Chevron Phillips is a chemical proucer jointly owned by Chevron Corporation and ConocoPhillips. The company was formed July 1st, 2000 by merging the chemicals operations of both Chevron Corporation and Phillips Petroleum Company. A 50/50 venture, the company continues to be governed by a board of directors comprised of two members from each of the parent companies. The company was actually named in a coin toss to determine which parent company name would be first and which would be last.