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About Chevron Phillips Chemical Company LLC

Among the world's largest petrochemical firms, Chevron Phillips Chemical (CPChem) produces ethylene, propylene, polyethylene, and polypropylene -- sometimes used as building blocks for the company's other products such as pipes and food containers. CPChem also produces aromatics such as benzene and styrene, specialty chemicals such as acetylene black (a form of carbon black), and mining chemicals. Chevron Phillips Chemical Company LP is CPChem's wholly-owned, primary US operating subsidiary. CPChem is 50% owned by Chevron U.S.A. Inc., an indirect wholly-owned subsidiary of Chevron Corporation, and 50% by wholly-owned subsidiaries of Phillips 66.

Operations

CPChem divides its operations into two segments: Olefins & Polyolefins and Specialties, Aromatics, and Styrenics.

The Olefins & Polyolefins segment produces ethylene, polyethylene, normal alpha olefins, polyalphaolefins, propylene and high-density polyethylene pipe, and conduit and pipe fittings.

The Specialties, Aromatics, and Styrenics segments makes cyclohexane, styrene, polystyrene, benzene, mining chemicals, Soltex drilling mud additive, scentinel mercaptans, specialty organosulfur compounds, racing fuels, and E-Series acetylene hydrogenation catalysts.

CPChem generates some 55% of sales from petrochemicals products, one-third form polymers, and more than 10% from specialty products.

The company's chemical products are used in more than 70,000 consumer and industrial products. Its brands include Marlex, Aromax, Scentinel, Soltex, and K-Resin.

Geographic Reach

CPChem operates about 30 factories across Belgium, Colombia, Qatar, Saudi Arabia, Singapore, and the US. It has two R&D and quality control centers, in Bartlesville, Oklahoma, and Kingwood, Texas. CPChem is active in Qatar, Saudia Arabia, and Singapore through joint venture

Sales and Marketing

CPChem serves a range of markets, including Adhesives and Sealants, Agricultural, Appliances, Automotive, Building and Construction, Chemical Manufacturing, Drycleaning, Textiles, Pharmaceuticals, Paint and Coatings, Imaging and Photography, Packaging, and Electronics.

It holds the leading market position in the US for polyethelyne piping and is the world's largest marketer of cyclohexane. Subsidiary America Styrenics holds a nearly 30% market share in US polystyrene.

Financial Performance

CPChem has recorded growing sales over the past three years. In 2018 revenue climbed 25% to $11.3 billion. Profits dipped in 2017 but rebounded in 2018, growing 43% to $2.1 billion. 

Strategy

External pressures on the petrochemicals industry, including slowing growth, the trade war between the US and China, and a consumer backlash against plastic use, have ushered in a period of consolidation. To diversify its output and geographic spread, Chevron Phillips (CPChem) bid for Nova Chemicals in 2019 in a move that would make CPChem the third-largest producer of polyethylene in North America and the largest producer of high-density polyethylene. 

Company Background

A coin toss determined whose name would go first when Chevron and Phillips Petroleum (now Phillips 66) formed 50-50 joint venture Chevron Phillips Chemical Company in 2000.

Chevron Phillips Chemical Company LLC

10001 Six Pines Dr
The Woodlands, TX 77380-1498
Phone: 1 (832) 813-4100

Firm Stats

Employer Type: Privately Owned
VP and CIO: Peggy Colsman
President and CEO: Mark E. Lashier
SVP, CFO and Controller: Tim D. Leveille
Employees (This Location): 600
Employees (All Locations): 5,000

Major Office Locations

The Woodlands, TX

Other Locations

San Ramon, CA
Bloomfield, IA
Belle Chasse, LA
Saint James, LA
Hagerstown, MD
Pascagoula, MS
Perth Amboy, NJ
Reno, NV
Bartlesville, OK
Pryor, OK
Wellford, SC
Knoxville, TN
Baytown, TX
Borger, TX
Brazoria, TX
Brownwood, TX
Conroe, TX
Humble, TX
Orange, TX
Pasadena, TX
Plano, TX
Port Arthur, TX
Sweeny, TX
The Woodlands, TX
Beringen, Belgium
Tessenderlo, Belgium