NEW YORK and LONDON, September 26, 2011 /PRNewswire/ --
ICIS Chemical Business magazine is pleased to announce that Chevron Phillips Chemical Company LLC has been named the ICIS Company of the Year.
"We congratulate Chevron Phillips Chemical for an outstanding and significantly improved financial performance in 2010, along with gains continuing through the first half of 2011," said Joseph Chang, Global Editor of ICIS Chemical Business. "We commend the company and CEO Peter Cella for the stellar results."
Chevron Phillips Chemical is equally owned by US-based Chevron Corporation and ConocoPhillips.
In 2010, Chevron Phillips Chemical's net income jumped 126% to a record $1.39bn on 33% higher sales of $11.2bn. Through the first half of 2011, Chevron Phillips Chemical reported $1.07bn in net income.
Chevron Phillips Chemical's record results in 2010 contrast sharply with a net loss of $480m in 2001, its first full year as a joint venture company.
"It is quite a stunning story of progress and achievement over the past decade that we are very proud of," said Peter Cella, CEO of Chevron Phillips Chemical.
"Chevron Phillips Chemical produced a strong performance in an in-depth analysis of key financial metrics in 2010," said Nigel Davis, ICIS Insight Editor.
"It came first in the analysis among a group of elite petrochemical players, including Saudi Arabia's SABIC, Austria-headquartered Borealis, US-based Dow Chemical and Netherlands-based LyondellBasell," he added.
The ICIS Company of the Year winner was selected on the analysis of the ICIS Top 100 Chemical Companies, a global ranking based in US dollars, sponsored by global specialty chemicals distributor DKSH.
See the ICIS Company of the Year article in ICIS Chemical Business at http://www.icis.com/CPChem
See the ICIS interview with CEO Peter Cella at http://www.icis.com/CPChem_interview
The ICIS Top 100 Chemical Companies table was compiled by Lara McNamee, Regan Hartnell and the ICIS data & analytics team led by Paul Ray.
A PDF of the ICIS Top 100 Chemical Companies is available for download at http://www.icis.com/Top100Chem
Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. The LLC and its affiliates own over $8 billion in assets and employ approximately 4,600 people at 40 manufacturing and research facilities in eight countries. Chevron Phillips Chemical Company LLC is equally owned by Chevron Corporation and ConocoPhillips, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit http://www.cpchem.com.
ICIS Chemical Business
ICIS Chemical Business is the leading weekly magazine focusing on global commodity chemical and polymers markets. Subscribe today at http://www.icis.com/subscribe.
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Reed Business Information
ICIS is part of Reed Business Information, http://www.reedbusiness.co.uk, (RBI), a division of Reed Business and a member of Reed Elsevier plc (525), (UK:REL) (US:RUK) (NL:45443) the world's leading publisher and information provider. RBI publishes over 100 market leading publications, directories and online services, and organises many industry conferences and awards. The RBI portfolio includes Banker's Almanac, Computer Weekly, Farmers Weekly, Flight International, ICIS, Kellysearch, New Scientist, Personnel Today, Totaljobs and XpertHR. For a full listing visit http://www.reedbusiness.co.uk.
DKSH is a leading specialty chemicals distributor and global provider of Market Expansion Services for performance materials doing business in and with Asia for nearly 150 years. As an independent solution provider, DKSH sources, develops, markets, and distributes a wide range of specialty chemicals and food ingredients to business partners in specialty chemicals, food and beverage, pharmaceutical, and personal care industries. DKSH Business Unit Performance Materials is present in 24 countries and has in-depth local knowledge spanning Asia, Europe, and North America.
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SOURCE ICIS Chemical Business