Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

UPDATE 1-Valero Energy profit beats estimates as refining margins rise

Published 2015-07-30, 08:18 a/m
UPDATE 1-Valero Energy profit beats estimates as refining margins rise
VLO
-
CL
-

(Adds details, shares)
July 30 (Reuters) - U.S. refiner Valero Energy Corp (NYSE:VLO) VLO.N
reported a better-than-expected quarterly profit as its refining
margins rose due to a steep fall in crude oil prices.
Gasoline crack spreads - the difference between crude oil
and gasoline prices - have risen due to a 50 percent slump in
crude prices since June 2014.
Valero's refining margin rose to $13.71 per barrel in the
second quarter from $9.84 per barrel a year earlier.
The company's refining volumes rose 3 percent to an average
of 2.8 million barrels per day (bpd), mainly due to lower
maintenance activity.
Valero said on Thursday that it was on track to start
operations at two light crude processing units at the Corpus
Christi and Houston refineries in the first quarter of 2016.
Net income from continuing operations attributable to
Valero's stockholders more than doubled to $1.35 billion, or
$2.66 per share, in the quarter ended June 30 from $651 million,
or $1.22 per share, a year earlier. ID:nPnc51QG0
Analysts on average had expected earnings of $2.42 per
share, according to Thomson Reuters I/B/E/S.
Operating revenue fell 28 percent to $25.12 billion.
The San Antonio-based company's shares were up 1.3 percent
at $66.90 in premarket trading on Thursday. Up to Wednesday's
close, the stock had risen about 33 percent this year.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.