American chemical company jointly owned by Chevron and Phillips
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Chevron Phillips Chemical
Logo for Chevron Phillips Chemical
Company type
Joint venture
Industry
Petrochemical
Founded
2000; 24 years ago (2000)
Headquarters
The Woodlands, Texas, United States
Key people
Bruce Chinn (CEO)
Products
Aromatics
Drilling Specialties
Normal Alpha Olefins
Olefins
Polyalphaoelfins
Polyethylene
Polyethylene Pipe
Specialty Chemicals
Revenue
$14.18 billion (2023)[1]
Net income
$1.662 billion (2023)[2]
Total assets
$17 billion (2022)[3]
Total equity
$13.569 billion (2023)[4]
Owners
Chevron
Phillips 66
Number of employees
5,000 (August 2022)[5]
Website
cpchem.com
Chevron Phillips Chemical(CPChem) is a petrochemical company jointly owned by Chevron Corporation and Phillips 66. The company was formed July 1, 2000, by merging the chemicals operations of both Chevron Corporation and Phillips Petroleum Company. As equally-owned company, it is governed by a board of directors composed of three members from each of the parent companies. The company was actually named in a coin toss to determine which parent company name would be first and which would be last.[6]
Chevron Phillips Chemical is headquartered in The Woodlands, Texas, a northern suburb of Houston, and is a major producer of ethylene, propylene, polyethylene, Alpha-olefins, Polyalphaolefins, aromatic compounds and a range of specialty chemicals.
^"Coin toss decides company name". Lubbock Avalanche-Journal. The Lubbock Avalanche-Journal. 2000-04-18. Archived from the original on 2012-03-03. Retrieved 2020-12-04.
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Global Information
$14.18 billion (2023)[1]
$1.662 billion (2023)[2]