North America Crude Oil Marketing - July 2015 Summary California Bulletins 15-CA125 to 15-CA146, 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	CA125 07/01	CA126 07/02	CA127 07/06	CA128 07/07	CA129 07/08	CA130 07/09	CA131 07/10	CA132 07/13	CA134 07/15	CA135 07/16	CA136 07/17
Buena Vista Hills		58.71	58.93	54.53	54.58	54.15	55.28	55.24	54.70	53.66	53.41	53.39
Midway Sunset		54.16	54.38	49.98	50.03	49.60	50.73	50.69	50.15	49.11	48.86	48.84
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

California	API	CA137 07/20	CA138 07/21	CA139 07/22	CA140 07/23	CA141 07/24	CA142 07/27	CA143 07/28	CA144 07/29	CA145 07/30	CA146 07/31	Mthly Avg
Buena Vista Hills		52.90	53.36	52.44	51.70	51.39	50.64	51.73	51.95	50.37	50.33	54.0073
Midway Sunset		48.35	48.81	47.89	47.15	46.84	46.09	47.18	47.40	45.82	45.78	49.4573
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.