Chevron2008 4Q Earnings Release

1) Chevron reported a net income of $4.9 billion for Q4 2008, up slightly from $4.88 billion in Q4 2007. Lower crude oil prices reduced upstream earnings but benefited downstream results. 2) Full year 2008 net income was $23.93 billion, up 28% from 2007, on sales of $265 billion compared to $214 billion in 2007. 3) Chairman Dave O'Reilly said the company achieved record earnings and cash flows in 2008 and is well positioned financially to handle economic challenges in 2009.