This document summarizes Chevron's downstream business accomplishments in 2007 and strategic priorities going forward. In 2007, Chevron improved operational performance, delivered a 16% return on capital employed, and increased refining scale and flexibility through major asset upgrades. Going forward, Chevron aims to further enhance reliability, pursue high-grading divestments, increase integration, marketing efficiency, and flexibility to process heavier crudes and capture higher margins. The overall strategy is focused on improving returns through operational excellence, selective growth, and effective execution.