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46 Chevron Corporation 2013 Annual Report
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, 2013, the company’s
carrying value of its investment in Petropiar was approximately
$170 less than the amount of underlying equity in Petropiar’s net
assets. e dierence represents the excess of Chevron’s underly-
ing 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
interest 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 $1,298, which includes long-term loans of
$1,251 at year-end 2013. 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 proportionate share of the nancial returns.
Petroboscan Chevron has a 39 percent interest in Petro-
boscan, 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, 2013, the company’s carrying value of its
investment in Petroboscan was approximately $180 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. In 2013, Chevron nalized
a nancial agreement with Petroboscan. e nancing, not to
exceed $2 billion, will occur in stages over a limited draw-
down period set to expire on December 31, 2018. e loan
will support a specic work program to maintain and increase
production to an agreed-upon level. e terms are designed to
Note 12 Investment and Advances – Continued
support cash needs for ongoing operations and new develop-
ment, as well as distributions.
Angola LNG Ltd. Chevron has a 36 percent interest in
Angola LNG Ltd., which processes and liquees 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 Energy. e
joint venture imports, renes and markets petroleum prod-
ucts 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 Phillips 66.
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, 2013, the fair value of Chevron’s share
ofCAL common stock was approximately $2,400.
Other Information “Sales and other operating revenues”
on the Consolidated Statement of Income includes $14,635,
$17,356 and $20,164 with affiliated companies for 2013, 2012
and 2011, respectively. “Purchased crude oil and products”
includes $7,063, $6,634 and $7,489 with affiliated companies
for 2013, 2012 and 2011, respectively.
“Accounts and notes receivable” on the Consolidated
Balance Sheet includes $1,328 and $1,207 due from affiliated
companies at December 31, 2013 and 2012, respectively.
“Accounts payable” includes $466 and $407 due to affiliated
companies at December 31, 2013 and 2012, 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’s net loans
to aliates of $1,129, $1,494 and $957 at December 31,
2013, 2012 and 2011, respectively.
Aliates Chevron Share
Year ended December 31 2013 2012 2011 2013 2012 2011
Tot al revenue s $ 131,875 $136,065 $ 140,107 $ 63,101 $ 65,196 $ 68,632
Income before income tax expense 24,075 23,016 23,054 11,108 9,856 10,555
Net income attributable to aliates 15,594 16,786 16,663 7, 8 4 5 6,938 7,413
At December 31
Current assets $ 39,713 $ 37,541 $ 35,573 $ 15,156 $ 14,732 $ 14,695
Noncurrent assets 68,593 66,065 61,855 25,059 23,523 22,422
Current liabilities 29,642 27,878 24,671 11,587 11,093 11,040
Noncurrent liabilities 19,442 19,366 19,267 4,559 4,879 4,491
Total aliates’ net equity $ 59,222 $ 56,362 $ 53,490 $ 24,069 $ 22,283 $ 21,586
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts