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Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary PowerPoint Presentation
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Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary - PowerPoint PPT Presentation


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Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary. Joint Venture to consist of: Chevron and Phillips chemicals segments Excludes Chevron Oronite Division Joint ownership: 50/50 Investment grade credit rating

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Phillips Chemical Company and Chevron Chemical Company Joint Venture Transaction Summary


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Presentation Transcript
joint venture of phillips chevron chemicals
Joint Venture to consist of:

Chevron and Phillips chemicals segments

Excludes Chevron Oronite Division

Joint ownership: 50/50

Investment grade credit rating

$1.6 billion initial debt; each receives $800 MM at closing

Regulatory review required

Target closing: mid-year 2000

$6.1 billion in assets

6,000 employees

Headquartered in Houston

Limited Liability Company

Accounting and Tax

Equity accounting by each party

Flow-through taxation

JV to be Self-Managed and Governed by a JV Board

50/50 Board representation

Joint Venture of Phillips & Chevron Chemicals

Joint Venture Overview

Transaction Summary

strategic rationale
Strategic Rationale
  • Creates world-class chemical business with strong, compatible partners
  • Excellent business fit along product and technology lines
  • Improves earnings and ROCE for Phillips and Chevron through lower operating and capital costs
  • Positions JV company for profitable growth
joint venture structure and management
Joint Venture Structure and Management

Structure

Management

Board of Directors

Equal Members

Phillips

Chevron

$800MM 50/50

$800MM

CEO

(P)

Joint Venture

(LLC)

SVP (C)

CFO

SVP (P)

Plan &

Str Trans

SVP (P)

Olefins/

Polyolefins

SVP (C)

Aromatics

SVP (C)

Styrenics/

Specialty

Phillips

Chevron