marketing businesses in this environment, we are aggressively controlling costs. Our downstream and chemical businesses continued their strong focus on reliability and safety. Refineries continued to run at industry-leading levels of utilization. Restructuring in our lubricants and Oronite fuel additives businesses generated improved earnings. 

In 2009, we progressed our renewable energy strategy, which is focused on enhancing our geothermal energy business — the largest in the world — while building our energy efficiency business and developing nonfood biofuels. 

Chevron’s performance and growth are intrinsically linked with the communities where we operate. Our projects generate thousands of jobs and support for businesses big and small around the world. Our community engagement programs are strategic investments in the future of our communities, focusing on health, education and sustainable socioeconomic development. 

Chevron enters 2010 from a position of financial and operational strength, with solid potential for growth. Our $21.6 billion capital and exploratory budget for 2010 reflects our industry-leading queue of major capital projects that support future growth. Much of our 2010 spending will focus on large multiyear projects aligned with our upstream growth strategies, on improving our operating efficiency and reliability, and on aligning our downstream businesses with the strongest market opportunities. 

Chevron’s core strengths — starting with the talent, dedication and values of our employees worldwide — position us to achieve growth while helping meet long-term global demand for energy. The values of The Chevron Way — getting results the right way — guide us every day. We operate with the highest standards of integrity and respect for human rights. We are deeply committed to safe and efficient operations and to conducting our business in an environmentally sound manner. We build strong partnerships to produce energy and support communities. 

Chevron’s future holds great promise. We have world-class assets, strong market positions and an industry-leading queue of projects and opportunities. We have robust long-term strategies and a proven ability to deliver results. We have unassailable ethics and a culture that attracts and develops the best talent. Chevron’s vision remains constant: to be the global energy company most admired for its people, partnership and performance. 

Our world grows more complex every day. We face increased challenges — geopolitical, environmental, regulatory and technical. But Chevron employees have risen to challenges for more than 130 years — with dedication, ingenuity and hard work. And I’m confident we will continue to do so. 

Thank you for investing in Chevron



Business Environment and Outlook

     Chevron is a global energy company with significant business activities in the following countries: Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Cambodia, Canada, Chad, China, Colombia, Democratic Republic of the Congo, Denmark, Indonesia, Kazakhstan, Myanmar, the Netherlands, Nigeria, Norway, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Republic of