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
2008 2007 2008 2007 2006
Upstream    
Tengizchevroil $6,290 $6,321 $3,220 $2,135 $1,817
Petropiar/Hamaca 1,130 1,168 317 327 319
Petroboscan 816 762 244 185 31
Angola LNG Limited 1,191 574 (8) 21 –
Other 725 765 206 204 123
Total Upstream 10,152 9,590 3,979 2,872 2,290
Downstream  
GS Caltex Corporation 2,601 2,276 444 217 316
Caspian Pipeline Consortium 749 951 103 102 117
Star Petroleum Refining Company Ltd. 877 944 22 157 116
Escravos Gas-to-Liquids – 628 86 103 146
Caltex Australia Ltd. 723 580 250 129 186
Colonial Pipeline Company 536 546 32 39 34
Other 1,664 1,501 268 215 212
Total Downstream 7,150 7,426 1,205 962 1,127
Chemicals  
Chevron Phillips Chemical Company LLC 2,037 2,024 158 380 697
Other 25 24 4 6 5
Total Chemicals 2,062 2,048 162 386 702
All Other  
Other 567 449 20 (76) 136
Total equity method $19,931 $19,513 $5,366 $4,144 $4,255
Other at or below cost 989 964
Total investments and advances $20,920 $20,477  
Total United States $4,002 $3,889 $307 $478 $955
Total International $16,918 $16,588 $5,059 $3,666 $3,300

Descriptions of major affiliates, 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 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, 2008, the company's carrying value of its investment in TCO was about $210 higher than the amount of underlying equity in TCO net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying equity for that portion of TCO's assets.

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. The 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, 2008, the company's carrying value of its investment in Petropiar was approximately $250 less than the amount of underlying equity in Petropiar net assets. The difference 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.

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, 2008, the company's carrying value of its investment in Petroboscan was approximately $290 higher than the amount of underlying equity in Petroboscan net assets. The difference reflects 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. The joint venture 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, which provides the critical export route for crude oil from both TCO and Karachaganak.

Star Petroleum Refining Company Ltd.

Chevron has a 64 percent equity ownership interest in Star Petroleum Refining Company Ltd. (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. Until December 1, 2008, Sasol Ltd. provided 50 percent of CNL's funding requirements for the venture as risk-based financing (returns are based on project performance). Effective December 1, 2008, Chevron acquired an additional 37 percent of the obligation from Sasol, with Sasol retaining 13 percent of the funding obligation. On that date, Chevron changed its method of accounting for its EGTL investment from equity to consolidated. This venture was formed to convert natural gas produced from Chevron's Nigerian operations into liquid products for sale in international markets.

Caltex Australia Ltd.

Chevron has a 50 percent equity ownership interest in Caltex Australia Ltd. (CAL). The remaining 50 percent of CAL is publicly owned. At December 31, 2008, the fair value of Chevron's share of CAL common stock was approximately $670. The decline in value below the company's carrying value of $723 million at the end of 2008 was deemed temporary.

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, 2008, the company's carrying value of its investment in Colonial Pipeline was approximately $560 higher than the amount of underlying equity in Colonial Pipeline net assets. This difference primarily relates to purchase price adjustments from the acquisition of Unocal Corporation.

Chevron Phillips Chemical Company LLC

Chevron owns 50 percent of Chevron Phillips Chemical Company LLC (CPChem), with the other half owned by ConocoPhillips Corporation.

Dynegy Inc.

In 2007, Chevron sold its 19 percent common stock investment in Dynegy Inc., for approximately $940, resulting in a gain of $680.

Other Information

"Sales and other operating revenues" on the Consolidated Statement of Income includes $15,390, $11,555 and $9,582 with affiliated companies for 2008, 2007 and 2006, respectively. "Purchased crude oil and products" includes $6,850, $5,464 and $4,222 with affiliated companies for 2008, 2007 and 2006, respectively.

"Accounts and notes receivable" on the Consolidated Balance Sheet includes $701 and $1,722 due from affiliated companies at December 31, 2008 and 2007, respectively. "Accounts payable" includes $289 and $374 due to affiliated companies at December 31, 2008 and 2007, 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 $2,820 at December 31, 2008.

  Affiliates Chevron Share
Year ended December 31 2008 2007 2006 2008 2007 2006
Total revenues $112,707 $94,864 $73,746 $54,055 $46,579 $35,695
Income before income tax expense 17,500 12,510 10,973 7,532 5,836 5,295
Net income 12,705 9,743 7,905 5,524 4,550 4,072
At December 31            
Current assets $25,194 $26,360 $19,769 $10,804 $11,914 $8,944
Noncurrent assets 51,878 48,440 $49,896 20,129 19,045 18,575
Current liabilities 17,727 19,033 15,254 7,474 9,009 6,818
Noncurrent liabilities 21,049 22,757 24,059 4,533 3,745 3,902
Net equity $38,296 $33,010 $30,352 $18,926 $18,205 $16,799