Chevron (CVX) Chief Executive Mike Wirth said Friday his company has told Phillips 66 (PSX) that it is interested in acquiring its share of their 50-50 joint venture: Chevron Phillips Chemical.

"We have advised the partner in CPChem that we'd be interested in acquiring the other half at a reasonable value for both parties, and we'll see how that plays out," Wirth said on the company's earnings call.

Phillips 66 did not immediately reply to a request for comment.

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