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64 CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT
of฀natural฀gas,฀and฀the฀fractionation,฀storage,฀transportation฀and฀
marketing฀of฀natural฀gas฀liquids.฀The฀company฀also฀holds฀invest-
ments฀in฀Dynegy฀preferred฀stock.
Investment in Dynegy Common Stock฀ At฀December฀31,฀2004,฀
the฀carrying฀value฀of฀the฀company’s฀investment฀in฀Dynegy฀com-
mon฀stock฀was฀approximately฀$150.฀This฀amount฀was฀about฀
$365฀below฀the฀company’s฀proportionate฀interest฀in฀Dynegy’s฀
underlying฀net฀assets.฀This฀difference฀is฀primarily฀the฀result฀of฀
write-downs฀of฀the฀investment฀in฀2002฀for฀declines฀in฀the฀market฀
value฀of฀the฀common฀shares฀below฀the฀company’s฀carrying฀value฀
that฀were฀deemed฀to฀be฀other฀than฀temporary.฀This฀difference฀
has฀been฀assigned฀to฀the฀extent฀practicable฀to฀specific฀Dynegy฀
assets฀and฀liabilities,฀based฀upon฀the฀company’s฀analysis฀of฀the฀
various฀factors฀contributing฀to฀the฀decline฀in฀value฀of฀the฀Dynegy฀
shares.฀The฀company’s฀equity฀share฀of฀Dynegy’s฀reported฀earnings฀
is฀adjusted฀quarterly฀when฀appropriate฀to฀reflect฀the฀difference฀
between฀these฀allocated฀values฀and฀Dynegy’s฀historical฀book฀val-
ues.฀The฀market฀value฀of฀the฀company’s฀investment฀in฀Dynegy’s฀
common฀stock฀at฀December฀31,฀2004,฀was฀approximately฀$450.
Investments in Dynegy Notes and Preferred Stock฀ Refer฀to฀
Note฀8,฀page฀60,฀for฀a฀discussion฀of฀these฀investments.
Other฀Information฀ “Sales฀and฀other฀operating฀revenues”฀on฀
the฀Consolidated฀Statement฀of฀Income฀includes฀$7,933,฀$6,308฀
and฀$6,522฀with฀affiliated฀companies฀for฀2004,฀2003฀and฀2002,฀
respectively.฀“Purchased฀crude฀oil฀and฀products”฀includes฀$2,548,฀
$1,740฀and฀$1,839฀with฀affiliated฀companies฀for฀2004,฀2003฀and฀
2002,฀respectively.
“Accounts฀and฀notes฀receivable”฀on฀the฀Consolidated฀Balance฀
Sheet฀includes฀$1,188฀and฀$827฀due฀from฀affiliated฀companies฀at฀
December฀31,฀2004฀and฀2003,฀respectively.฀“Accounts฀payable”฀
includes฀$192฀and฀$118฀due฀to฀affiliated฀companies฀at฀December฀
31,฀2004฀and฀2003,฀respectively.
The฀following฀table฀provides฀summarized฀financial฀infor-
mation฀on฀a฀100฀percent฀basis฀for฀all฀equity฀affiliates,฀as฀well฀as฀
ChevronTexaco’s฀total฀share.
maturity,฀and฀the฀$1,800฀distribution฀were฀recorded฀to฀“Invest-
ments฀and฀Advances.”
LG-Caltex฀Oil฀Corporation฀ ChevronTexaco฀owns฀50฀percent฀of฀
LG-Caltex,฀a฀joint฀venture฀formed฀in฀1967฀between฀the฀LG฀Group฀
and฀Caltex฀to฀engage฀in฀importing,฀refining฀and฀marketing฀of฀
petroleum฀products฀and฀petrochemicals฀in฀South฀Korea.
Star฀Petroleum฀Refining฀Company฀Ltd.฀ ChevronTexaco฀has฀a฀
64฀percent฀equity฀ownership฀interest฀in฀Star฀Petroleum฀Refining฀
Company฀Limited฀(SPRC),฀which฀owns฀the฀Star฀Refinery฀at฀
Map฀Ta฀Phut,฀Thailand.฀The฀Petroleum฀Authority฀of฀Thailand฀
owns฀the฀remaining฀36฀percent฀of฀SPRC.
Caltex฀Australia฀Ltd.฀ ChevronTexaco฀has฀a฀50฀percent฀equity฀
ownership฀interest฀in฀Caltex฀Australia฀Limited฀(CAL).฀The฀
remaining฀50฀percent฀of฀CAL฀is฀publicly฀owned.฀During฀2002,฀
the฀company฀wrote฀down฀its฀investment฀in฀CAL฀by฀$136฀to฀its฀
estimated฀fair฀value฀at฀September฀30,฀2002.฀At฀December฀31,฀
2004,฀the฀fair฀value฀of฀ChevronTexaco’s฀share฀of฀CAL฀common฀
stock฀was฀$1,130.฀The฀aggregate฀carrying฀value฀of฀the฀company’s฀
investment฀in฀CAL฀was฀approximately฀$80฀lower฀than฀the฀
amount฀of฀underlying฀equity฀in฀CAL฀net฀assets.
Chevron฀Phillips฀Chemical฀Company฀LLC฀ ChevronTexaco฀owns฀
50฀percent฀of฀CPChem,฀formed฀in฀2000฀when฀Chevron฀merged฀
most฀of฀its฀petrochemicals฀businesses฀with฀those฀of฀Phillips฀Petro-
leum฀Company.฀At฀December฀31,฀2004,฀the฀company’s฀carrying฀
value฀of฀its฀investment฀in฀CPChem฀was฀approximately฀$130฀lower฀
than฀the฀amount฀of฀underlying฀equity฀in฀CPChem’s฀net฀assets.
Dynegy฀Inc.฀ ChevronTexaco฀owns฀an฀approximate฀25฀percent฀
equity฀interest฀in฀the฀common฀stock฀of฀Dynegy,฀an฀energy฀pro-
vider฀engaged฀in฀power฀generation,฀the฀gathering฀and฀processing฀
Notes to the Consolidated Financial Statements
Millions฀of฀dollars,฀except฀per-share฀amounts
 INVESTMENTS AND ADVANCES – Continued
Affiliates ChevronTexaco Share*
Year฀ended฀December฀31  2003 2002  2003 2002
Total revenues   $ 42,323 $ 31,877  $ 19,467 $ 15,049
Income (loss) before
income tax expense  1,657 (1,517)  1,211 70
Net income (loss)  1,508 (1,540)  1,029 (25)

Current assets  $ 12,204 $ 16,808   $ 5,180 $ 6,270
Noncurrent assets  39,422 40,884  15,765 15,219
Current liabilities  9,642 14,414  4,132 5,158
Noncurrent liabilities  22,738 24,129  5,002 5,668
  $ 19,246 $ 19,149  $ 11,811 $ 10,663
*
The company’s share of income and underlying equity in the net assets of its investments includes the effects of write-downs of certain investments, largely related to Dynegy Inc.
and Caltex Australia Limited, as described in the preceding section.