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1
Phillips Chemical Company and Chevron Chemical Company Joint Venture
Transaction Summary
2
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
Transaction Summary Joint Venture Overview
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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
4
Joint Venture Structure and Management
Management
Board of Directors
Equal Members
CEO(P)
SVP (C)CFO
SVP (P)Plan &
Str Trans
SVP (P)Olefins/
Polyolefins
SVP (C)Aromatics
SVP (C)Styrenics/Specialty
Phillips
Joint Venture
(LLC)
$800MM 50/50 $800MM
Structure
Chevron
Phillips Chevron
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ADDITIONAL TEMPLATE PREVIEWS
Guides JV Structuring Tips and Must Do's JV Structure Considerations Alliance Strategy Before Structure Establishing International JVs JV Formation Steps (No Preview) Institutionalizing Strategic Alliance
Skills Joint Venture Methods
LOI Tools and Templates Broad Joint Venture Product Distribution Product Licensing Technology Development
Presentations Presenting the Joint
Venture
Setting up a Joint Venture Step-by-Step - Click Here To View