In a statement, Chairman and Chief Executive Officer John Watson said, "2009 was an outstanding year, capping a decade of performance improvements."
However, "downstream market conditions are likely to be difficult for the next several years," said Executive Vice President Mike Wirth. "We intend to further concentrate our downstream portfolio in North America and Asia-Pacific," he said.
With restructuring, Chevron cut operating costs by $3.9 billion or 15 percent in 2009, Chief Financial Officer Pat Yarrington said.
Chevron said it expected to eliminate 2,000 jobs this year with reductions slated for 2011, as well.