Tengizchevroil is a joint venture consortium developing oil fields in Kazakhstan with the following ownership: US Oil Co Chevron owns 50%, US Oil Co Exxon Mobil owns 25%, Kazakhstan State-owned Oil & Gas Co KazMunay owns 20% and LukArco a subsidiary of Russian Oil Co Lukoil owns 5%.
From studying California-based US publicly-held Cos SEC filings, in the most recent three years 2017, 2016 and 2015, Chevron has generated Total Consolidated After-Tax Net Income of $13.548 Bil, with the Report Line Income From Equity Affiliates for the most recent three years comprising a huge $11.783 Bil, or 87%.
In examining this massive Income From Equity Affiliates, $5.900 Bil or about half of it was Chevron 50% ownership share of Tengizchevroil huge Total Net Income which exceeded $11 Bil for the past three years. Tengizchevroil is such a big deal to Chevron's economic success that it even has its own separate footnote included in Chevron's 10-K annual report SEC filing.
End result, it appears that Chevron's total earnings from Tengizchevroil for the most recent three years of $5.900 Bil, comprised 44% of Chevron's Consolidated After-Tax Net Income of $13.548 Bil for the same three years.
So what happened in the first half of 2018? Well from Chevron's June 2018 10-Q filing with the SEC, the entire Tengizchevroil's Total Net Income for the six months ended June 30, 2018 was $3.502 Bil, up 50% from the $2.327 Bil earned in the first half of 2017.
As a side effect of this Total Income From Equity Affiliates Being a Huge Percentage of Total Earnings, any analysis of Chevron's reported Consolidated Income Before Income Tax over time is meaningless.
