CEO Lane Riggs said the refiner’s third-quarter results “reflect a period of maintenance” as weak profit margins squeeze the refining sector.
Valero Energy Corp. posted a sharp decline in profit in the third quarter as the San Antonio refiner’s margins were squeezed by declining global demand. Net income plunged 86% to $364 million from $2.6 billion a year ago, the company said Thursday. That amounted to $1.14 per share, down from $7.49 per share a year ago. The results missed Wall Street expectations. A survey of five analysts with Zacks Investment Research were expecting earnings to be 15 cents higher at $1.29 per share.
San Antonio CEOs got bigger paychecks last year as companies’ profits fell. See who took home most. Revenue slipped, too, to $32.88 billion from $38.4 billion a year ago. Analysts had been expecting $33.04 billion. Valero has beat revenue estimates only once in the past four quarters. CEO Lane Riggs said the results “reflect a period of maintenance” as margins slip across the refining industry.
In Q2, Valero profit plummets as margins slump, but it still beats Wall Street expectations Valero, the second-largest U.S. refiner by capacity, saw refining margins fall to $2.41 billion from $5.4 billion a year ago. Refining volume averaged 2.9 million barrels a day. Its refining segment reported operating income of $565 million, down from $3.4 billion a year ago. Total throughput, or the amount of crude processed, averaged 2.
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