Newspaper article THE JOURNAL RECORD

Valero Energy Quarterly Earnings Drop

Newspaper article THE JOURNAL RECORD

Valero Energy Quarterly Earnings Drop

Article excerpt

SAN ANTONIO (JR) - Valero Energy Corp. reported fourth-quarter earnings of $298 million, down from $1.1 billion for the fourth quarter of 2014.

The San Antonio-based company said it had profit of 62 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share.

The oil refiner posted revenue for the fourth quarter of $18.78 billion, down from $27.9 billion a year earlier.

Net income for 2015 totaled $4 billion, up from $3.6 billion for 2014.

Revenue for the year totaled $87.8 billion, down from $130.8 billion a year earlier.

Valero's refining segment reported adjusted operating income for the fourth quarter of 2015 of $1.5 billion, unchanged from the fourth quarter of 2014.

Fourth-quarter refining throughput volumes averaged 2. …

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