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Investments and Advances
 12 Months Ended
Dec. 31, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investments and Advances
Investments and Advances
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.”
Investments and AdvancesEquity in Earnings
At December 31Year ended December 31
20202019202020192018
Upstream
Tengizchevroil$22,685 $20,214 $1,238 $3,067 $3,614 
Petropiar— 1,396 (1,396)80 317 
Petroboscan— 1,139 (1,112)(11)357 
Caspian Pipeline Consortium835 883 159 155 170 
Angola LNG Limited2,258 2,423 (166)(26)172 
Noble Midstream equity affiliates895 — (9)— — 
Other980 881 146 (478)19 
Total Upstream27,653 26,936 (1,140)2,787 4,649 
Downstream
Chevron Phillips Chemical Company LLC6,181 6,241 630 880 1,034 
GS Caltex Corporation3,547 3,796 (185)13 373 
Other1,389 1,443 223 288 273 
Total Downstream11,117 11,480 668 1,181 1,680 
All Other
Other(14)(14)— — (2)
Total equity method$38,756 $38,402 $(472)$3,968 $6,327 
Other non-equity method investments296 286 
Total investments and advances$39,052 $38,688 
Total United States$7,978 $7,203 $709 $641 $1,033 
Total International$31,074 $31,485 $(1,181)$3,327 $5,294 
Descriptions of major affiliates and non-equity investments, including significant differences between the company’s carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows:
Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2020, the company’s carrying value of its investment in TCO was about $100 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. Included in the investment is a loan to TCO to fund the development of the Future Growth and Wellhead Pressure Management Project with a balance of $4,825.
Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the heavy oil Huyapari Field and upgrading project in Venezuela’s Orinoco Belt. In 2020, the company fully impaired its investments in the Petropiar affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment. At December 31, 2020, the underlying equity in Petropiar’s net assets was approximately $1,500.
Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. In 2020, the company fully impaired its investments in the Petroboscan affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment. At December 31, 2020, the underlying equity in Petroboscan’s net assets was approximately $1,100. The company also has an outstanding long-term loan to Petroboscan of $560 at year-end 2020.
Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak.
Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural gas produced in Angola for delivery to international markets.
Noble Midstream Equity Affiliates Noble Midstream, a fully consolidated subsidiary of Chevron, has equity investments in entities which operate midstream assets in the United States. At December 31, 2020, equity investments included
Advantage Pipeline LLC (50 percent), Delaware Crossing LLC (50 percent), EPIC Crude Holdings (30 percent), EPIC Y-Grade (15 percent), EPIC Propane (15 percent), and Saddlehorn Pipeline Company, LLC (20 percent).
Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. The other half is owned by Phillips 66.
GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea. The joint venture imports, refines and markets petroleum products, petrochemicals and lubricants.
Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $6,038, $8,006 and $10,378 with affiliated companies for 2020, 2019 and 2018, respectively. “Purchased crude oil and products” includes $3,003, $5,694 and $6,598 with affiliated companies for 2020, 2019 and 2018, respectively.
“Accounts and notes receivable” on the Consolidated Balance Sheet includes $807 and $810 due from affiliated companies at December 31, 2020 and 2019, respectively. “Accounts payable” includes $244 and $506 due to affiliated companies at December 31, 2020 and 2019, respectively.
The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $5,153, $4,331 and $3,402 at December 31, 2020, 2019 and 2018, respectively.
AffiliatesChevron Share
Year ended December 31202020192018202020192018
Total revenues$49,093 $66,473 $84,469 $21,641 $32,628 $40,679 
Income before income tax expense5,682 13,197 16,693 2,550 5,954 6,755 
Net income attributable to affiliates4,704 9,809 13,321 2,034 4,366 6,384 
At December 31
Current assets$17,087 $30,791 $32,657 $7,328 $12,998 $12,813 
Noncurrent assets97,468 97,177 87,614 43,247 41,531 36,369 
Current liabilities12,164 26,032 26,006 5,052 10,610 9,843 
Noncurrent liabilities25,586 21,593 20,000 5,884 5,068 4,446 
Total affiliates’ net equity$76,805 $80,343 $74,265 $39,639 $38,851 $34,893