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Investments and Advances
 12 Months Ended
Dec. 31, 2022
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
20222021202220212020
Upstream
Tengizchevroil$26,534 $23,727 $4,386 $2,831 $1,238 
Petropiar— — — — (1,396)
Petroboscan— — — — (1,112)
Caspian Pipeline Consortium761 805 128 155 159 
Angola LNG Limited1,963 2,180 1,857 336 (166)
Other1,938 1,859 255 187 137 
Total Upstream31,196 28,571 6,626 3,509 (1,140)
Downstream
Chevron Phillips Chemical Company LLC6,843 6,455 867 1,842 630 
GS Caltex Corporation4,288 3,616 874 85 (185)
Other2,288 1,725 224 220 223 
Total Downstream13,419 11,796 1,965 2,147 668 
All Other
Other(5)(10)(6)1 — 
Total equity method$44,610 $40,357 $8,585 $5,657 $(472)
Other non-equity method investments628 339 
Total investments and advances$45,238 $40,696 
Total United States$9,855 $8,540 $975 $1,889 $709 
Total International$35,383 $32,156 $7,610 $3,768 $(1,181)
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, 2022, the company’s carrying value of its investment in TCO was about $90 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.
Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the heavy oil Huyapari Field and upgrading project in Venezuela’s Orinoco Belt. In 2020, the company fully impaired its investments in the Petropiar affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment.
Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. In 2020, the company fully impaired its investments in the Petroboscan affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment. The company also has an outstanding long-term loan to Petroboscan of $560, which remains fully provisioned for at year-end 2022.
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 $59 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 $16,286, $10,796 and $6,038 with affiliated companies for 2022, 2021 and 2020, respectively. “Purchased crude oil and products” includes $10,171, $5,778 and $3,003 with affiliated companies for 2022, 2021 and 2020, respectively.
“Accounts and notes receivable” on the Consolidated Balance Sheet includes $907 and $1,454 due from affiliated companies at December 31, 2022 and 2021, respectively. “Accounts payable” includes $709 and $552 due to affiliated companies at December 31, 2022 and 2021, 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 $4,278, $4,704 and $5,153 at December 31, 2022, 2021 and 2020, respectively.
AffiliatesChevron Share
Year ended December 31202220212020202220212020
Total revenues$100,184 $71,241 $49,093 $48,323 $34,359 $21,641 
Income before income tax expense*
23,811 15,175 5,682 10,876 6,984 2,550 
Net income attributable to affiliates19,077 12,598 4,704 8,595 5,670 2,034 
At December 31
Current assets$26,632 $21,871 $17,087 $11,671 $9,267 $7,328 
Noncurrent assets101,557 100,235 97,468 46,428 44,360 43,247 
Current liabilities16,319 17,275 12,164 7,708 7,492 5,052 
Noncurrent liabilities22,943 24,219 25,586 5,980 5,982 5,884 
Total affiliates’ net equity$88,927 $80,612 $76,805 $44,411 $40,153 $39,639 
* 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 2022 was $4,734, with Chevron’s share being $2,281.