North America Crude Oil Marketing - January 2005 Summary California Bulletins 05-CA1 to 05-CA17, 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	CA1 01/03	CA2 01/04	CA3 01/05	CA4 01/06	CA5 01/07	CA6 01/11	CA7 01/12	CA8 01/13	CA9 01/14
Buena Vista Hills		32.45	34.20	33.70	35.95	35.70	35.95	36.70	38.20	38.45
Coalinga		28.60	30.35	29.85	32.10	31.85	32.05	32.80	34.30	34.55
Huntington Beach		29.65	31.40	30.90	33.15	32.90	33.10	33.85	35.35	35.60
Kettleman Hills		35.05	36.80	36.30	38.55	38.30	38.65	39.40	40.90	41.15
Lost Hills		33.95	35.70	35.20	37.45	37.20	37.50	38.25	39.75	40.00
McKittrick		28.00	29.75	29.25	31.50	31.25	31.40	32.15	33.65	33.90
Midway Sunset		28.00	29.75	29.25	31.50	31.25	31.40	32.15	33.65	33.90
Pt Arguello (onshore)		24.25	26.00	25.50	27.75	27.50	27.65	28.40	29.90	30.15
San Ardo		25.75	27.50	27.00	29.25	29.00	29.15	29.90	31.40	31.65
Seal Beach		33.20	34.95	34.45	36.70	36.45	36.75	37.50	39.00	39.25

California	API	CA10 01/19	CA11 01/20	CA12 01/21	CA13 01/24	CA14 01/25	CA15 01/26	CA16 01/28	CA17 01/31	Mthly Avg
Buena Vista Hills		37.80	37.30	38.80	39.05	39.80	39.15	37.40	38.40	38.1258
Coalinga		33.80	33.30	34.80	35.05	35.80	35.00	33.25	34.25	34.1409
Huntington Beach		34.90	34.40	35.90	36.15	36.90	36.15	34.40	35.40	35.2318
Kettleman Hills		40.55	40.05	41.55	41.80	42.55	42.00	40.25	41.25	40.8545
Lost Hills		39.40	38.90	40.40	40.65	41.40	40.80	39.05	40.05	39.7015
McKittrick		33.15	32.65	34.15	34.40	35.15	34.35	32.60	33.60	33.5030
Midway Sunset		33.15	32.65	34.15	34.40	35.15	34.35	32.60	33.60	33.5030
Pt Arguello (onshore)		29.40	28.90	30.40	30.65	31.40	30.60	28.85	29.85	29.8076
San Ardo		30.85	30.35	31.85	32.10	32.85	32.05	30.30	31.30	31.1909
Seal Beach		38.60	38.10	39.60	39.85	40.60	39.95	38.20	39.20	38.9167

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.