Valero Energy 3Q profit falls 44 percent
SAN ANTONIO (AP) Valero Energy Corp. said Tuesday its third-quarter earnings fell 44 percentage as the refiner and gasoline station employer booked hefty charges from its conversion of a shuttered fuel refinery aboard the southern Caribbean island of Aruba into a oil storage facility.
Valero likewise reported weaker profit margins along most of its refining operations.
The San Antonio-based enterprise reported net income of $674 million,or $1.21 per share,as the three-month duration finished Sept. 30. That was down from $1.two billion,alternatively $2.eleven per share, a year earlier.
Valero booked one impairment dictate of $341 million,alternatively 62 cents per share, as a outcome of its Sept.three bulletin of plans to convert its shuttered Aruba refinery to a fuel terminal. Valero suspended refining operations along the site among March, citing unfavorable refining economics.
The conversion to a terminal requires a smaller workforce, and Valero booked severance expenses of $41 million,or seven cents per share,after taxes.
Excluding those one-time items, Valero reported adjusted earnings of $1.1 billion,or $1.90 per share.
On that basis, the sequel topped analysts' expectations as $1.76 per share,along apt a examine at FactSet.
Revenue rose three percent apt $34.73 billion from $33.71 billion,on analysts' expectations for $33.5 billion.
Total costs and expenses rose five percent to $33.42 billion from $31.73 billion.
Valero said profit margins from refining operations were weaker in its U.S. Gulf Coast operations, as well as among the Mid-Continent and West Coast operations. Those were partly offset by higher margins within the North Atlantic.
Margins likewise declined among Valero's retail and ethanol operations.
The company's retail section reported $41 million among operating income during the latest quarter down from $97 million among the year-ago quarter Valero attributed the decline particularly apt lower fuel margins and volumes amid the U.S. and Canada.
The ethanol segment reported 1 operating loss of $73 million among the latest 15 min compared with $107 million surrounded operating income a daily earlier. High prices for corn and high industry inventory of ethanol squeezed profit margins among that segment.
Valero operates 16 petroleum refineries and almost six,800 retail and branded wholesale oil outlets, including U.S. and Caribbean brands such as Valero, Diamond Shamrock, Shamrock and Beacon.
Valero's stock is never trading for markets are closed for a second day in the aftermath of Hurricane Sandy.
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Valero likewise reported weaker profit margins along most of its refining operations.
The San Antonio-based enterprise reported net income of $674 million,or $1.21 per share,as the three-month duration finished Sept. 30. That was down from $1.two billion,alternatively $2.eleven per share, a year earlier.
Valero booked one impairment dictate of $341 million,alternatively 62 cents per share, as a outcome of its Sept.three bulletin of plans to convert its shuttered Aruba refinery to a fuel terminal. Valero suspended refining operations along the site among March, citing unfavorable refining economics.
The conversion to a terminal requires a smaller workforce, and Valero booked severance expenses of $41 million,or seven cents per share,after taxes.
Excluding those one-time items, Valero reported adjusted earnings of $1.1 billion,or $1.90 per share.
On that basis, the sequel topped analysts' expectations as $1.76 per share,along apt a examine at FactSet.
Revenue rose three percent apt $34.73 billion from $33.71 billion,on analysts' expectations for $33.5 billion.
Total costs and expenses rose five percent to $33.42 billion from $31.73 billion.
Valero said profit margins from refining operations were weaker in its U.S. Gulf Coast operations, as well as among the Mid-Continent and West Coast operations. Those were partly offset by higher margins within the North Atlantic.
Margins likewise declined among Valero's retail and ethanol operations.
The company's retail section reported $41 million among operating income during the latest quarter down from $97 million among the year-ago quarter Valero attributed the decline particularly apt lower fuel margins and volumes amid the U.S. and Canada.
The ethanol segment reported 1 operating loss of $73 million among the latest 15 min compared with $107 million surrounded operating income a daily earlier. High prices for corn and high industry inventory of ethanol squeezed profit margins among that segment.
Valero operates 16 petroleum refineries and almost six,800 retail and branded wholesale oil outlets, including U.S. and Caribbean brands such as Valero, Diamond Shamrock, Shamrock and Beacon.
Valero's stock is never trading for markets are closed for a second day in the aftermath of Hurricane Sandy.
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