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Investments and Advances
 12 Months Ended
Dec. 31, 2023
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
20232022202320222021
Upstream
Tengizchevroil$26,954 $26,534 $3,375 $4,386 $2,831 
Caspian Pipeline Consortium797 761 158 128 155 
Angola LNG Limited1,762 1,963 513 1,857 336 
Other2,106 1,938 (161)255 187 
Total Upstream31,619 31,196 3,885 6,626 3,509 
Downstream
Chevron Phillips Chemical Company LLC7,765 6,843 608 867 1,842 
GS Caltex Corporation4,309 4,288 437 874 85 
Other2,426 2,288 210 224 220 
Total Downstream14,500 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 investments699 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.
AffiliatesChevron Share
Year ended December 31202320222021202320222021
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 affiliates11,618 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 assets105,965 101,557 100,235 48,753 46,428 44,360 
Current liabilities14,085 16,319 17,275 6,698 7,708 7,492 
Noncurrent liabilities23,797 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.