v3.25.4
Investments and Advances
 12 Months Ended
Dec. 31, 2025
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
20252024202520242023
Upstream
Tengizchevroil$23,830 $27,368 $1,556 $3,033 $3,375 
Caspian Pipeline Consortium645 719 143 180 158 
Angola LNG Limited1,588 1,665 473 405 513 
Other1,681 1,716 27 (38)(161)
Total Upstream27,744 31,468 2,199 3,580 3,885 
Downstream
Chevron Phillips Chemical Company LLC8,985 8,571 352 903 608 
GS Caltex Corporation4,403 4,144 278 58 437 
Other1,895 2,432 180 60 210 
Total Downstream15,283 15,147 810 1,021 1,255 
All Other
Other10 3 (9)(5)(9)
Total equity method$43,037 $46,618 $3,000 $4,596 $5,131 
Other non-equity method investments830 820 
Total investments and advances$43,867 $47,438 
Total United States$11,866 $11,960 $404 $944 $340 
Total International$32,001 $35,478 $2,596 $3,652 $4,791 
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, 2025, the company’s carrying value of its investment in TCO was about $62 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 $3,500.
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 $969 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 $12,563, $13,850 and $13,623 with affiliated companies for 2025, 2024 and 2023, respectively. “Purchased crude oil and products” includes $7,322, $6,547 and $7,404 with affiliated companies for 2025, 2024 and 2023, respectively.
“Accounts and notes receivable” on the Consolidated Balance Sheet includes $913 and $1,258 due from affiliated companies at December 31, 2025 and 2024, respectively. “Accounts payable” includes $764 and $556 due to affiliated companies at December 31, 2025 and 2024, 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 $4,077, $4,731 and $4,494 at December 31, 2025, 2024 and 2023, respectively.
AffiliatesChevron Share
Year ended December 31202520242023202520242023
Total revenues$49,666 $46,081 $49,306 $23,638 $21,765 $23,217 
Income before income tax expense*
8,320 13,127 15,304 3,718 6,088 7,209 
Net income attributable to affiliates6,659 10,253 11,618 2,988 4,802 5,485 
At December 31
Current assets$21,846 $21,697 $22,772 $9,233 $9,323 $10,110 
Noncurrent assets94,291 104,396 105,965 44,948 49,435 48,753 
Current liabilities14,094 12,906 14,085 4,586 5,084 6,698 
Noncurrent liabilities18,427 22,651 23,797 7,009 7,278 6,342 
Total affiliates’ net equity$83,616 $90,536 $90,855 $42,586 $46,396 $45,823 
* 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 2025 was $1,661, with Chevron’s share being $730.