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.