North America Crude Oil Marketing - January 2007 Summary California Bulletins 07-CA1 to 07-CA21, 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 01/01	CA2 01/03	CA3 01/04	CA4 01/05	CA5 01/08	CA6 01/09	CA7 01/10	CA8 01/11	CA9 01/12	CA10 01/16	CA11 01/17
Buena Vista Hills		55.15	52.45	49.70	50.45	50.30	49.90	48.30	46.15	47.25	45.45	46.50
Coalinga		50.15	47.45	44.70	45.45	45.25	44.85	43.25	41.10	42.20	40.40	41.45
Huntington Beach		51.60	48.90	46.15	46.90	46.70	46.30	44.70	42.55	43.65	41.85	42.90
Kettleman Hills		58.55	55.85	53.10	53.85	53.70	53.30	51.70	49.55	50.65	48.85	49.90
Lost Hills		57.05	54.35	51.60	52.35	52.20	51.80	50.20	48.05	49.15	47.35	48.40
McKittrick		49.45	46.75	44.00	44.75	44.55	44.15	42.55	40.40	41.50	39.70	40.75
Midway Sunset		49.45	46.75	44.00	44.75	44.55	44.15	42.55	40.40	41.50	39.70	40.75
Pt Arguello (onshore)		46.50	43.80	41.05	41.80	41.60	41.20	39.60	37.45	38.55	36.75	37.80
San Ardo		46.35	43.65	40.90	41.65	41.40	41.00	39.40	37.25	38.35	36.55	37.60
Seal Beach		56.10	53.40	50.65	51.40	51.25	50.85	49.25	47.10	48.20	46.40	47.45

California	API	CA12 01/18	CA13 01/19	CA14 01/22	CA15 01/23	CA16 01/24	CA17 01/25	CA18 01/26	CA19 01/29	CA20 01/30	CA21 01/31	Mthly Avg
Buena Vista Hills		44.80	46.30	45.50	49.40	49.75	48.60	49.85	48.45	51.45	52.65	48.9823
Coalinga		39.75	41.25	40.40	44.30	44.65	43.50	44.75	43.35	46.35	47.55	43.9274
Huntington Beach		41.15	42.65	41.85	45.75	46.10	44.95	46.20	44.80	47.80	49.00	45.3710
Kettleman Hills		48.25	49.75	49.00	52.90	53.25	52.10	53.35	51.95	54.95	56.15	52.4210
Lost Hills		46.75	48.25	47.45	51.35	51.70	50.55	51.80	50.40	53.40	54.60	50.9048
McKittrick		39.00	40.50	39.65	43.55	43.90	42.75	44.00	42.60	45.60	46.80	43.2048
Midway Sunset		39.00	40.50	39.65	43.55	43.90	42.75	44.00	42.60	45.60	46.80	43.2048
Pt Arguello (onshore)		36.05	37.55	36.70	40.60	40.95	39.80	41.05	39.65	42.65	43.85	40.2548
San Ardo		35.85	37.35	36.50	40.40	40.75	39.60	40.85	39.45	42.45	43.65	40.0661
Seal Beach		45.80	47.30	46.50	50.40	50.75	49.60	50.85	49.45	52.45	53.65	49.9548

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.