Edited from ConocoPhillips annual report
Despite higher raw material costs and two hurricanes hitting the US Gulf Coast, Chevron Phillips Chemical (CPChem), a joint venture in which ConocoPhillips has a 50% interest, continued to improve its earnings in 2007.
‘Our winning strategy is a result of focusing on the basics; running safely and reliably, continually improving our cost structure, and realising organic growth in feedstock-advantaged areas’, says president and chief executive officer of CPChem, Jim Gallogly.
CPChem is strategically expanding its presence around the globe. Projects in development for Qatar, Saudi Arabia and the US is said to ‘further affirm’ the company’s ‘strong’ position in the petrochemical industry.
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Financial highlights: Chevron Phillips Chemical, year ended 31 December
|
|
2008 |
2007 |
2006 |
2005 |
2004 |
|
Sales ($ m) |
12,646 |
12,534 |
11,839 |
10,707 |
9,165 |
|
Operating Profit ($ m) |
401 |
847 |
1,443 |
934 |
-- |
|
Net Profit ($ m) |
276 |
719 |
1,349 |
853 |
626 |
|
Total Assets ($ m) |
6,676 |
7,232 |
7,119 |
6,960 |
6,872 |
|
R&D ($ m) |
40 |
42 |
40 |
41 |
-- |
|
Number of Employees |
5,000 |
5,000 |
5,150 |
5,150 |
5,300 |
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Chevron Phillips Chemical
Company Structure
Chevron Phillips Chemical Company LLC, parent company of CPChem, is a producers of olefins and polyolefins as well as supplying aromatics, alpha olefins, styrenics and specialty chemicals. On 1 July 2000, Phillips (now ConocoPhillips) and Chevron (now ChevronTexaco) completed a 50/50 joint venture combining their worldwide chemicals businesses.
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