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Investments and Advances

12 Months Ended

Dec. 31, 2023

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Note 15

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 At December 31						Equity in Earnings Year ended December 31
	2023			2022			2023			2022			2021
Upstream
Tengizchevroil	$	26,954		$	26,534		$	3,375		$	4,386		$	2,831
Caspian Pipeline Consortium		797			761			158			128			155
Angola LNG Limited		1,762			1,963			513			1,857			336
Other		2,106			1,938			(161	)		255			187
Total Upstream		31,619			31,196			3,885			6,626			3,509
Downstream
Chevron Phillips Chemical Company LLC		7,765			6,843			608			867			1,842
GS Caltex Corporation		4,309			4,288			437			874			85
Other		2,426			2,288			210			224			220
Total Downstream		14,500			13,419			1,255			1,965			2,147
All Other
Other		(6	)		(5	)		(9	)		(6	)		1
Total equity method	$	46,113		$	44,610		$	5,131		$	8,585		$	5,657
Other non-equity method investments		699			628
Total investments and advances	$	46,812		$	45,238
Total United States	$	10,985		$	9,855		$	340		$	975		$	1,889
Total International	$	35,827		$	35,383		$	4,791		$	7,610		$	3,768

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, 2023, the company’s carrying value of its investment in TCO was about $80 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.

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 $387 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 $13,623, $16,286 and $10,796 with affiliated companies for 2023, 2022 and 2021, respectively. “Purchased crude oil and products” includes $7,404, $10,171 and $5,778 with affiliated companies for 2023, 2022 and 2021, respectively.

“Accounts and notes receivable” on the Consolidated Balance Sheet includes $1,480 and $907 due from affiliated companies at December 31, 2023 and 2022, respectively. “Accounts payable” includes $591 and $709 due to affiliated companies at December 31, 2023 and 2022, 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 $4,494, $4,278 and $4,704 at December 31, 2023, 2022 and 2021, respectively.


	Affiliates						Chevron Share
Year ended December 31	2023		2022		2021		2023		2022		2021
Total revenues	$	49,306	$	100,184	$	71,241	$	23,217	$	48,323	$	34,359
Income before income tax expense*		15,304		23,811		15,175		7,209		10,876		6,984
Net income attributable to affiliates		11,618		19,077		12,598		5,485		8,595		5,670
At December 31
Current assets	$	22,772	$	26,632	$	21,871	$	10,110	$	11,671	$	9,267
Noncurrent assets		105,965		101,557		100,235		48,753		46,428		44,360
Current liabilities		14,085		16,319		17,275		6,698		7,708		7,492
Noncurrent liabilities		23,797		22,943		24,219		6,342		5,980		5,982
Total affiliates’ net equity	$	90,855	$	88,927	$	80,612	$	45,823	$	44,411	$	40,153

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 2023 was $3,686, with Chevron’s share being $1,724.