Financial Information

Chevron Phillips Chemical does not make its financial statements available to the general public. However, summarized financial performance information is provided below.

Chevron Phillips Chemical (CPChem), through its subsidiaries and equity affiliates, manufactures and markets a wide range of petrochemicals on a worldwide basis, with manufacturing facilities in Belgium, China, Colombia, Qatar, Saudi Arabia, Singapore, South Korea and the United States. CPChem is a limited liability company formed in 2000 under Delaware law and is owned 50 percent by Chevron U.S.A. Inc. (Chevron), a wholly owned subsidiary of Chevron Corporation, and 50 percent by certain wholly-owned subsidiaries of ConocoPhillips.

The company is governed by its Board of Directors (the "Board"), comprised of six representatives, under the terms of a limited liability company agreement. There are two voting representatives each from Chevron and ConocoPhillips, and the chief executive officer and the chief financial officer of the company are non-voting representatives. Certain major decisions and actions require the approval of the Board. All decisions and actions of the Board require the approval of at least one representative each of Chevron and ConocoPhillips.

Selected financial data for CPChem, in millions of dollars, is as follows:

  2011 Unaudited 1Q 2Q 3Q      ​ At Sep 30  
Sales Revenue 3,304 3,668 3,825​ 10,797
Net Income    528 537    534​   1,599
Current Assets     ​   2,827
Total Assets     ​   8,475
Current Liabilities, excluding debt     ​   1,922
Total Liabilities     ​   3,319
Equity     ​   5,156
 

  Audited 2010          2009         
Annual Sales Revenue 11,204 8,406
Net Income 1,388 615
Current Assets 2,695 2,351
Total Assets 8,016 7,418
Current Liabilities, excluding debt 1,615 1,223
Total Liabilities 3,162 2,734
Equity 4,854 4,684
Debt-to-Capital Ratio 20% 21%
 

Selected financial data will be updated quarterly on the following dates, which are subject to change:

  2011 Period Targeted Date
9 months November 1, 2011
12 months February 28, 2012
 

CPChem has received debt ratings from Standard & Poor's Ratings Services (Standard & Poor's) and Moody's Investors Service, Inc. (Moody's) as follows:

  Company Commercial Paper Long-Term Debt
Standard & Poor's A-2 BBB
Moody's P-2 Baa1
 

General information concerning CPChem is available through Dun & Bradstreet under DUNS number 03-891-2866. Further questions can be addressed to the Treasurer at (832) 813-4100 or by e-mail at: FinancialStatements@cpchem.com.