Chevron Crude Oil Marketing - North America - January 2011 East of the Rockies Summary

North America Crude Oil Marketing - January 2011 Summary East of the Rockies Bulletins 11-E1 to 11-E21, 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	E1 01/01	E2 01/03	E3 01/04	E4 01/05	E5 01/06	E6 01/07	E7 01/10	E8 01/11	E9 01/12	E10 01/13	E11 01/14	Gvty Adj*
Altamont Yellow Wax	77.38	77.55	75.38	76.30	74.38	74.03	75.25	77.11	77.86	77.40	77.54	B
Bonito Sour (Onshore)	93.25	93.50	91.25	92.25	90.25	90.00	91.25	93.00	93.75	93.50	93.50	A
Deepwater Sour (Onshore) (30ï¿½)	90.50	90.50	88.50	89.25	87.50	87.00	88.25	90.25	91.00	90.50	90.50	F,G
East Texas	87.75	87.75	85.75	86.50	84.75	84.25	85.50	87.50	88.25	87.75	87.75	none
Eugene Island Sour (Onshore)	93.50	93.50	91.50	92.25	90.50	90.00	91.25	93.25	94.00	93.50	93.50	A
Heavy Louisiana Sweet (Onshore)	94.75	94.75	92.75	93.50	91.75	91.25	92.50	94.50	95.25	94.75	94.75	A
Light Louisiana Sweet (Onshore)	95.50	95.75	93.50	94.50	92.50	92.25	93.25	95.25	96.00	95.50	95.75	A
New Mexico Intermediate	88.00	88.00	86.00	86.75	85.00	84.50	85.75	87.75	88.50	88.00	88.00	none
New Mexico Sour (34ï¿½)	83.25	83.25	81.25	82.00	80.25	79.75	81.00	83.00	83.75	83.25	83.25	none
North Texas Sweet	88.00	88.00	86.00	86.75	85.00	84.50	85.75	87.75	88.50	88.00	88.00	none
Oklahoma Sour	83.25	83.25	81.25	82.00	80.25	79.75	81.00	83.00	83.75	83.25	83.25	none
Oklahoma Sweet	88.00	88.00	86.00	86.75	85.00	84.50	85.75	87.75	88.50	88.00	88.00	none
Rocky Mountain Condensate	77.88	78.05	75.88	76.80	74.88	74.53	75.75	77.61	78.36	77.90	78.04	H
South Texas Light Sweet	86.00	86.00	84.00	84.75	83.00	82.50	83.75	85.75	86.50	86.00	86.00	none
Southwest Wyoming Sweet	82.63	82.80	80.63	81.55	79.63	79.28	80.50	82.36	83.11	82.65	82.79	E
Uinta Basin Black Wax	76.38	76.55	74.38	75.30	73.38	73.03	74.25	76.11	76.86	76.40	76.54	B
West Texas Intermediate	88.00	88.00	86.00	86.75	85.00	84.50	85.75	87.75	88.50	88.00	88.00	none
West Texas Sour (34ï¿½)	83.25	83.25	81.25	82.00	80.25	79.75	81.00	83.00	83.75	83.25	83.25	none
Western Colorado	79.63	79.80	77.63	78.55	76.63	76.28	77.50	79.36	80.11	79.65	79.79	B

East of the Rockies	E12 01/18	E13 01/19	E14 01/20	E15 01/21	E16 01/24	E17 01/25	E18 01/26	E19 01/27	E20 01/28	E21 01/31	Mthly Avg
Altamont Yellow Wax	77.38	76.86	74.86	75.11	73.87	72.19	73.33	71.64	75.34	78.19	75.7390
Bonito Sour (Onshore)	93.25	92.75	90.75	91.00	89.75	88.25	89.25	87.75	91.25	94.25	91.6774
Deepwater Sour (Onshore) (30ï¿½)	90.50	90.00	88.00	88.25	87.00	85.25	86.25	84.75	88.25	91.25	88.7823
East Texas	87.75	87.25	85.25	85.50	84.25	82.50	83.75	82.00	85.75	88.50	86.0645
Eugene Island Sour (Onshore)	93.50	93.00	91.00	91.25	90.00	88.25	89.25	87.75	91.25	94.25	91.7823
Heavy Louisiana Sweet (Onshore)	94.75	94.25	92.25	92.50	91.25	89.50	90.75	89.00	92.75	95.50	93.0645
Light Louisiana Sweet (Onshore)	95.50	95.00	93.00	93.25	92.00	90.25	91.50	89.75	93.50	96.25	93.8871
New Mexico Intermediate	88.00	87.50	85.50	85.75	84.50	82.75	84.00	82.25	86.00	88.75	86.3145
New Mexico Sour (34ï¿½)	83.25	82.75	80.75	81.00	79.75	78.00	79.25	77.50	81.25	84.00	81.5645
North Texas Sweet	88.00	87.50	85.50	85.75	84.50	82.75	84.00	82.25	86.00	88.75	86.3145
Oklahoma Sour	83.25	82.75	80.75	81.00	79.75	78.00	79.25	77.50	81.25	84.00	81.5645
Oklahoma Sweet	88.00	87.50	85.50	85.75	84.50	82.75	84.00	82.25	86.00	88.75	86.3145
Rocky Mountain Condensate	77.88	77.36	75.36	75.61	74.37	72.69	73.83	72.14	75.84	78.69	76.2390
South Texas Light Sweet	86.00	85.50	83.50	83.75	82.50	80.75	82.00	80.25	84.00	86.75	84.3145
Southwest Wyoming Sweet	82.63	82.11	80.11	80.36	79.12	77.44	78.58	76.89	80.59	83.44	80.9890
Uinta Basin Black Wax	76.38	75.86	73.86	74.11	72.87	71.19	72.33	70.64	74.34	77.19	74.7390
West Texas Intermediate	88.00	87.50	85.50	85.75	84.50	82.75	84.00	82.25	86.00	88.75	86.3145
West Texas Sour (34ï¿½)	83.25	82.75	80.75	81.00	79.75	78.00	79.25	77.50	81.25	84.00	81.5645
Western Colorado	79.63	79.11	77.11	77.36	76.12	74.44	75.58	73.89	77.59	80.44	77.9890

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.