Chevron Phillips Chemical (CPChem), a joint venture between Phillips 66 and Chevron, celebrated 25 years of innovation and growth alongside the grand opening of its new headquarters.
Since its founding in 2000, CPChem has grown into a leader in the petrochemicals industry, offering deep integration value to the Phillips 66 portfolio. At the ribbon-cutting ceremony in The Woodlands, Texas, Phillips 66 Chairman and CEO Mark Lashier reflected on the company’s journey and its future in his remarks to those in attendance.
“This is a company built on bold vision and smart execution,” said Lashier, who once served as CPChem’s president and CEO. “This new headquarters is more than just a building, it’s a signal. A signal that CPChem is not just keeping pace but setting the pace for the future of work and innovation.”
CPChem operates more than 30 manufacturing and research facilities, employs over 5,000 people on four continents and serves nearly 3,000 customers in more than 100 countries. Lashier previously commented on the synergies between CPChem and Phillips 66 during the Phillips 66 first-quarter earnings call in April, specifically mentioning the integration value found at the company’s Sweeny Hub.
“For the last 25 years, CPChem has grown faster and more profitably than its competitors,” said Lashier. “There are synergies between CPChem and Phillips 66 as an NGL provider and as an asset operator at Sweeny, whether it’s the storage facilities at the Clemens Terminal or the physical location and streams going back and forth between assets.”
A world-renowned leader in safety and operational excellence, CPChem has also increased production at wholly owned facilities by 21% and reduced injury rates by 87% over the last 25 years. It has also pursued world-scale projects like the Q-Chem integrated petrochemical plant, a joint venture with QatarEnergy.
Lashier closed his remarks, noting these and other successes, pointing to employees as key drivers.
“To every CPChem employee, past and present, this building stands because of you,” he said. “Congratulations, and here’s to the next 25 years.”
