Chevron Phillips Chemical
Logo for Chevron Phillips Chemical | |
| Company type | Joint venture |
|---|---|
| Industry | Petrochemical |
| Founded | 2000 |
| Headquarters | The Woodlands, Texas, United States |
Key people | Steven Prusak (CEO) |
| Products |
|
| Revenue | $14.18 billion (2023) |
| $1.662 billion (2023) | |
| Total assets | $17 billion (2022) |
| Total equity | $13.569 billion (2023) |
| Owners |
|
Number of employees | 5,000 (August 2022) |
| Website | cpchem |
Chevron Phillips Chemical (CPChem) is a petrochemical company that is a 50/50 joint venture between 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.
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. The company's chemical products are used in thousands of applications including squeezable condiment bottles and shrink-wrapped meat.