Chevron Crude Oil Marketing - North America - January 2016 California Summary

North America Crude Oil Marketing - January 2016 Summary California Bulletins 16-CA1 to 16-CA9, 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	CA1 01/04	CA2 01/05	CA3 01/06	CA4 01/07	CA5 01/08	CA6 01/11	CA7 01/12	CA8 01/13	CA9 01/14	CA10 01/15
Buena Vista Hills	35.76	34.72	32.72	31.02	30.91	28.91	27.94	27.98	28.70	26.92
Midway Sunset	31.21	30.17	28.17	26.47	26.36	24.36	23.39	23.43	24.15	22.37
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
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
Below 34.0°API	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350	0.0350

California	CA11 01/19	CA12 01/20	CA13 01/21	CA14 01/22	CA15 01/25	CA16 01/26	CA17 01/27	CA18 01/28	CA19 01/29	Mthly Avg
Buena Vista Hills	25.96	24.05	27.03	29.69	27.03	29.20	29.20	30.97	31.62	30.1177
Midway Sunset	21.41	19.50	22.48	25.14	22.48	24.65	24.65	26.42	27.07	25.5677
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
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
Below 34.0°API	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.