North America Crude Oil Marketing - July 2004 Summary California Bulletins 04-CA104 to 04-CA121, 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	CA104 07/01	CA105 07/02	CA106 07/06	CA107 07/07	CA108 07/08	CA109 07/09	CA110 07/12	CA111 07/13	CA112 07/14	CA113 07/16
Buena Vista Hills		35.45	34.95	36.20	35.70	36.95	36.20	35.70	35.95	37.45	37.95
Coalinga		32.10	31.60	32.85	32.35	33.60	32.85	32.35	32.60	34.10	34.60
Huntington Beach		33.05	32.55	33.80	33.30	34.55	33.80	33.30	33.55	35.05	35.55
Kettleman Hills		37.75	37.25	38.50	38.00	39.25	38.50	38.00	38.25	39.75	40.25
Lost Hills		36.80	36.30	37.55	37.05	38.30	37.55	37.05	37.30	38.80	39.30
McKittrick		31.50	31.00	32.25	31.75	33.00	32.25	31.75	32.00	33.50	34.00
Midway Sunset		31.50	31.00	32.25	31.75	33.00	32.25	31.75	32.00	33.50	34.00
Pt Arguello (onshore)		28.00	27.50	28.75	28.25	29.50	28.75	28.25	28.50	30.00	30.50
San Ardo		29.45	28.95	30.20	29.70	30.95	30.20	29.70	29.95	31.45	31.95
Seal Beach		36.15	35.65	36.90	36.40	37.65	36.90	36.40	36.65	38.15	38.65

California	API	CA114 07/19	CA115 07/20	CA116 07/22	CA117 07/23	CA118 07/26	CA119 07/27	CA120 07/28	CA121 07/30		Mthly Avg
Buena Vista Hills		38.20	37.45	37.95	38.45	38.20	38.45	39.45	40.45		37.2887
Coalinga		34.85	34.10	34.60	35.10	34.85	35.10	36.10	37.10		33.9387
Huntington Beach		35.80	35.05	35.55	36.05	35.80	36.05	37.05	38.05		34.8887
Kettleman Hills		40.50	39.75	40.25	40.75	40.50	40.75	41.75	42.75		39.5887
Lost Hills		39.55	38.80	39.30	39.80	39.55	39.80	40.80	41.80		38.6387
McKittrick		34.25	33.50	34.00	34.50	34.25	34.50	35.50	36.50		33.3387
Midway Sunset		34.25	33.50	34.00	34.50	34.25	34.50	35.50	36.50		33.3387
Pt Arguello (onshore)		30.75	30.00	30.50	31.00	30.75	31.00	32.00	33.00		29.8387
San Ardo		32.20	31.45	31.95	32.45	32.20	32.45	33.45	34.45		31.2887
Seal Beach		38.90	38.15	38.65	39.15	38.90	39.15	40.15	41.15		37.9887

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.