US Markets

Valero Energy profit beats estimates on ample supply of crude

Credit: REUTERS/MIKE SEGAR

Independent U.S. refiner Valero Energy Corp reported better-than-expected quarterly profit on Thursday, benefiting from easy access to cheap light crude from the country's prolific shale oil basins.

Corrects typographical errors in paragraph 2 and 5

Oct 24 (Reuters) - Independent U.S. refiner Valero Energy Corp VLO.N reported better-than-expected quarterly profit on Thursday, benefiting from easy access to cheap light crude from the country's prolific shale oil basins.

U.S. refiners have been revamping their processing units to make them compliant with the International Maritime Organization's (IMO) regulatory standards, which will enforce low-sulfur fuel regulations by next year.

IMP 2020 is a standard for maritime fuel that takes effect on Jan. 1 and designed to reduce air pollution

Adjusted net income attributable to the company fell to $609 million, or $1.48 per share, in the third quarter ended Sept. 30, from $856 million, or $2.01 per share, a year earlier.

Analysts on average had expected a profit of $1.35 per share, according to IBES data from Refining.

The San Antonio, Texas-based company said its refining margins fell 8.6% to $2.72 billion.

(Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli)

((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780 Ext: 2439, outside U.S. +91 80 6749 2439;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More