This excerpt taken from the COP 10-K filed Feb 27, 2006.
Oil & Gas Journal, our R&M segment had the second-largest U.S. refining capacity of 13 large refiners of petroleum products, after giving consideration to the recent merger of Valero Energy Corporation and Premcor Inc. Worldwide, it ranked sixth among non-government-controlled companies. In the Chemicals segment, through our equity investment, CPChem generally ranks within the top 10 producers of many of its major product lines, based on average 2005 production capacity, as published by industry sources. Petroleum products, petrochemicals and plastics are delivered into the worldwide commodity markets. Elements of downstream competition include product improvement, new product development, low-cost structures, and manufacturing and distribution systems. In the marketing portion of the business, competitive factors include product properties and processibility, reliability of supply, customer service, price and credit terms, advertising and sales promotion, and development of customer loyalty to ConocoPhillips or CPChems branded products.