North America Crude Oil Marketing - December 2014 Summary California Bulletins 14-CA231 to 14-CA252, 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	CA231 12/01	CA232 12/02	CA233 12/03	CA234 12/04	CA235 12/05	CA236 12/08	CA237 12/09	CA238 12/10	CA239 12/11	CA240 12/12	CA241 12/15	CA242 12/16
Buena Vista Hills		67.04	64.92	65.42	64.85	63.88	61.09	61.86	58.98	57.99	55.85	54.20	54.47
Midway Sunset		62.49	60.37	60.87	60.30	59.33	56.54	57.31	54.43	53.44	51.30	49.65	49.92
Gravity Adjustment		Price Adjustment $/bbl/Tenth°API
Above 40.0°API		0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
34.0° to 40.0°API		0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100
Below 34.0°API		0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350

California	API	CA243 12/17	CA244 12/18	CA245 12/19	CA246 12/22	CA247 12/23	CA248 12/24	CA249 12/26	CA250 12/29	CA251 12/30	CA252 12/31		Mthly Avg
Buena Vista Hills		55.26	53.15	55.81	54.80	56.66	55.38	54.27	53.15	53.66	52.81		57.7581
Midway Sunset		50.71	48.60	51.26	50.25	52.11	50.83	49.72	48.60	49.11	48.26		53.2081
Gravity Adjustment		Price Adjustment $/bbl/Tenth°API
Above 40.0°API		0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000		0.0000
34.0° to 40.0°API		0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100	0.0100		0.0100
Below 34.0°API		0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350		0.0350

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.