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Investments, Loans and Long-Term Receivables
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments, Loans and Long-Term Receivables
Note 4—Investments, Loans and Long-Term Receivables
Components of investments and long-term receivables at December 31 were:
Millions of Dollars
20242023
Equity investments$8,611 7,905 
Long-term receivables113 143 
Long-term investments in debt securities1,055 989 
Other investments90 93 
$9,869 9,130 
Equity Investments
Affiliated companies in which we had a significant equity investment at December 31, 2024, included:
•APLNG—47.5 percent owned joint venture with Origin Energy (27.5 percent) and Sinopec (25 percent)—to produce CBM from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG.
•PALNG—30 percent owned joint venture with Sempra PALNG Holdings, LLC for the development of a large-scale LNG facility for the first phase of the Port Arthur LNG project ("Phase 1"). See Note 3.
•N3—30 percent owned joint venture with an affiliate of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG.
•NFE4—25 percent owned joint venture with affiliates of QatarEnergy (70 percent) and China National Petroleum Corporation (5 percent)—participant in the North Field East (NFE) LNG project. See Note 3.
•NFS3—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project. See Note 3.
Summarized 100 percent earnings information for equity method investments in affiliated companies, combined, was as follows:
Millions of Dollars
202420232022
Revenues$15,286 15,314 18,356 
Income (loss) before income taxes6,446 6,301 8,234 
Net income (loss)4,389 4,214 5,507 
Summarized 100 percent balance sheet information for equity method investments in affiliated companies, combined, was as follows:
Millions of Dollars
20242023
Current assets$4,608 3,827 
Noncurrent assets41,417 39,299 
Current liabilities3,829 3,462 
Noncurrent liabilities16,947 16,665 
Our share of income taxes incurred directly by an equity method investee is reported in equity in earnings of affiliates, and as such is not included in income taxes on our consolidated financial statements.
At December 31, 2024, retained earnings included $96 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $2,283 million, $2,684 million and $3,045 million in 2024, 2023 and 2022, respectively.
APLNG
APLNG is a joint venture focused on producing CBM from the Bowen and Surat basins in Queensland, Australia. Natural gas is sold to domestic customers and LNG is processed and exported to Asia Pacific markets. Our investment in APLNG gives us access to CBM resources in Australia and enhances our LNG position. The majority of APLNG LNG is sold under two long-term sales and purchase agreements, supplemented with sales of additional LNG cargoes targeting the Asia Pacific markets. Origin Energy, an integrated Australian energy company, is the operator of APLNG’s production and pipeline system, while we operate the LNG facility.
In 2012, APLNG executed an $8.5 billion project finance facility that became non-recourse following financial completion in 2017. The facility is currently composed of a financing agreement with the Export-Import Bank of the United States, a commercial bank facility and two United States Private Placement note facilities. APLNG principal and interest payments commenced in March 2017 and are scheduled to occur bi-annually until September 2030. At December 31, 2024, a balance of $4.0 billion was outstanding on the facilities. See Note 9.
At December 31, 2024, the carrying value of our equity method investment in APLNG was approximately $5.0 billion.

PALNG
PALNG is a joint venture for the development of a large-scale LNG facility. At December 31, 2024, the carrying value of our equity method investment in PALNG was approximately $1.5 billion. See Note 3.
N3
N3 is a joint venture that owns an integrated large-scale LNG project located in Qatar. We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from N3. Currently, the LNG from N3 is being sold to markets outside of the U.S.
NFE4
NFE4 is a joint venture participating in the NFE LNG project. NFE4 has a 12.5 percent interest in the NFE project. See Note 3.

During the second quarter of 2024, we were notified that an affiliate of QatarEnergy transferred a 5 percent joint venture interest in NFE4 to an affiliate of China National Petroleum Corporation. As a result, we have concluded NFE4 is a VIE as it currently requires advances from the joint venture participants to fund the project. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly impact economic performance of NFE4, which involve activities related to the production and commercialization of natural gas, as well as LNG processing and export marketing. As a result, we do not consolidate NFE4, and it is accounted for under the equity method. As of December 31, 2024, the carrying value of our equity is included in the total carrying value of our equity method investments in Qatar. This equity together with the guarantee is the only financial support that we have provided NFE4. See Note 9.

NFS3
NFS3 is a joint venture participating in the NFS LNG project. NFS3 has a 25 percent interest in the NFS project. See Note 3.

At December 31, 2024, the carrying value of our equity method investments in Qatar was approximately $1.4 billion.

Loans
As part of our normal ongoing business operations and consistent with industry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans to certain affiliated and non-affiliated companies.
At December 31, 2024, there were no outstanding loans to affiliated companies.