Inspectioneering
News

Valero Posts Lower-than-Expected Loss, Pins Recovery Hopes on Vaccine Rollout

Reuters, January 28, 2021
Reuters

U.S. refiner Valero Energy Corp on Thursday posted a much smaller quarterly loss than Wall Street expected and pinned hopes on widespread COVID-19 vaccinations to ease travel restrictions and improve demand for fuel.

Crude prices have continued to climb after rallying more than 20% in the last quarter, driven by optimism over the development of coronavirus vaccines, even as refiners struggled with uneven demand due to renewed lockdown measures.

We expect to see continued improvement in product demand with widespread vaccine distribution around the world,” Chief Executive Officer Joe Gorder said, adding that the company expects a faster recovery in margins from the shuttering of smaller, uncompetitive refineries.

Valero, the first U.S. refiner to post fourth-quarter results, said refining throughput, or the amount of crude it processed, rose about 1% to 2.6 million barrels per day from the third quarter.

Refining margin for the fourth quarter rose 14.2% to $1.09 billion from the third, although it was 64.1% lower than from a year earlier.

Adjusted net loss attributable to Valero stockholders narrowed to $429 million, or $1.06 per share, in the three months ended Dec. 31, from $472 million, or $1.16 per share, in the third quarter.

Wall Street analysts expected a loss of $1.42 per share, according to Refinitiv IBES.

The San Antonio, Texas-based company said quarterly revenue climbed 5% to $16.60 billion from the previous quarter, above analysts’ average estimate of $16.21 billion.


(Reporting by Arunima Kumar; Editing by Ramakrishnan M.)

Click here to read the full article from Reuters.

Copyright 2023 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Talent Solutions

Discover job opportunities that match your skillset.

Case Studies

Learn from the experience of others in the industry.

Integripedia

Inspectioneering's index of mechanical integrity topics – built by you.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Downloads

Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos & Webinars

Watch educational and informative videos directly related to your profession.

Acronyms

Commonly used asset integrity management and inspection acronyms.