CPChem  (Phillips Chevron JV)  

Phillipschemicals and plastics businesses were combined into a 50/50 joint venture with Chevron Corporation's petrochemical and plastics businesses on July 1, 2000, except for Chevron's Oronite fuel and lubricants additives business. CPChem is one of the world's top producers of olefins, polyolefins, aromatics and styrenics.
Headquartered in Houston, Texas, CPChem uses fractionated natural gas liquids purchased from Duke Energy Field Services and other sources as one of the primary feedstocks for petrochemicals - an intermediate chemical like ethylene, propylene, benzene or xylene - and other petroleum products of higher value. The petrochemicals are used to produce plastics, specialty chemicals and synthetic fibers.
CPChem, with 34 production facilities and seven research and technology centers in eight countries, has the people, assets and technology to pursue chemical opportunities on a global scale.

Phillips/Chevron 石化統合発表文 添付

CPChem Facts  (June 30, 2001, average data unless indicated) 

Major Domestic Facilities

Borger, Cedar Bayou, Orange, Pasadena, Port Arthur and Sweeny, Texas; St. James, La.; Pascagoula, Miss.; Marietta, Ohio; Drilling Specialties in Conroe, Texas; Guayama, Puerto Rico; and 11 plastic pipe and two pipe fittings plants.

Major Overseas Facilities:

Kallo-Beveren and Tessenderlo, Belgium; Shanghai, China; Zhandgjiagang, China; Al Jubail, Saudi Arabia; Singapore; Yochon, South Korea; and two plastic pipe plants in Mexico.

Assets: $7 billion.
Phillips' Interest: 50 percent.
Employees: 6,100

Growing International Presence

CPChem is moving to create world-scale complexes in key overseas locations where excellent feedstock resources allow competitive access to markets in Asia, Europe, the Middle East and Africa.
The Qatar complex now under construction, Q-Chem I, is designed to have an annual capacity of 1.1 billion pounds of ethylene, 1 billion pounds of polyethylene and 100 million pounds of hexene-1. The complex, located in Mesaieed, Qatar, is expected to start up in the third quarter of 2002. CPChem has a 49 percent share, and the state firm Qatar Petroleum Corp. owns the remaining 51 percent.
CPChem has also signed an agreement for the development of a world-scale petrochemical complex, Q-Chem II, to be built in Ras Laffan, Qatar. The facility will have an ethylene cracker with the capacity to produce up to 2.6 billion
pounds per year and a polyethylene plant capable of producing 1.6 billion pounds per year. The Ras Laffan complex is scheduled for completion in 2006.
CPChem signed a letter of intent in August 2001 to conduct a feasibility study for construction of a styrene monomer plant in Paraguana, Venezuela. The capacity of the Paraguana styrene plant would be approximately 1 billion pounds annually, and the product would be marketed primarily in the Americas region. The feasibility study is expected to be completed by year-end with startup of the plant potentially slated for 2007.

CPChem Plants Worldwide Gross   MMLB/Yr  

Facility Product Line  
Borger Plant, Borger, Texas Methyl mercaptan
Ryton polyphenylene sulfide (PPS)
Dimethyl sulfide
High-purity hydrocarbons and solvents
Mining chemicals
Organosulfur chemicals
Performance and reference fuels


Cedar Bayou Chemical Complex, Baytown, Texas Ethylene
Normal alpha olefins (NAO)
Low-density polyethylene (LDPE)
High-density polyethylene (HDPE)
Linear low-density polyethylene (LLDPE)
Polyalpha olefins (PAO)
Acetylene black


Chevron Phillips Chemicals Asia Pte Ltd., Singapore Ryton polyphenylene sulfide (PPS)   8
Chevron Phillips Singapore Chemicals Pte Ltd.,
Joint venture (50% interest)
High-density polyethylene (HDPE)  860
Drilling Specialties Co., Conroe, Texas Soltex drilling mud additives


Houston Chemical Complex, Pasadena, Texas

 Phillips Sumika Polypropylene
   ーJoint venture (50% interest)
High-density polyethylene (HDPE)
K-Resin styrene-butadiene copolymers (SBC)



Kallo Compounding Plant, Kallo Beveren,
Ryton polyphenylene sulfide (PPS)


K R Copolymer Co. Ltd., Yochon,
  South Korea Joint venture (60% interest) 
K-Resin styrene-butadiene copolymers (SBC)


Marietta Plant, Marietta, Ohio Polystyrene


Orange Chemical Plant, Orange, Texas High-density polyethylene (HDPE)


Pascagoula Chemical Operations,
  Pascagoula, Miss.


Performance Pipe Division
 Abilene, Texas (fittings)
 Abbeville, S.C.
 Bloomfield, Iowa (fittings)
 Brownwood, Texas
 Colton, Calif.
 Fairfield, Iowa
 Hagerstown, Md.
 Knoxville, Tenn.
 Pryor, Okla.
 Reno, Nev.
 Startex, S.C.
 Waxahachie, Texas
 Williamstown, Ky.
 Queretado, Mexico
 Tlaxcala, Puebla, Mexico
  −Joint venture (49% interest)
Polyethylene pipe


Port Arthur Plant, Port Arthur, Texas Ethylene


Puerto Rico Core, Guayama, Puerto Rico


Saudi Chevron Phillips Petrochemical, Al Jubail,
 Saudi Arabia  Joint venture (50% interest)


Shanghai Golden Phillips Petrochemical Co. Ltd.,
 Shanghai, China Joint venture (40% interest)
High-density polyethylene (HDPE)


Specialty Chemicals, Tessenderlo, Belgium


St. James Plant, St. James, La. Styrene 1,700
Sweeny Chemical & NGL Fractionation,
  Old Ocean, Texas
Chevron Phillips Chemical (China) Co. Ltd.,  Zhangjiangang, China Polystyrene


 *Small volume specialty chemicals

他に カタール(Q-Chem)計画

Chevron/Phillips統合発表 2000/2/7) 

Chevron and Phillips to Form Joint Venture Creating World-Class Chemical Company

SAN FRANCISCO, Feb. 7, 2000 -- Chevron and Phillips today announced the signing of a letter of intent and exclusivity agreement to combine their worldwide chemicals operations into a 50/50 joint venture with more than $6 billion in assets that will be a world-scale competitor in the petrochemicals industry.

The new company, based in Houston, will combine the olefins, polymers and aromatics businesses of Chevron and Phillips. The transaction is expected to close by mid-year, following final approval by the companies' boards, the signing of definitive agreements and regulatory review.

"Our two petrochemicals operations are a great fit," said Dave O'Reilly, chairman and CEO of Chevron Corp. "This combination will draw complementary products and technology along with outstanding employees from both organizations to create a formidable company, able to compete with the best in this expanding industry.

"We expect synergy from the combined operations to reduce annual costs by $150 million and to improve the effectiveness of capital spending," O'Reilly said.

"Phillips and Chevron are strong companies with excellent chemicals assets and a shared vision of growth for their chemicals businesses," said Jim Mulva, chairman, president and chief executive officer of Phillips Petroleum Co. "This joint venture creates one of the world's leading chemicals producers, with a global market presence, excellent growth prospects and a strong financial position."

The new company will be one of the world's top five producers of olefins and polyolefins, which are used in the manufacture of basic chemicals and plastics. Annual ethylene gross capacity will be 8.2 billion pounds, while annual polyethylene gross capacity will be 5.5 billion pounds. The venture will also be a global top-five competitor in the aromatics and styrene businesses.

In the next few months, the joint-venture company will arrange $1.6 billion of debt financing, and will make one-time cash payments of $800 million to each parent at or shortly after closing.

The transaction will be accretive to the net incomes and net cash flows of both Chevron and Phillips after implementation. Revenues of the combined chemical businesses for 1999 were nearly $6 billion.

The new venture's annual cost reduction target of $150 million can be achieved by tapping efficiencies in purchasing and logistics, enhancing feedstock flexibility, optimizing production scheduling, improving organizational efficiency and reducing staffing. Approximately 600 positions are expected to be reduced from the combined chemical staffs of 6,000 for Chevron and Phillips.

The new company, to be named later, will be governed by a six-member board of directors consisting of two Chevron-appointed directors, two Phillips-appointed directors and the joint venture's CEO and CFO, who will be non-voting members.

Darry Callahan, president of Chevron Chemical Co., will be one of the Chevron-appointed directors and will lead Chevron's integration team. Marty Klitten, Chevron Corp. CFO, will be the other Chevron-appointed director.

Phillips has appointed Jim Mulva, Phillips' chairman, president and CEO, and Bill Parker, Phillips' executive vice president of downstream, to the board of directors.

Jim Gallogly, Phillips' senior vice president of chemicals, has been named president and chief executive officer, and Kent Potter, vice president of finance for Chevron Overseas Petroleum Inc., has been named chief financial officer. Chevron and Phillips will each make two more appointments to the senior management team. Management compensation will be tied to achievement of the cost-savings and other synergies expected of the new combination.

"This new joint-venture company will have the people, assets and technology to create one of the premier chemicals companies of the world," said Gallogly. "I'm excited about the opportunities this will provide for the future growth of our new business, and our customers and employees."

Not included in the new combination is Chevron's Oronite additives business, which holds a global leadership position in development, manufacture and marketing of fuel and lubricant additives. Oronite, which will remain an important part of Chevron's chemical portfolio, did not provide strong synergies with Phillips' operations.

Chevron Corp., headquartered in San Francisco, is a leading energy and chemical company, operating in about 90 countries through 500 subsidiaries, partnerships, affiliates, and other entities. Chevron, which employs 31,000 people worldwide, has about $40 billion in assets. Total revenue in 1999 was $36.6 billion.

Chevron Chemical Co. produces commodity petrochemicals, plastics and additives in plants in nine U.S. states and in Brazil, France, Japan, Mexico, Saudi Arabia and Singapore.

2004/11/1 Chevron Phillips

Chevron Phillips Chemical Announces Its Intention To Build A New Ryton
® PPS Plant

Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) announces its intention to build a new 22 million pound-per-year capacity polyphenylene sulfide (PPS) plant. Startup is anticipated in early 2007. The location of the new plant has not yet been chosen.
With the demand for Ryton® PPS increasing, we look forward to positioning our company to provide even better service to our existing and future customers,said Mike McDonnell, Ryton® PPS General Manager for Chevron Phillips Chemical.

® PPS is Chevron Phillips Chemicals high performance engineering resin known for its dimensional stability and resistance to corrosive and high-temperature environments. With a thirty-plus year history, Ryton® PPS is recognized as the worlds premier product for demanding plastic applications. Ryton® PPS is used in injection molding and extrusion applications for computer components, automobile parts, and various electrical appliances.

About Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical Company LLC with its affiliates is one of the world
s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, piping and proprietary plastics. The company has total assets in excess of $6 billion and is owned equally by ChevronTexaco Corporation and ConocoPhillips. For more information about Chevron Phillips Chemical, visit www.cpchem.com.

2005/12/12 ConocoPhillips

ConocoPhillips to Acquire Burlington Resources in $35.6 Billion Transaction

Burlington Resources' Gas Reserves and Production Provide Excellent Strategic Fit With ConocoPhillips' Global Energy Portfolio
ConocoPhillips to Become a Leading Natural Gas Producer in North America

ConocoPhillips (NYSE: COP) and Burlington Resources Inc. (NYSE: BR) announced today they have signed a definitive agreement under which
ConocoPhillips will acquire Burlington Resources in a transaction valued at $35.6 billion. The transaction, upon approval by Burlington Resources shareholders, will provide ConocoPhillips with extensive, high quality natural gas exploration and production assets, primarily located in North America. The Burlington Resources portfolio provides a strong complement to ConocoPhillipsglobal portfolio of integrated exploration, production, refining and energy transportation operations, thereby positioning the combined company for future growth.

Under the terms of the agreement, Burlington Resources shareholders will receive in the merger $46.50 in cash and 0.7214 shares of ConocoPhillips common stock for each Burlington Resources share they own. This represents a transaction value of $92 per share, based on the closing price of ConocoPhillips shares on Friday, December 9, 2005, the last unaffected day of trading prior to this announcement. The transaction preserves ConocoPhillips
strong financial base, flexibility and cash flow, and enables the company to continue its aggressive capital investment program, including the funding of a substantial Exploration and Production and Refining program.

Burlington Resources is one of the world's leading independent exploration and production companies, and holds one of the industry's leading positions in North American natural gas reserves and production. At December 31, 2004, Burlington Resources had total reserves of 2,001 MMBOE (million barrels of oil equivalent). In addition, Burlington Resources has estimated 2005 production of approximately 475 MBOE/d (thousand barrels of oil equivalent per day), and access to significant conventional and unconventional resources.

Together, ConocoPhillips and Burlington Resources will have:
* Pro-forma reserves of 10.5 BBOE as of December 31, 2004, excluding 0.3 BBOE associated with ConocoPhillips
Syncrude operations, of which 52 percent is in North America; and
* Pro-forma 2005 production of 2.3 MMBOE/d, including LUKOIL and Syncrude, of which 50 percent is in North America.

Jim Mulva, Chairman and Chief Executive Officer of ConocoPhillips, said:
We are very pleased to have reached this agreement with Burlington Resources, and are excited about the opportunities it provides our respective companies and shareholders. With this transaction, ConocoPhillips will expand our portfolio of high quality, low-risk, long-lived gas reserves, and become a leading producer of natural gas in North America. The transaction also enhances ConocoPhillips production growth and North American gas supply position both in the near-term, through projects involving conventional and unconventional resources, and in the long-term through LNG (liquefied natural gas) and Arctic gas projects. In addition, the broader Burlington Resources portfolio is an excellent complement to our integrated oil and gas portfolio, and significantly increases our weighting in OECD (Organization for Economic Co-operation and Development) country assets. The transaction will not only provide Burlington Resources shareholders with a meaningful immediate premium to the value of their shares, but also enables them to continue to benefit as investors in the future growth of ConocoPhillips. We will continue to invest in our growth for the benefit of our current and future investors. Burlington Resources is an efficient, well-run exploration and production organization, and we look forward to an exciting future of growth together.

Bobby S. Shackouls, Chairman, President and Chief Executive Officer of Burlington Resources, said, The combination of ConocoPhillips and Burlington Resources recognizes the substantial value we have created and acknowledges the success of our employees in building a great company with a strong asset base. Of equal importance, this transaction allows our shareholders, customers and employees to participate in the future growth of ConocoPhillips, a company that has the scale and scope to supply consumers from every facet of the oil and gas industry more efficiently.

Based on the closing market prices for the shares of both companies December 9, and their debt levels as of September 30, 2005, the combination of ConocoPhillips and Burlington Resources would have an enterprise value of $135 billion ($106 billion of equity; $29 billion of net debt and preferred securities). Existing ConocoPhillips shareholders will own about 83 percent of ConocoPhillips following the transaction, and Burlington Resources shareholders will own approximately 17 percent.

ConocoPhillips will fund its acquisition of Burlington Resources through existing cash on hand, existing credit facilities, and new additional bank and bond debt. The company plans to use cash from operations in the years ahead to reduce its outstanding debt.

The transaction, based on 2006 First Call estimates, is expected to be accretive to near-term production growth and cash flow per share, and slightly dilutive to ConocoPhillips near-term earnings per share. ConocoPhillips expects to achieve synergies and pre-tax cost savings of approximately $375 million annually after the operations of the two companies are fully integrated. These savings will result largely from reducing corporate expenses, optimizing the company
s exploration portfolio, and reducing operating expenses.

Upon completion of the merger, Mr. Shackouls and Steven J. Shapiro, Executive Vice President, Finance and Corporate Development, will retire, and Randy L. Limbacher, currently Burlington Resources Executive Vice President and Chief Operating Officer, will become Executive Vice President responsible for North and South America, reporting to Mr. Mulva. William B. Berry, presently ConocoPhillips
Executive Vice President-Exploration and Production, will become Executive Vice President responsible for Europe, Asia, Africa and the Middle East, also reporting to Mr. Mulva. Mr. Shackouls and William E. Wade, currently an independent director of Burlington Resources, will join ConocoPhillipss Board of Directors. A transition team has been formed and will be led by Mr. Limbacher of Burlington Resources, and John E. Lowe, ConocoPhillipsExecutive Vice President-Planning, Strategy and Corporate Affairs.

The acquisition is conditioned upon, among other things, the approval of Burlington Resources shareholders and customary regulatory approvals. The transaction is expected to be completed in the first half of 2006.

Goldman, Sachs & Co. and Citigroup Global Markets Inc. acted as financial advisors, and Wachtell, Lipton, Rosen & Katz acted as legal counsel to ConocoPhillips. Morgan Stanley and J.P. Morgan Securities Inc. acted as financial advisors, and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Burlington Resources.

About Burlington Resources
Burlington Resources ranks among the world's largest independent oil and gas companies, and holds one of the industry
s leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas, the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America. For additional information see the Burlington Resources Web site at www.br-inc.com.

2007/3/29 Chevron Phillips

Plans to Build New Ryton(R) PPS Plant in Borger, Texas Finalized

Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) announced today that it will proceed with plans to build a 22 million pound-per-year polyphenylene sulfide (PPS) plant in Borger, Texas. Built next to Chevron Phillips Chemicals existing PPS plant in Borger, the new facility will expand the companys total PPS capacity at the site to approximately 44 million pounds per year. The new plant will share some infrastructure and operations with the existing Ryton(R) PPS plant.
The construction process begins immediately, with project completion anticipated in early 2009.

Jacobs Engineering has been selected to provide engineering and procurement services, while Zachry Construction Corporation will provide the construction services for the project.

The decision to build a new Ryton(R) PPS plant in Borger is a major step forward for our specialty chemicals business,said Ray Wilcox, president and chief executive officer of Chevron Phillips Chemical. As a global leader in PPS technology, this new plant will secure our position in the marketplace for many years to come.

This project solidifies Borger, Texas as the worldwide hub for Chevron Phillips Chemicals PPS polymer business,said Greg Garland, senior vice president of planning and specialty products.

Like the existing Ryton(R) PPS plant, much of the PPS polymer produced in Borger will be sent to Chevron Phillips Chemical
s compounding facilities in LaPorte, Texas; Kallo, Belgium; and Tuas, Singapore where it is compounded with glass fibers and minerals to develop resins with unique performance features.

The market for polyphenylene sulfide is growing and our product is well-suited for many new applications,said Mike McDonnell, general manager of Chevron Phillips Chemicals Engineering Polymers group. The new plant will give us the capacity needed to capitalize on these new market segments.

Ryton(R) PPS is Chevron Phillips Chemicals high performance engineering resin known for its dimensional stability and resistance to corrosive and high-temperature environments. With a thirty-plus year history, Ryton(R) PPS is recognized as one of the worlds premier products for demanding plastic applications. Ryton(R) PPS is used in injection molding and extrusion applications for computer components, automobile parts, and various electrical appliances.

About Chevron Phillips Chemical
Chevron Phillips Chemical Company LLC and its affiliates produce chemicals that are essential to manufacturing over 70,000 consumer and industrial products. In operation for over 60 years, Chevron Phillips Chemical
s Borger Plant produces Ryton(R) PPS and over 200 specialty chemicals. These products are used in a wide variety of applications, including pharmaceutical, agricultural, electrical, industrial, and consumer products. For more information about Chevron Phillips Chemical, visit http://www.cpchem.com/.