Highlights, not verbatim:
Violence has continued to fall since first testimony to Congress but the situation in Iraq remains unsatisfactory.
There has not just been a surge of US troops but a surge in Iraqi troops and police numbers; up 100,000 in 2007.
There has been an attitudinal shift with Sunni awakenings seeing Sunni communities turn away from al-Qaeda and towards the hope of sharing in Iraq's wealth.
There have been spikes in violence recently - largely because of fighting in southern Iraq. The militia groups - many funded, armed and directed by Iran - represent the largest threat to the future of the nation.
Syria has reduced the amount of terrorists travelling through its territory but not by enough.
3.05pm: Iraqi leaders are now fully aware of Iran's nefarious roles in their nation.
3.10pm: The progress of the surge is reversible and withdrawing too many troops too quickly will jeopardise the progress of the last two years. Special troops will not be adequate. Large number of conventional ground troops will continue to be necessary.
3.13pm: In closing I pay tribute to our troopers and their loved ones. Nothing means more to those in harm's way than an awareness that people in America respect their work. It remains the greatest of honours to serve with them.
3.40pm: Ambassador Crocker says the world won't ultimately judge America for how it entered Iraq but for how it left Iraq. The work is hard but it is worthwhile. Progress is fragile but it is real.
3.45pm: Under questioning from Chairman Levin General Petraeus declined to comment on the number of US troops that should be in Iraq by the end of the year. Conditions should determine that number. General Petraeus agreed that the efforts in Basra were poorly planned and executed.
3.50pm: Under questioning from Senator McCain, Petraeus said that he would have preferred operations in Basra to have waited and the Iraqi PM only gave him 48 hours' notice of his intention to act in Basra. One thousand Iraqi troops deserted during the Basra conflict - all from a newly formed division. Outside of Basra Iraqi troop performance was much better and many militia groups were successfully suppressed.
4.05pm: Senator Ted Kennedy dwells on the desertion of 1,000 Iraqi troops the Basra operations. What are Americans getting for billions of dollars in investment in the Iraqi armed forces, he asks? They are getting people who are dying in large numbers for their country, GP replies. He notes that Iraqi army casualties are three times greater than US military casualties.
4.15pm: Senator Lieberman accuses some of his fellow politicians of refusing to accept General Petraeus' testimony - they hear no progress, see no progress, speak no progress. Lieberman asks GP if Iranian-backed militia are responsible for the death of hundreds of American soldiers? He agrees.
4.50pm: Full text of Petraeus' statement