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48 Chevron Corporation 2011 Annual Report
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
Aliates Chevron Share
Year ended December 31 2011 2010 2009 2011 2010 2009
Total revenues $ 140,107 $ 107,505 $ 81,995 $ 68,632 $ 52,088 $ 39,280
Income before income tax expense 23,054 18,468 11,083 10,555 7,966 4,511
Net income attributable to aliates 16,663 12,831 8,261 7,413 5,683 3,285
At December 31
Current assets $ 35,573 $ 30,335 $ 27,111 $ 14,695 $ 12,845 $ 11,009
Noncurrent assets 61,855 57,491 55,363 22,422 21,401 21,361
Current liabilities 24,671 20,428 17,450 11,040 9,363 7,833
Noncurrent liabilities 19,267 19,749 21,531 4,491 4,459 5,106
Total aliates’ net equity $ 53,490 $ 47,649 $ 43,493 $ 21,586 $ 20,424 $ 19,431
Petropiar Chevron has a 30 percent interest in Petropiar, a joint
stock company formed in 2008 to operate the Hamaca heavy-
oil production and upgrading project. e project, located in
Venezuela’s Orinoco Belt, has a 25-year contract term. Prior to
the formation of Petropiar, Chevron had a 30 percent interest
in the Hamaca project. At December 31, 2011, the company’s
carrying value of its investment in Petropiar was approximately
$180 less than the amount of underlying equity in Petropiar’s
net assets. e dierence represents the excess of Chevron’s
underlying equity in Petropiar’s net assets over the net book
value of the assets contributed to the venture.
Caspian Pipeline Consortium Chevron has a 15 percent
interest in the Caspian Pipeline Consortium, a variable inter-
est entity, which provides the critical export route for crude
oil from both TCO and Karachaganak. e company joined
the consortium in 1997 and has investments and advances
totaling $1,094 which includes long-term loans of $1,111 at
year-end 2011. e loans were provided to fund 30 percent
of the initial pipeline construction. e company is not the
primary beneciary of the consortium because it does not
direct activities of the consortium and only receives its pro-
portionate share of the nancial returns.
Petroboscan Chevron has a 39 percent interest in Petroboscan,
a joint stock company formed in 2006 to operate the
BoscanField in Venezuela until 2026. Chevron previously
operated the eld under an operating service agreement. At
December 31, 2011, the company’s carrying value of its
investment in Petroboscan was approximately $220 higher
than the amount of underlying equity in Petroboscan’s net
assets. e dierence reects the excess of the net book value
of the assets contributed by Chevron over its underlying
equity in Petroboscan’s net assets.
Angola LNG Ltd. Chevron has a 36 percent interest in Angola
LNG Ltd., which will process and liquefy natural gas produced
in Angola for delivery to international markets.
GS Caltex Corporation Chevron owns 50 percent of GS
Caltex Corporation, a joint venture with GS Holdings. e
joint venture imports, renes and markets petroleum products
and petrochemicals, predominantly in South Korea.
Chevron Phillips Chemical Company LLC Chevron owns
50 percent of Chevron Phillips Chemical Company LLC.
e other half is owned by Conoco Phillips Corporation.
Star Petroleum Rening Company Ltd. Chevron has a 64 per-
cent equity ownership interest in Star Petroleum Rening
Company Ltd. (SPRC), which owns the Star Renery in
ailand. PTT Public Company Limited owns the remaining
36 percent of SPRC.
Caltex Australia Ltd. Chevron has a 50 percent equity owner-
ship interest in Caltex Australia Ltd. (CAL). e remaining
50 percent of CAL is publicly owned. At December 31, 2011,
the fair value of Chevron’s share ofCAL common stock was
approximately $1,600.
Other Information “Sales and other operating revenues” on the
Consolidated Statement of Income includes $20,164, $13,672
and $10,391 with affiliated companies for 2011, 2010 and
2009, respectively. “Purchased crude oil and products” includes
$7,489, $5,559 and $4,631 with affiliated companies for 2011,
2010 and 2009, respectively.
“Accounts and notes receivable” on the Consolidated
Balance Sheet includes $1,968 and $1,718 due from affiliated
companies at December 31, 2011 and 2010, respectively.
“Accounts payable” includes $519 and $377 due to affiliated
companies at December 31, 2011 and 2010, respectively.
e following table provides summarized nancial infor-
mation on a 100 percent basis for all equity affiliates as well
as Chevron’s total share, which includes Chevron loans to
aliates of $957, $1,543 and $2,422 at December 31, 2011,
2010 and 2009, respectively.
Note 12 Investments and Advances – Continued