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

North America Crude Oil Marketing - May 2004 Summary East of the Rockies Bulletins 04-E85 to 04-E105, 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	E85 05/01	E86 05/03	E87 05/04	E88 05/05	E89 05/06	E90 05/07	E91 05/10	E92 05/11	E93 05/12	E94 05/13	E95 05/14	Gvty Adj*
Altamont Yellow Wax	37.38	38.21	38.98	39.57	39.37	39.93	38.93	40.06	40.77	41.08	41.38	B
Bonito Sour (Onshore)	34.25	35.00	35.75	36.25	36.25	36.75	35.75	36.75	37.50	37.75	38.25	A
Deepwater Sour (Onshore) (30ï¿½)	31.50	32.25	33.25	33.75	33.50	34.00	33.00	34.25	35.00	35.25	35.50	F,G
East Texas	33.75	34.75	35.50	36.00	35.75	36.50	35.50	36.50	37.25	37.50	37.75	none
Eugene Island Sour (Onshore)	33.75	34.50	35.25	36.00	35.75	36.25	35.25	36.50	37.25	37.50	37.75	A
Heavy Louisiana Sweet (Onshore)	36.25	37.00	37.75	38.25	38.25	38.75	37.75	38.75	39.50	39.75	40.25	A
Light Louisiana Sweet (Onshore)	36.75	37.75	38.50	39.00	38.75	39.25	38.25	39.50	40.25	40.50	40.75	A
New Mexico Intermediate	37.98	38.81	39.58	40.17	39.97	40.53	39.53	40.66	41.37	41.68	41.98	none
New Mexico Sour (34ï¿½)	34.29	35.12	35.89	36.48	36.28	36.84	35.84	36.97	37.68	37.99	38.29	none
North Texas Sweet	34.00	35.00	35.75	36.25	36.00	36.75	35.75	36.75	37.50	37.75	38.00	none
Oklahoma Sour	34.29	35.12	35.89	36.48	36.28	36.84	35.84	36.97	37.68	37.99	38.29	none
Oklahoma Sweet	38.21	39.04	39.81	40.40	40.20	40.76	39.76	40.89	41.60	41.91	42.21	none
South Texas Light Sweet	32.00	33.00	33.75	34.25	34.00	34.75	33.75	34.75	35.50	35.75	36.00	none
Southwest Wyoming Sweet	38.18	39.01	39.78	40.37	40.17	40.73	39.73	40.86	41.57	41.88	42.18	E
Uinta Basin Black Wax	34.63	35.46	36.23	36.82	36.62	37.18	36.18	37.31	38.02	38.33	38.63	B
West Texas Intermediate	34.00	35.00	35.75	36.25	36.00	36.75	35.75	36.75	37.50	37.75	38.00	none
West Texas Sour (34ï¿½)	29.25	30.25	31.00	31.50	31.25	32.00	31.00	32.00	32.75	33.00	33.25	none
Western Colorado	38.17	39.00	39.77	40.36	40.16	40.72	39.72	40.85	41.56	41.87	42.17	B

East of the Rockies	E96 05/17	E97 05/18	E98 05/19	E99 05/20	E100 05/21	E101 05/24	E102 05/25	E103 05/26	E104 05/27	E105 05/28	Mthly Avg
Altamont Yellow Wax	41.55	40.54	41.50	40.92	39.93	41.72	41.14	40.70	39.44	39.88	40.0800
Bonito Sour (Onshore)	38.25	37.25	38.25	37.75	36.75	38.50	38.00	37.50	36.25	36.75	36.8871
Deepwater Sour (Onshore) (30ï¿½)	35.75	34.75	35.75	35.00	34.00	35.75	35.25	34.75	33.50	34.00	34.2016
East Texas	38.00	37.00	38.00	37.50	36.50	38.25	37.50	37.25	36.00	36.25	36.5484
Eugene Island Sour (Onshore)	38.00	37.00	37.75	37.25	36.25	38.00	37.50	37.00	35.75	36.25	36.4355
Heavy Louisiana Sweet (Onshore)	40.25	39.25	40.25	39.75	38.75	40.50	40.00	39.50	38.25	38.75	38.8871
Light Louisiana Sweet (Onshore)	41.00	40.00	41.00	40.25	39.25	41.25	40.50	40.00	38.75	39.25	39.4677
New Mexico Intermediate	42.15	41.14	42.10	41.52	40.53	42.32	41.74	41.30	40.04	40.48	40.6800
New Mexico Sour (34ï¿½)	38.46	37.45	38.41	37.83	36.84	38.63	38.05	37.61	36.35	36.79	36.9900
North Texas Sweet	38.25	37.25	38.25	37.75	36.75	38.50	37.75	37.50	36.25	36.50	36.7984
Oklahoma Sour	38.46	37.45	38.41	37.83	36.84	38.63	38.05	37.61	36.35	36.79	36.9900
Oklahoma Sweet	42.38	41.37	42.33	41.75	40.76	42.55	41.97	41.53	40.27	40.71	40.9100
South Texas Light Sweet	36.25	35.25	36.25	35.75	34.75	36.50	35.75	35.50	34.25	34.50	34.7984
Southwest Wyoming Sweet	42.35	41.34	42.30	41.72	40.73	42.52	41.94	41.50	40.24	40.68	40.8800
Uinta Basin Black Wax	38.80	37.79	38.75	38.17	37.18	38.97	38.39	37.95	36.69	37.13	37.3300
West Texas Intermediate	38.25	37.25	38.25	37.75	36.75	38.50	37.75	37.50	36.25	36.50	36.7984
West Texas Sour (34ï¿½)	33.50	32.50	33.50	33.00	32.00	33.75	33.00	32.75	31.50	31.75	32.0484
Western Colorado	42.34	41.33	42.29	41.71	40.72	42.51	41.93	41.49	40.23	40.67	40.8700

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.