BAYTOWN, Texas (AP) _ Lawyers and investment bankers put together a joint venture between Chevron Corp. and Phillips Petroleum Co., but when it came time to pick a name for the new chemical company, that was decided by a coin toss.

Chevron and Phillips agreed in February to a 50-50 venture that will have $6 billion in assets.

``Lots of names were suggested,'' Chevron spokesman Mickey Driver said.

Eventually, it came down to Chevron preferring Chevron-Phillips and Phillips wanting to call it Phillips-Chevron.

The two companies had a gold coin struck with each face bearing one of the two names. Executives tossed the coin, and Chevron-Phillips won.

Formation of the new Chevron-Phillips is awaiting federal approval.