		40.30	40.05	41.05	41.80	42.30	42.80	43.00	41.75	43.00	44.00
Kettleman Hills		45.40	45.15	46.15	46.90	47.40	47.90	48.15	46.90	48.15	49.15
Lost Hills		44.40	44.15	45.15	45.90	46.40	46.90	47.15	45.90	47.15	48.15
McKittrick		38.75	38.50	39.50	40.25	40.75	41.25	41.50	40.25	41.50	42.50
Midway Sunset		38.75	38.50	39.50	40.25	40.75	41.25	41.50	40.25	41.50	42.50
Pt Arguello (onshore)		35.00	34.75	35.75	36.50	37.00	37.50	37.50	36.25	37.50	38.50
San Ardo		36.55	36.30	37.30	38.05	38.55	39.05	39.25	38.00	39.25	40.25
Seal Beach		43.70	43.45	44.45	45.20	45.70	46.20	46.45	45.20	46.45	47.45

California	API	CA169 10/18	CA170 10/19	CA171 10/20	CA172 10/22	CA173 10/25	CA174 10/26	CA175 10/27	CA176 10/28	CA177 10/29	Mthly Avg
Buena Vista Hills		45.45	45.20	46.70	47.20	46.70	47.20	44.45	42.70	43.45	45.1839
Coalinga		41.85	41.60	43.10	43.60	43.10	43.60	40.85	39.10	39.85	41.5839
Huntington Beach		42.75	42.50	44.00	44.50	44.00	44.50	41.75	40.00	40.75	42.5000
Kettleman Hills		47.90	47.65	49.15	49.65	49.15	49.65	46.90	45.15	45.90	47.6339
Lost Hills		46.90	46.65	48.15	48.65	48.15	48.65	45.90	44.15	44.90	46.6339
McKittrick		41.25	41.00	42.50	43.00	42.50	43.00	40.25	38.50	39.25	40.9839
Midway Sunset		41.25	41.00	42.50	43.00	42.50	43.00	40.25	38.50	39.25	40.9839
Pt Arguello (onshore)		37.25	37.00	38.50	39.00	38.50	39.00	36.25	34.50	35.25	37.0645
San Ardo		39.00	38.75	40.25	40.75	40.25	40.75	38.00	36.25	37.00	38.7500
Seal Beach		46.20	45.95	47.45	47.95	47.45	47.95	45.20	43.45	44.20	45.9339

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.