North America Crude Oil Marketing - May 2016 Summary California Bulletins 16-CA100 to 16-CA99, 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	CA83 05/02	CA85 05/04	CA86 05/05	CA87 05/06	CA88 05/09	CA89 05/10	CA90 05/11	CA91 05/12	CA92 05/13	CA93 05/16	CA94 05/17
Buena Vista Hills		43.03	41.53	41.57	41.91	40.69	41.91	43.73	44.20	43.71	45.22	45.56
Midway Sunset		38.48	36.98	37.02	37.36	36.14	37.36	39.18	39.65	39.16	40.67	41.01
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	CA95 05/18	CA96 05/19	CA97 05/20	CA98 05/23	CA99 05/24	CA100 05/25	CA101 05/26	CA102 05/27	CA103 05/31		Mthly Avg
Buena Vista Hills		45.19	45.16	45.00	45.33	46.12	47.06	46.98	46.83	47.10		44.4743
Midway Sunset		40.64	40.61	40.45	40.78	41.57	42.51	42.43	42.28	42.55		39.9243
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.