Valero Energy Corporation (NYSE:VLO) announced today that it expects to
report first quarter 2008 net income in the range of $0.10 to $0.35 per
share. The company has scheduled the release of its first quarter 2008
earnings results for April 29.
The company expects throughput margins on gasoline and certain other
products such as petroleum coke, residual fuel oil, and petrochemicals
to be significantly lower in the first quarter of 2008 compared to the
first quarter of 2007. Also, the company’s
first quarter 2008 results have been adversely affected by operating and
equipment issues, particularly at its Port Arthur, Aruba and Delaware
City refineries. In total, unplanned outages across the company’s
refining system are expected to reduce first quarter 2008 throughput
margins by approximately $400 million.
Upcoming Events
Bill Klesse, Chairman of the Board and Chief Executive Officer of Valero
Energy Corporation, will provide an update on refining and marketing
fundamentals and company operations at the Citi Refining Conference in
New York on Wednesday, March 26 at 1:20 p.m. ET. A copy of the
accompanying slide show presentation and a link to the live webcast is
available at www.valero.com in the
Investor Relations portion of the company’s
web site at www.valero.com.
Valero’s senior management will host a
conference call at 11 a.m. ET (10 a.m. CT) April 29, 2008 to discuss
first quarter 2008 earnings results, which will be released earlier that
day, and provide an update on company operations. A live broadcast of
the conference call will be available on the company’s
web site.
Valero Energy Corporation is a Fortune 500 company based in San Antonio,
with approximately 22,000 employees and 2007 annual revenues of $95
billion. The company owns and operates 17 refineries throughout the
United States, Canada and the Caribbean with a combined throughput
capacity of approximately 3.1 million barrels per day, making it the
largest refiner in North America. Valero is also one of the nation’s
largest retail operators with approximately 5,800 retail and branded
wholesale outlets in the United States, Canada and the Caribbean under
various brand names including Valero, Diamond Shamrock, Shamrock,
Ultramar, and Beacon. Please visit www.valero.com
for more information.
Statements contained in this release that state the company’s
or management’s expectations or predictions of
the future are forward-looking statements intended to be covered by the
safe harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words “believe,”
“expect,” “should,”
“estimates,” and
other similar expressions identify forward-looking statements. It is
important to note that actual results could differ materially from those
projected in such forward-looking statements. For more information
concerning factors that could cause actual results to differ from those
expressed or forecasted, see Valero’s annual
reports on Form 10-K and quarterly reports on Form 10-Q, filed with the
Securities and Exchange Commission and on Valero’s
website at www.valero.com.
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