This document summarizes Chevron's fourth quarter 2008 earnings conference call. It discusses Chevron's Q4 2008 earnings of $4.9 billion and earnings per share of $2.44. It also provides details on Chevron's 2008 return on capital employed, debt ratio, and share repurchases. The document reviews Chevron's Q4 2008 earnings performance across its upstream, downstream, and other segments and discusses its 2009 capital and exploratory budget and production outlook.