ADVFN - Advanced Financial Network.
HOME» NYSE » V » VLO Stock Price » VLO Stock News

Valero Share News

 Valero Energy (new) Stock Price
VLO Stock Price
 Valero Energy (new) Stock Chart
VLO Stock Chart
 Valero Energy (new) Stock News
VLO Stock News
 Valero Energy (new) Company Information
VLO Company Information
 Valero Energy (new) Stock Trades
VLO Stock Trades

Valero CEO: Still Too Much Refining Capacity In US, Western Europe

By Ben Lefebvre Of DOW JONES NEWSWIRES HOUSTON -(Dow Jones)- Valero Energy Corp.(VLO) said it expects more refining capacity to come offline because of weakening fuel demand, even after a number of refinery closures in the U.S. and Europe in the past year. High unemployment and higher vehicle fuel efficiency have tamped down on fuel sales on both sides of the Atlantic. High oil prices and decreasing fuel demand caused a number of U.S. refineries in the northeast to shut down, while Valero shut its refinery in Aruba and Hovensa LLC, a joint venture between Hess Corp. (HES) and Petroleos de Venezuela S.A.(PDVSA), shut its refinery in the Virgin Islands. "We believe there's still too much refining capacity in the U.S. and western Europe," Valero Chief Executive Bill Klesse said during a conference call with investors. "Some things die hard." Valero said U.S. gasoline sales in April were "about even" from the month before. Gasoline sales on a same-store basis were down 0.7%, a company executive said during a conference call with investors. Instead, sales growth was coming from exports. Valero exported 170,000 barrels a day of diesel exports in the first quarter, the bulk of it to Europe. First-quarter gasoline exports were 80,000 barrels a day, most of which went to Mexico, the company said. Valero also said it could double the amount of domestically produced light, sweet crude oil its refineries run, to 400,000 barrels, a day with minor costs to its refineries. Valero owns a handful of refineries with access to the Eagle Ford shale, an increasingly productive source of light, sweet crude in south Texas. Crude oil from Eagle Ford is currently selling at $6 a barrel below that for Gulf Coast benchmark crude Light Louisiana Sweet. Valero said its newly acquired refineries in Meruax, La., and Pembroke, Wales, were showing signs of turning a profit after being unprofitable during the first quarter. -By Ben Lefebvre, Dow Jones Newswires; 713-547-9201; ben.lefebvre@dowjones.com

Stock News for Valero (VLO)
DateTimeHeadline
08/31/201511:24:00Valero Reports Unit Snag at Port Arthur Refinery
08/21/201510:14:00Valero Says Flaring Ends at Texas City Refinery
08/20/201513:00:00Danny Becomes Hurricane in the Atlantic
08/20/201512:49:00Storm Forces Valero to Shut Units at Texas City Refinery--Update
08/20/201512:29:00Valero Energy Corporation to Participate in Barclays CEO Energy-Power...
08/20/201510:50:00Lightning Strikes Valero's Texas City Refinery, Causes Flaring
08/13/201516:05:53Statement of Changes in Beneficial Ownership (4)
08/11/201509:20:00Technical Data on Oil and Gas Refining and Marketing Equities...
08/06/201515:56:55Quarterly Report (10-q)
08/03/201516:07:10Statement of Changes in Beneficial Ownership (4)
07/30/201514:20:46Valero Refinery's Operations Disrupted by Power Outage
07/30/201509:10:25Current Report Filing (8-k)
07/30/201508:23:07Valero Profit Buoyed by Strong Refining Results
07/30/201507:29:00Valero Energy Reports Second Quarter 2015 Results
07/20/201517:14:42Securities Registration: Employee Benefit Plan (s-8)
07/17/201515:03:023 Stocks to Watch at the Pump
07/13/201517:46:18Valero Board Approves $2.5 Billion in Share Buybacks
07/13/201516:54:00Valero Energy Corporation Declares Regular Cash Dividend on Common...
07/12/201511:04:03The Best Energy Stocks of 2015 So Far
07/06/201512:34:46Valero Says Operations Disrupted at Texas Refinery

Valero Energy and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad