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Investments and Advances | 12 Months Ended
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Dec. 31, 2022
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 Advances |  | Equity in Earnings
| At December 31 |  | Year ended December 31
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2020
Upstream |  |  |  |  |  |  |  |  |
Tengizchevroil | $ | 26,534 |  |  | $ | 23,727 |  |  | $ | 4,386 |  |  | $ | 2,831 |  |  | $ | 1,238 |
Petropiar | — |  |  | — |  |  | — |  |  | — |  |  | (1,396) |
Petroboscan | — |  |  | — |  |  | — |  |  | — |  |  | (1,112) |
Caspian Pipeline Consortium | 761 |  |  | 805 |  |  | 128 |  |  | 155 |  |  | 159 |
Angola LNG Limited | 1,963 |  |  | 2,180 |  |  | 1,857 |  |  | 336 |  |  | (166) |
Other | 1,938 |  |  | 1,859 |  |  | 255 |  |  | 187 |  |  | 137 |
Total Upstream | 31,196 |  |  | 28,571 |  |  | 6,626 |  |  | 3,509 |  |  | (1,140) |
Downstream |  |  |  |  |  |  |  |  |
Chevron Phillips Chemical Company LLC | 6,843 |  |  | 6,455 |  |  | 867 |  |  | 1,842 |  |  | 630 |
GS Caltex Corporation | 4,288 |  |  | 3,616 |  |  | 874 |  |  | 85 |  |  | (185) |
Other | 2,288 |  |  | 1,725 |  |  | 224 |  |  | 220 |  |  | 223 |
Total Downstream | 13,419 |  |  | 11,796 |  |  | 1,965 |  |  | 2,147 |  |  | 668 |
All Other |  |  |  |  |  |  |  |  |
Other | (5) |  |  | (10) |  |  | (6) |  |  | 1 |  |  | — |
Total equity method | $ | 44,610 |  |  | $ | 40,357 |  |  | $ | 8,585 |  |  | $ | 5,657 |  |  | $ | (472) |
Other non-equity method investments | 628 |  |  | 339 |  |  |  |  |  |  |
Total investments and advances | $ | 45,238 |  |  | $ | 40,696 |  |  |  |  |  |  |
Total United States | $ | 9,855 |  |  | $ | 8,540 |  |  | $ | 975 |  |  | $ | 1,889 |  |  | $ | 709 |
Total International | $ | 35,383 |  |  | $ | 32,156 |  |  | $ | 7,610 |  |  | $ | 3,768 |  |  | $ | (1,181) |
Descriptions of major equity 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, 2022, the company’s carrying value of its investment in TCO was about $90 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 FGP/WPMP with a principal balance of $4,500. 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. 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. The company also has an outstanding long-term loan to Petroboscan of $560, which remains fully provisioned for at year-end 2022. 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. Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. Included in the investment balance is a loan with a principal balance of $59 to fund a portion of the Golden Triangle Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent. GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea. The joint venture imports, produces and markets petroleum products, petrochemicals and lubricants. Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $16,286, $10,796 and $6,038 with affiliated companies for 2022, 2021 and 2020, respectively. “Purchased crude oil and products” includes $10,171, $5,778 and $3,003 with affiliated companies for 2022, 2021 and 2020, respectively. “Accounts and notes receivable” on the Consolidated Balance Sheet includes $907 and $1,454 due from affiliated companies at December 31, 2022 and 2021, respectively. “Accounts payable” includes $709 and $552 due to affiliated companies at December 31, 2022 and 2021, 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 $4,278, $4,704 and $5,153 at December 31, 2022, 2021 and 2020, respectively.
| Affiliates |  |  | Chevron Share
Year ended December 31 | 2022 |  | 2021 |  | 2020 |  |  | 2022 |  | 2021 |  | 2020
Total revenues | $ | 100,184 |  |  | $ | 71,241 |  |  | $ | 49,093 |  |  |  | $ | 48,323 |  |  | $ | 34,359 |  |  | $ | 21,641 |
Income before income tax expense* | 23,811 |  |  | 15,175 |  |  | 5,682 |  |  |  | 10,876 |  |  | 6,984 |  |  | 2,550 |
Net income attributable to affiliates | 19,077 |  |  | 12,598 |  |  | 4,704 |  |  |  | 8,595 |  |  | 5,670 |  |  | 2,034 |
At December 31 |  |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 26,632 |  |  | $ | 21,871 |  |  | $ | 17,087 |  |  |  | $ | 11,671 |  |  | $ | 9,267 |  |  | $ | 7,328 |
Noncurrent assets | 101,557 |  |  | 100,235 |  |  | 97,468 |  |  |  | 46,428 |  |  | 44,360 |  |  | 43,247 |
Current liabilities | 16,319 |  |  | 17,275 |  |  | 12,164 |  |  |  | 7,708 |  |  | 7,492 |  |  | 5,052 |
Noncurrent liabilities | 22,943 |  |  | 24,219 |  |  | 25,586 |  |  |  | 5,980 |  |  | 5,982 |  |  | 5,884 |
Total affiliates’ net equity | $ | 88,927 |  |  | $ | 80,612 |  |  | $ | 76,805 |  |  |  | $ | 44,411 |  |  | $ | 40,153 |  |  | $ | 39,639 |
* Chevron’s net income attributable to affiliates is recorded in the company’s before-tax consolidated earnings in accordance with U.S. Generally Accepted Accounting Principles. The total income tax expense recorded by the company’s equity affiliates in 2022 was $4,734, with Chevron’s share being $2,281.

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 + Details
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