North America Crude Oil Marketing - February 2016 Summary East of the Rockies Bulletins 16-E20 to 16-E39, 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	E20 02/01	E21 02/02	E22 02/03	E23 02/04	E24 02/05	E25 02/08	E26 02/09	E27 02/10	E28 02/11	E29 02/12	E30 02/16	Gvty Adj*
Altamont Yellow Wax	26.87	25.13	27.53	26.97	26.14	24.94	23.19	22.7	21.46	24.69	24.29
Rocky Mountain Condensate	20.12	18.38	20.78	20.22	19.39	18.19	16.44	15.95	14.71	17.94	17.54
Southwest Wyoming Sweet	25.87	24.13	26.53	25.97	25.14	23.94	22.19	21.7	20.46	23.69	23.29
Uinta Basin Black Wax	25.87	24.13	26.53	25.97	25.14	23.94	22.19	21.7	20.46	23.69	23.29
Western Colorado	21.12	19.38	21.78	21.22	20.39	19.19	17.44	16.95	15.71	18.94	18.54

East of the Rockies	E31 02/17	E32 02/18	E33 02/19	E34 02/22	E35 02/23	E36 02/24	E37 02/25	E38 02/26	E39 02/29		Gvty Adj*	Mthly Avg
Altamont Yellow Wax	25.91	26.02	24.89	26.73	27.12	27.4	28.32	28.03	29			25.8455
Rocky Mountain Condensate	19.16	19.27	18.14	19.98	20.37	20.65	21.57	21.28	22.25			19.0955
Southwest Wyoming Sweet	24.91	25.02	23.89	25.73	26.12	26.4	27.32	27.03	28			24.8455
Uinta Basin Black Wax	24.91	25.02	23.89	25.73	26.12	26.4	27.32	27.03	28			24.8455
Western Colorado	20.16	20.27	19.14	20.98	21.37	21.65	22.57	22.28	23.25			20.0955

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.