Chevron Phillips Chemical Announces Its Intention to Build a New Ryton(R) PPS Plant

THE WOODLANDS, Texas, Nov. 1, 2004 -- Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) announces its intention to build a new 22 million pound-per-year capacity polyphenylene sulfide (PPS) plant. Startup is anticipated in early 2007. The location of the new plant has not yet been chosen.

"With the demand for Ryton(R) PPS increasing, we look forward to positioning our company to provide even better service to our existing and future customers," said Mike McDonnell, Ryton(R) PPS General Manager for Chevron Phillips Chemical.

Ryton(R) PPS is Chevron Phillips Chemical's high performance engineering resin known for its dimensional stability and resistance to corrosive and high-temperature environments. With a thirty-plus year history, Ryton(R) PPS is recognized as the world's premier product for demanding plastic applications. Ryton(R) PPS is used in injection molding and extrusion applications for computer components, automobile parts, and various electrical appliances.

About Chevron Phillips Chemical Company LLC

Chevron Phillips Chemical Company LLC with its affiliates is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, piping and proprietary plastics. The company has total assets in excess of $6 billion and is owned equally by ChevronTexaco Corporation and ConocoPhillips. For more information about Chevron Phillips Chemical, visit www.cpchem.com .

Some of the matters discussed in this news release are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially from those described, as a result of factors including, but not limited to, future economic conditions, industry production capacity and operating rates, the supply/demand balance for the products discussed in this release, pricing pressures, increases in raw material and/or energy costs, changes in governmental regulations, political risks, and other factors. These statements are not guarantees of future performance and actual outcomes and results may differ, perhaps materially, from those described herein. Additional information on financial matters relating to Chevron Phillips Chemical Company LLC can be found in the company's publicly available filings with the Securities and Exchange Commission (SEC). Copies of the company's filings with the SEC are available from the SEC's website at www.sec.gov .