The acquisition would be beneficial to Chevron Phillips in expanding
its scale and footprint. However none of the companies involved have offered
any comment on the matter.
For the first quarter of 2019, Nova reported revenues of $943 million, down 16% year-over-year. The company generated net profits of $59 million versus a net loss of $555 million in the year-ago quarter.
Chevron’s stock has gained 15% thus far this year while the shares of Phillips 66 have climbed 6% year-to-date. Chevron’s stock was up over 1% in morning hours on Friday while Phillips’ shares were down 0.90%.
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