SAN ANTONIO, July 14, 2014 /PRNewswire/ -- Valero Energy
Corporation (NYSE: VLO, "Valero") announced today that the company
expects to report income from continuing operations in the range of
$1.10 to $1.25 per share for the
second quarter of 2014.
Valero's refining segment operating income is expected to be
higher in the second quarter of 2014 versus the second quarter of
2013 primarily due to higher throughput volumes, as well as wider
discounts on sour crude oil and certain types of North American
light crude oil, which offset weaker year-over-year gasoline and
distillate margins in most regions. In addition, Valero's ethanol
segment operating income is expected to be higher in the second
quarter of 2014 versus the second quarter of 2013 mainly due to
higher gross margins.
Valero also expects to report a loss from discontinued
operations of $63 million, or
$0.12 per share, related primarily to
a noncash charge associated with recognizing an asset retirement
obligation for the Aruba
refinery.
As a reminder, Valero management will host a conference call on
July 30, 2014 at 10:00 a.m. ET to discuss the quarterly earnings
results, which will be released earlier that day, and provide an
update on company operations. Persons interested in listening
to the presentation live via the internet may log on to Valero's
web site at www.valero.com.
About Valero
Valero Energy Corporation, through its subsidiaries, is an
international manufacturer and marketer of transportation fuels,
other petrochemical products and power. Valero subsidiaries employ
approximately 10,000 people, and assets include 15 petroleum
refineries with a combined throughput capacity of approximately 2.9
million barrels per day, 11 ethanol plants with a combined
production capacity of 1.3 billion gallons per year, a 50-megawatt
wind farm, and renewable diesel production from a joint venture.
Through subsidiaries, Valero owns the general partner of Valero
Energy Partners LP (NYSE: VLP), a midstream master limited
partnership. Approximately 7,400 outlets carry the Valero, Diamond
Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company based
in San Antonio. Please visit
www.valero.com for more information.
Valero Contacts
Investors:
John Locke, Executive Director –
Investor Relations, 210-345-3077
Karen Ngo, Manager – Investor
Relations, 210-345-4574
Media: Bill Day, Vice
President – Media and Community Relations, 210-345-2928
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Safe-Harbor Statement
Statements contained in this release that state the company's or
management's expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words "believe," "expect,"
"should," "estimates," "intend," and other similar expressions
identify forward-looking statements. It is important to note
that actual results could differ materially from those projected in
such forward-looking statements. For more information
concerning factors that could cause actual results to differ from
those expressed or forecasted, see Valero's annual reports on Form
10-K and quarterly reports on Form 10-Q, filed with the Securities
and Exchange Commission and on Valero's website at
www.valero.com.
SOURCE Valero Energy Corporation