Valero, Marathon Beat Profit Estimates as Refining Margins Rise
Two of the biggest independent oil refiners in the United States beat Wall Street profit estimates on Thursday as greater processing of cheap, light crude from West Texas helped boost margins.Shares of Findlay, Ohio-based Marathon Petroleum gained as much as 7 percent to $79.43, while those of San Antonio, Texas-based Valero Energy Corp rose 4 percent to touch $113.53.Most refiners in the United States process heavy crude from countries such as Venezuela or Canada into diesel…
Valero Energy Profit Beats on Higher Refining Margins
Valero Energy Corp posted a better-than-expected first quarter profit as the independent U.S. refiner benefited from higher refining margins.Valero has a diverse set of refineries that allows it to take advantage of volatile crude price differentials and process lower-quality feedstock into high-value refined products such as gasoline and distillates."Our refineries are well-situated to take advantage of discounted…
U.S. refiners gobble up foreign crude
Global oil producers pumping out crude have found particularly willing buyers lately in the United States, where refiners have reaped short-term benefits from buying foreign crude. Some question whether refiners are being strategic in their buying, piling up a surplus in advance of a potential border tax on imported crude. Analysts suspect it is due more to normal seasonal patterns. Michael Wittner, global head of oil research for Societe Generale…
Valero's Profit Beats Street on Low Cost Crude
Valero Energy Corp reported a bigger-than-expected quarterly profit as the U.S. refiner continued to benefit from low crude costs. Crude oil prices have remained depressed for the past two years, lowering costs for refiners and weighing on prices for refined products, which has boosted consumer demand. "We are also encouraged by ample supplies of medium and heavy sour crude oils in the market, which should help to expand their discounts relative to Brent crude oil…
Valero Profit Beats Street; Refining Margins Up
U.S. refiner Valero Energy Corp reported a better-than-expected quarterly profit, helped by robust demand for refined products and lower crude costs. Valero also raised its quarterly cash dividend to 50 cents per share from 40 cents. The company's shares were up 2.4 percent at $63.99 in premarket trading on Wednesday. Refiners have been pumping out strong profits due to high crack spreads, the difference between crude oil and prices of refined products…
Valero CEO Gorder Sees Acquisition Opportunities
Valero Energy Corp Chief Executive Officer Joe Gorder said on Wednesday the leading U.S. refiner may return to its roots as a buyer of refineries in the near future. "We think there are acquisition opportunities going forward," Gorder said during a webcast of the Barclay's Energy Conference. Gorder reminded the audience that Valero expanded between 2000 and 2007 by aggressively buying U.S. refineries. Speaking to Wall Street analysts…
Valero CEO Sees Growth, but Not Acquisitions
Valero Energy Corp is taking advantage of low oil prices to aggressively build out its refining and logistical assets, but new acquisitions are not planned, Chief Executive Joe Gorder said at the company's annual shareholders meeting on Thursday. "There is nothing currently pending," Gorder said of potential acquisitions. There were no great logistics assets up for grabs. "Periodically, we have logistics assets coming into the market, but there is nothing that is hot right now," he said. Valero, the largest U.S.
Valero Energy Partners Buys Two Subsidiaries
Valero Energy Partners LP announced that the board of directors of its general partner has approved the Partnership's acquisition of certain businesses from subsidiaries of Valero Energy Corporation (VLO, Valero). In the transaction, the partnership will receive the outstanding membership interests in Valero Partners Houston, LLC and Valero Partners Louisiana, LLC for total consideration of about $671 million. The…
Valero CEO: Low Oil Prices Encourage Global Fuel Demand
Valero Energy Corp Chairman and Chief Executive Joe Gorder said on Wednesday low oil prices are encouraging continued global demand for refined products like motor fuels gasoline and diesel. Speaking at a Houston energy conference, Gorder said many of the company's refineries could run more light sweet crude oil but the downward global price pressure on oil is making all crude grades attractive. Gorder, who leads the nation's largest refiner…
Valero Energy CEO Klesse to Retire in May
Bill Klesse, the silver-haired chief executive officer of Valero Energy Corp, the largest U.S. refiner, will retire in May after eight years at the helm, the company announced on Monday. He will be succeeded by Chief Operating Officer Joe Gorder, but remain as director and chairman, the company said. The announcement had been expected, as Gorder was appointed to his current post in May 2012 and widely considered Klesse's heir apparent.
