North America Crude Oil Marketing - July 2004 Summary East of the Rockies Bulletins 04-E127 to 04-E147, 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	E127 07/01	E128 07/02	E129 07/06	E130 07/07	E131 07/08	E132 07/09	E133 07/12	E134 07/13	E135 07/14	E136 07/15	E137 07/16	Gvty Adj*
Altamont Yellow Wax	38.74	38.39	39.65	39.08	40.33	39.96	39.50	39.44	40.97	40.77	41.25	B
Bonito Sour (Onshore)	36.25	35.75	37.00	36.50	37.75	37.50	37.00	37.00	38.50	38.25	38.75	A
Deepwater Sour (Onshore) (30�)	33.75	33.50	34.75	34.25	35.50	35.00	34.50	34.50	36.00	35.75	36.25	F,G
East Texas	35.25	34.75	36.00	35.50	36.75	36.50	36.00	36.00	37.50	37.25	37.75	none
Eugene Island Sour (Onshore)	35.75	35.50	36.75	36.25	37.50	37.00	36.50	36.50	38.00	37.75	38.25	A
Heavy Louisiana Sweet (Onshore)	37.25	36.75	38.00	37.50	38.75	38.25	38.00	37.75	39.25	39.25	39.75	A
Light Louisiana Sweet (Onshore)	38.25	38.00	39.25	38.50	39.75	39.50	39.00	39.00	40.50	40.25	40.75	A
New Mexico Intermediate	38.58	38.23	39.49	38.92	40.17	39.80	39.34	39.28	40.81	40.61	41.09	none
New Mexico Sour (34�)	36.18	35.83	37.09	36.52	37.77	37.40	36.94	36.88	38.41	38.21	38.69	none
North Texas Sweet	35.50	35.00	36.25	35.75	37.00	36.75	36.25	36.25	37.75	37.50	38.00	none
Oklahoma Sour	36.18	35.83	37.09	36.52	37.77	37.40	36.94	36.88	38.41	38.21	38.69	none
Oklahoma Sweet	38.72	38.37	39.63	39.06	40.31	39.94	39.48	39.42	40.95	40.75	41.23	none
South Texas Light Sweet	33.50	33.00	34.25	33.75	35.00	34.75	34.25	34.25	35.75	35.50	36.00	none
Southwest Wyoming Sweet	39.54	39.19	40.45	39.88	41.13	40.76	40.30	40.24	41.77	41.57	42.05	E
Uinta Basin Black Wax	35.99	35.64	36.90	36.33	37.58	37.21	36.75	36.69	38.22	38.02	38.50	B
West Texas Intermediate	35.50	35.00	36.25	35.75	37.00	36.75	36.25	36.25	37.75	37.50	38.00	none
West Texas Sour (34�)	30.75	30.25	31.50	31.00	32.25	32.00	31.50	31.50	33.00	32.75	33.25	none
Western Colorado	39.53	39.18	40.44	39.87	41.12	40.75	40.29	40.23	41.76	41.56	42.04	B

East of the Rockies	E138 07/19	E139 07/20	E140 07/21	E141 07/22	E142 07/23	E143 07/26	E144 07/27	E145 07/28	E146 07/29	E147 07/30	Gvty Adj*	Mthly Avg
Altamont Yellow Wax	41.64	40.86	40.58	41.36	41.71	41.44	41.84	42.90	42.75	43.80		40.7023
Bonito Sour (Onshore)	39.00	38.25	38.00	38.75	39.25	39.00	39.25	40.25	40.25	41.25		38.1613
Deepwater Sour (Onshore) (30�)	36.75	36.00	35.75	36.50	36.75	36.50	37.00	38.00	37.75	38.75		35.7661
East Texas	38.25	37.25	37.25	37.75	38.25	38.00	38.25	39.25	39.25	40.25		37.1774
Eugene Island Sour (Onshore)	38.75	38.00	37.75	38.50	38.75	38.50	39.00	40.00	39.75	40.75		37.7661
Heavy Louisiana Sweet (Onshore)	40.00	39.25	39.00	39.75	40.00	39.75	40.25	41.25	41.25	42.25		39.0887
Light Louisiana Sweet (Onshore)	41.25	40.50	40.00	41.00	41.25	41.00	41.50	42.50	42.25	43.25		40.2419
New Mexico Intermediate	41.48	40.70	40.42	41.20	41.55	41.28	41.68	42.74	42.59	43.64		40.5423
New Mexico Sour (34�)	39.08	38.30	38.02	38.80	39.15	38.88	39.28	40.34	40.19	41.24		38.1423
North Texas Sweet	38.50	37.50	37.50	38.00	38.50	38.25	38.50	39.50	39.50	40.50		37.4274
Oklahoma Sour	39.08	38.30	38.02	38.80	39.15	38.88	39.28	40.34	40.19	41.24		38.1423
Oklahoma Sweet	41.62	40.84	40.56	41.34	41.69	41.42	41.82	42.88	42.73	43.78		40.6823
South Texas Light Sweet	36.50	35.50	35.50	36.00	36.50	36.25	36.50	37.50	37.50	38.50		35.4274
Southwest Wyoming Sweet	42.44	41.66	41.38	42.16	42.51	42.24	42.64	43.70	43.55	44.60		41.5023
Uinta Basin Black Wax	38.89	38.11	37.83	38.61	38.96	38.69	39.09	40.15	40.00	41.05		37.9523
West Texas Intermediate	38.50	37.50	37.50	38.00	38.50	38.25	38.50	39.50	39.50	40.50		37.4274
West Texas Sour (34�)	33.75	32.75	32.75	33.25	33.75	33.50	33.75	34.75	34.75	35.75		32.6774
Western Colorado	42.43	41.65	41.37	42.15	42.50	42.23	42.63	43.69	43.54	44.59		41.4923

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.