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Investments and Advances | 12 Months Ended
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Dec. 31, 2024
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
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022
Upstream |  |  |  |  |  |  |  |  |
Tengizchevroil | $ | 27,368 |  |  | $ | 26,954 |  |  | $ | 3,033 |  |  | $ | 3,375 |  |  | $ | 4,386 |
Caspian Pipeline Consortium | 719 |  |  | 797 |  |  | 180 |  |  | 158 |  |  | 128 |
Angola LNG Limited | 1,665 |  |  | 1,762 |  |  | 405 |  |  | 513 |  |  | 1,857 |
Other | 1,716 |  |  | 2,106 |  |  | (38) |  |  | (161) |  |  | 255 |
Total Upstream | 31,468 |  |  | 31,619 |  |  | 3,580 |  |  | 3,885 |  |  | 6,626 |
Downstream |  |  |  |  |  |  |  |  |
Chevron Phillips Chemical Company LLC | 8,571 |  |  | 7,765 |  |  | 903 |  |  | 608 |  |  | 867 |
GS Caltex Corporation | 4,144 |  |  | 4,309 |  |  | 58 |  |  | 437 |  |  | 874 |
Other | 2,432 |  |  | 2,426 |  |  | 60 |  |  | 210 |  |  | 224 |
Total Downstream | 15,147 |  |  | 14,500 |  |  | 1,021 |  |  | 1,255 |  |  | 1,965 |
All Other |  |  |  |  |  |  |  |  |
Other | 3 |  |  | (6) |  |  | (5) |  |  | (9) |  |  | (6) |
Total equity method | $ | 46,618 |  |  | $ | 46,113 |  |  | $ | 4,596 |  |  | $ | 5,131 |  |  | $ | 8,585 |
Other non-equity method investments | 820 |  |  | 699 |  |  |  |  |  |  |
Total investments and advances | $ | 47,438 |  |  | $ | 46,812 |  |  |  |  |  |  |
Total United States | $ | 11,960 |  |  | $ | 10,985 |  |  | $ | 944 |  |  | $ | 340 |  |  | $ | 975 |
Total International | $ | 35,478 |  |  | $ | 35,827 |  |  | $ | 3,652 |  |  | $ | 4,791 |  |  | $ | 7,610 |
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 TCO, which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2024, the company’s carrying value of its investment in TCO was about $73 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 Wellhead Pressure Management Project (WPMP) and Future Growth Project (FGP) 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 $669 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 i ncludes $13,850, $13,623 and $16,286 with affiliated companies for 2024, 2023 and 2022, respectively. “Purchased crude oil and products” includes $6,547, $7,404 and $10,171 with affiliated companies for 2024, 2023 and 2022, respectively. “Accounts and notes receivable” on the Consolidated Balance Sheet includes $1,258 and $1,480 due from affiliated companies at December 31, 2024 and 2023, respectively. “Accounts payable” includes $556 and $591 due to affiliated companies at December 31, 2024 and 2023, 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 $4,731, $4,494 and $4,278 at December 31, 2024, 2023 and 2022, respectively.
| Affiliates |  |  | Chevron Share
Year ended December 31 | 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022
Total revenues | $ | 46,081 |  |  | $ | 49,306 |  |  | $ | 100,184 |  |  |  | $ | 21,765 |  |  | $ | 23,217 |  |  | $ | 48,323 |
Income before income tax expense* | 13,127 |  |  | 15,304 |  |  | 23,811 |  |  |  | 6,088 |  |  | 7,209 |  |  | 10,876 |
Net income attributable to affiliates | 10,253 |  |  | 11,618 |  |  | 19,077 |  |  |  | 4,802 |  |  | 5,485 |  |  | 8,595 |
At December 31 |  |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 21,697 |  |  | $ | 22,772 |  |  | $ | 26,632 |  |  |  | $ | 9,323 |  |  | $ | 10,110 |  |  | $ | 11,671 |
Noncurrent assets | 104,396 |  |  | 105,965 |  |  | 101,557 |  |  |  | 49,435 |  |  | 48,753 |  |  | 46,428 |
Current liabilities | 12,906 |  |  | 14,085 |  |  | 16,319 |  |  |  | 5,084 |  |  | 6,698 |  |  | 7,708 |
Noncurrent liabilities | 22,651 |  |  | 23,797 |  |  | 22,943 |  |  |  | 7,278 |  |  | 6,342 |  |  | 5,980 |
Total affiliates’ net equity | $ | 90,536 |  |  | $ | 90,855 |  |  | $ | 88,927 |  |  |  | $ | 46,396 |  |  | $ | 45,823 |  |  | $ | 44,411 |
* 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 2024 was $2,874, with Chevron’s share being $1,286.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 + Details
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