Valero posts decline in second-quarter profits as oil prices rise

Valero Energy Corp. posted a 44 percent decline in second-quarter net income.

San Antonio-based Valero Energy Corp.?s second-quarter profits slipped 44 percent as the refiner grappled with higher costs for crude oil and natural gas.

Valero (NYSE: VLO) earned $466 million, or 85 cents per share, compared with $831 million, or $1.50 per share, a year ago. Revenue for the quarter declined 2 percent to $34.03 billion.

The earnings fell short of analyst estimates. On July 11, the company warned of lower second-quarter earnings and forecast a per-share profit of 80 cents to 90 cents.

Valero?s refining throughput margins dropped as it paid higher prices for crude and natural gas. It also faced higher costs for ethanol credits needed to comply with the U.S. Renewable Fuel Standard.

Sanford Nowlin covers energy/utilities, transportation/aviation and manufacturing.

Source: http://www.bizjournals.com/sanantonio/blog/2013/07/valero-posts-decline-in-second-quarter.html?ana=RSS&s=article_search

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