By Tess Stynes
Valero Energy Corp. (VLO) said its second-quarter earnings more
than doubled, buoyed by strong margins in its refining
operations.
In Valero's refining business, operating earnings doubled to
$2.2 billion thanks to stronger margins for gasoline and other
products as well as an increase in volume mostly attributed to less
maintenance activity in the latest period.
Chairman and Chief Executive Joe Gorder said in prepared remarks
Thursday that crude oil prices were at a level that continued to
support upstream production while still stimulating consumer demand
for refined products.
Overall, Valero reported a profit of $1.35 billion, or $2.66 a
share, up from $588 million, or $1.10 a share, a year earlier.
Revenue decreased 28% to $25.12 billion.
Analysts polled by Thomson Reuters expected per-share profit of
$2.42 and revenue of $19.91 billion.
Master-limited partnership Valero Energy Partners LP (VLP) plans
to release its second-quarter earnings Aug. 5.
Write to Tess Stynes at tess.stynes@wsj.com
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