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Investments and Advances (Tables)

12 Months Ended

Dec. 31, 2023

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

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

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

Summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron's total share, which includes Chevron loans to affiliates

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.