VLO Valero Energy Corporation

By Dave Sebastian

Valero Energy Corp. turned a loss for the first quarter as revenue fell.

The oil and gas company posted loss of $1.85 billion, or $4.54 a share, compared with a profit of $141 million, or 34 cents a share, in the comparable quarter last year.

Adjusted earnings were 34 cents a share. Analysts polled by FactSet were looking for adjusted losses of 15 cents a share.

Revenue was $22.1 billion, down from $24.26 billion in the year-ago period. Cost of sales rose to $24.19 billion from $23.73 billion in the prior year.

The company said it expects to invest about $2.1 billion of capital this year, $400 million lower than its prior guidance.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

April 29, 2020 07:40 ET (11:40 GMT)

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