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 table below. 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 Advances Equity in Earnings
At December 31 Year ended December 31
2007 2006 2007 2006 2005
Upstream    
Tengizchevroil $6,321 $5,507 $2,135 $1,817 $1,514
Hamaca 1,168 928 327 319 390
Petroboscan 762 712 185 31 –
Angola LNG Limited 574 – 21 – –
Other 765 682 204 123 139
Total Upstream 9,590 7,829 2,872 2,290 2,043
Downstream    
GS Caltex Corporation 2,276 2,176 217 316 320
Caspian Pipeline Consortium 951 990 102 117 101
Star Petroleum Refining Company Ltd. 944 787 157 116 81
Escravos Gas-to-Liquids 628 432 103 146 95
Caltex Australia Ltd. 580 559 129 186 214
Colonial Pipeline Company 546 555 39 34 13
Other 1,501 1,407 215 212 178
Total Downstream 7,426 6,906 962 1,127 1,002
Chemicals      
Chevron Phillips Chemical Company LLC 2,024 2,044 380 697 449
Other 24 22 6 5 3
Total Chemicals 2,048 2,066 386 702 452
All Other      
Dynegy Inc. – 254 8 68 189
Other 449 586 (84) 68 45
Total equity method $19,513 $17,641 $4,144 $4,255 $3,731
Other at or below cost 964 911    
Total investments and advances $20,477 $18,552  
Total United States $3,889 $4,191 $478 $955 $833
Total International $16,588 $14,361 $3,666 $3,300 $2,898

Descriptions of major affiliates are as follows:

Tengizchevroil

Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), a joint venture formed in 1993 to develop the Tengiz and Korolev crude oil fields in Kazakhstan over a 40-year period. At December 31, 2007, the company's carrying value of its investment in TCO was about $210 higher than the amount of underlying equity in TCO net assets.

Hamaca

Chevron's 30 percent interest in the Hamaca heavy oil production and upgrading project located in Venezuela's Orinoco Belt was converted to a 30 percent share-holding in a joint stock company in January 2008, with a 25-year contract term.

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 field under an operating service agreement. At December 31, 2007, the company's carrying value of its investment in Petroboscan was approximately $310 higher than the amount of underlying equity in Petroboscan net assets.

Angola LNG Ltd.

Chevron has a 36 percent interest in Angola LNG, 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, a joint venture with GS Holdings. The joint venture, originally formed in 1967 between the LG Group and Caltex, imports, refines and markets petroleum products and petrochemicals predominantly in South Korea.

Caspian Pipeline Consortium

Chevron has a 15 percent interest in the Caspian Pipeline Consortium (CPC), which provides the critical export route for crude oil from both TCO and Karachaganak. At December 31, 2007, the company's carrying value of its investment in CPC was about $50 higher than the amount of underlying equity in CPC net assets.

Star Petroleum Refining Company Ltd.

Chevron has a 64 percent equity ownership interest in Star Petroleum Refining Company Limited (SPRC), which owns the Star Refinery in Thailand. The Petroleum Authority of Thailand owns the remaining 36 percent of SPRC.

Escravos Gas-to-Liquids

Chevron Nigeria Limited (CNL) has a 75 percent interest in Escravos Gas-to-Liquids (EGTL) with the other 25 percent of the joint venture owned by Nigeria National Petroleum Company. Sasol Ltd provides 50 percent of the venture capital required by CNL as risk-based financing (returns are based on project performance). This venture was formed to convert natural gas produced from Chevron's Nigerian operations into liquid products for sale in international markets. At December 31, 2007, the company's carrying value of its investment in EGTL was about $25 lower than the amount of underlying equity in EGTL net assets.

Caltex Australia Ltd

Chevron has a 50 percent equity ownership interest in Caltex Australia Limited (CAL). The remaining 50 percent of CAL is publicly owned. At December 31, 2007, the fair value of Chevron's share of CAL common stock was approximately $2,294. The aggregate carrying value of the company's investment in CAL was approximately $50 lower than the amount of underlying equity in CAL net assets.

Colonial Pipeline Company

Chevron owns an approximate 23 percent equity interest in the Colonial Pipeline Company. The Colonial Pipeline system runs from Texas to New Jersey and transports petroleum products in a 13-state market. At December 31, 2007, the company's carrying value of its investment in Colonial Pipeline was approximately $580 higher than the amount of underlying equity in Colonial Pipeline net assets.

Chevron Phillips Chemical Company LLC

Chevron owns 50 percent of Chevron Phillips Chemical Company LLC (CPChem), with the other half owned by ConocoPhillips Corporation. At December 31, 2007, the company's carrying value of its investment in CPChem was approximately $60 lower than the amount of underlying equity in CPChem net assets.

Dynegy Inc.

In May 2007, Chevron sold its 19 percent common stock investment in Dynegy Inc., a provider of electricity to markets and customers throughout the United States, for approximately $940, resulting in a gain of $680.

Other Information

"Sales and other operating revenues" on the Consolidated Statement of Income includes $11,555, $9,582 and $8,824 with affiliated companies for 2007, 2006 and 2005, respectively. "Purchased crude oil and products" includes $5,464, $4,222 and $3,219 with affiliated companies for 2007, 2006 and 2005, respectively.

"Accounts and notes receivable" on the Consolidated Balance Sheet includes $1,722 and $1,297 due from affiliated companies at December 31, 2007 and 2006, respectively. "Accounts payable" includes $374 and $262 due to affiliated companies at December 31, 2007 and 2006, 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 loans to affiliates of $4,124 at December 31, 2007.

  Affiliates Chevron Share
Year ended December 31 2007 2006 2005 2007 2006 2005
Total revenues $94,864 $73,746 $64,642 $46,579 $35,695 $31,252
Income before income tax expense 12,510 10,973 7,883 5,836 5,295 4,165
Net income 9,743 7,905 6,645 4,550 4,072 3,534
At December 31      
Current assets $26,360 $19,769 $19,903 $11,914 $8,944 $8,537
Noncurrent assets 48,440 $49,896 46,925 19,045 18,575 17,747
Current liabilities 19,033 15,254 13,427 9,009 6,818 6,034
Noncurrent liabilities 22,757 24,059 26,579 3,745 3,902 4,906
Net equity $33,010 $30,352 $26,822 $18,205 $16,799 $15,344