 As equally-owned company, it is governed by a board of directors composed 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.Chevron Phillips is headquartered in The Woodlands, Texas, a northern suburb of Houston, and is a major producer of ethylene, propylene, polyethylene, Alpha-olefins, Polyalphaolefins, aromatic compounds and a range of specialty chemicals.