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Investments and Advances
 12 Months Ended
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 AdvancesEquity in Earnings
At December 31Year ended December 31
20242023202420232022
Upstream
Tengizchevroil$27,368 $26,954 $3,033 $3,375 $4,386 
Caspian Pipeline Consortium719 797 180 158 128 
Angola LNG Limited1,665 1,762 405 513 1,857 
Other1,716 2,106 (38)(161)255 
Total Upstream31,468 31,619 3,580 3,885 6,626 
Downstream
Chevron Phillips Chemical Company LLC8,571 7,765 903 608 867 
GS Caltex Corporation4,144 4,309 58 437 874 
Other2,432 2,426 60 210 224 
Total Downstream15,147 14,500 1,021 1,255 1,965 
All Other
Other3 (6)(5)(9)(6)
Total equity method$46,618 $46,113 $4,596 $5,131 $8,585 
Other non-equity method investments820 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 includes $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.
AffiliatesChevron Share
Year ended December 31202420232022202420232022
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 affiliates10,253 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 assets104,396 105,965 101,557 49,435 48,753 46,428 
Current liabilities12,906 14,085 16,319 5,084 6,698 7,708 
Noncurrent liabilities22,651 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.