SAN ANTONIO, April 28, 2015 /PRNewswire/ -- Valero Energy
Corporation (NYSE: VLO, "Valero") today reported net income from
continuing operations attributable to Valero stockholders of
$964 million, or $1.87 per share, in the first quarter of 2015
compared to $829 million, or
$1.54 per share, in the first quarter
of 2014. The results were a record first quarter for the
company.
"Our team's solid performance and favorable margins helped us
deliver impressive results during a heavy planned-maintenance
period in the first quarter," said Joe
Gorder, Valero Chairman, President and Chief Executive
Officer. "Valero's financial position is strong, and we are clearly
executing our strategy, which includes investing to optimize our
operations, growing VLP and returning cash to stockholders."
Refining
The refining segment reported first quarter
2015 operating income of $1.6 billion
versus $1.3 billion in the first
quarter of 2014. The $361
million increase in operating income primarily resulted from
the $1.49 increase in throughput
margin per barrel from $10.90 in the
first quarter of 2014 to $12.39 in
the first quarter of 2015. The increase in throughput margin
per barrel was mainly driven by stronger gasoline and secondary
product margins per barrel relative to Brent crude oil and lower
natural gas costs. These positive drivers were partially
offset by lower discounts per barrel for most sweet and sour crude
oils relative to Brent crude oil.
First quarter 2015 refining throughput volumes averaged 2.7
million barrels per day, an increase of 9,000 barrels per day from
the first quarter of 2014. Valero's refineries operated at 92
percent throughput capacity utilization in the first quarter of
2015.
"We continue to pursue operations excellence, which is the
foundation for safe, reliable, and profitable operations," Gorder
said. "In the first quarter of 2015, we safely completed almost
double the amount of planned turnaround work compared to first
quarter of 2014. With the majority of our refineries having
completed their planned maintenance for 2015, we expect the bulk of
our refining system to be ready and available to capture market
opportunities."
Ethanol
The ethanol segment reported first quarter
2015 operating income of $12 million
versus $243 million in the first quarter of 2014. The
$231 million decrease in operating
income was mainly due to lower gross margin per gallon driven by a
decline in gasoline and ethanol prices, which more than offset a
decline in corn prices. Average quarterly ethanol production
volumes were 3.8 million gallons per day in the first quarter of
2015, an increase of 681,000 gallons per day versus the first
quarter of 2014. The increase in production was due to less
weather-related rail disruptions in the first quarter of 2015
compared to 2014 combined with incremental production volumes from
the new Mount Vernon plant.
Corporate and Other
General and administrative
expenses were $147 million in the
first quarter of 2015 versus $160
million in the first quarter of 2014. The effective
tax rate was 31.7 percent in the first quarter of 2015.
Stockholder Distributions and Capital
Allocation
Valero returned a total of $531 million in cash to stockholders in the first
quarter of 2015, of which $206
million was paid in dividends and $325 million was used to purchase
5.4 million shares of Valero common stock. Year to date,
Valero has purchased 7.1 million shares of its common stock
for $429 million.
In the first quarter of 2015, capital spending was $698 million, of which $240 million was for turnarounds and
catalyst.
"We continue to focus on returning cash to stockholders and
optimizing our business through our capital investments," Gorder
said. "We are on track to achieve our goal of exceeding 2014's
total payout ratio, and we are operating within our $2.65 billion capital budget."
The company defines total payout ratio as the sum of dividends
plus stock buybacks divided by net income from continuing
operations attributable to Valero stockholders.
The company issued $1.45 billion
of debt, of which $1.25 billion was
issued by Valero for general corporate purposes, and $200 million was issued by VLP to fund the March
drop-down transaction. Valero also repaid $400 million of debt during the first quarter of
2015.
Liquidity and Financial Position
Valero ended the
first quarter of 2015 with $7.4
billion in total debt and $4.9
billion of cash and temporary cash investments, of which
$28 million was held by VLP.
Valero's debt to capital ratio, net of $2
billion in cash, was 20.3 percent.
Strategic Update
As part of its strategy to grow VLP
and unlock value, Valero executed its second drop-down transaction
to VLP on March 1 for $671 million consisting of the Houston and St. Charles Terminal Services
Business. Valero is on track to complete its goal of
$1 billion of drop-down transactions in 2015.
Valero continued to advance its refining and logistics capital
investments, which are designed to increase its ability to access
and process more North American crude oil. The construction
of the two crude topping units at the Corpus Christi and Houston refineries is progressing as
planned. When complete, these units are expected to reduce
feedstock costs at both of these refineries.
In April, Valero completed its 25,000 barrels-per-day dock and
tank expansion project at its Corpus
Christi refinery. This increases the total capacity of
the crude oil loading facility to 50,000 barrels per day and
improves Valero's ability to optimize logistically bottlenecked
crude oil across its system.
Valero expects 2015 capital spending, including turnarounds and
catalyst, to be $2.65 billion,
as previously guided. This estimate includes $1.5 billion for stay-in-business capital and
$1.15 billion for growth
investment, and excludes $150 million
for a St. Charles methanol project that remains under
evaluation. Valero expects the majority of growth investments
in 2015 will be for light crude oil processing and logistics.
Valero believes that most of the logistics investments will be
eligible for future drop-down transactions to VLP.
Conference Call
Valero's senior management will hold a
conference call at 11 a.m. ET today
to discuss this earnings release and to provide an update on
company operations and strategy.
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 –
Communications, 210-345-2928
To download our investor relations mobile app, which offers
access to SEC filings, press releases, unit quotes, and upcoming
events, please visit Apple's iTunes App
Store for your iPhone and iPad or Google's Play Store for
your Android mobile device.
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 ("SEC") and on Valero's
website at www.valero.com, and VLP's annual reports on Form 10-K
and quarterly reports on Form 10-Q, filed with the SEC and on VLP's
website at www.valeroenergypartners.com.
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
Statement of
Income Data (a):
|
|
|
|
|
Operating
revenues
|
|
$
|
21,330
|
|
|
$
|
33,663
|
|
Costs and
expenses:
|
|
|
|
|
Cost of sales
|
|
18,163
|
|
|
30,630
|
|
Operating expenses:
|
|
|
|
|
Refining
|
|
964
|
|
|
972
|
|
Ethanol
|
|
120
|
|
|
129
|
|
General and administrative expenses
|
|
147
|
|
|
160
|
|
Depreciation and amortization expense
|
|
441
|
|
|
421
|
|
Total
costs and expenses
|
|
19,835
|
|
|
32,312
|
|
Operating income
|
|
1,495
|
|
|
1,351
|
|
Other income,
net
|
|
24
|
|
|
15
|
|
Interest and
debt expense, net of capitalized interest
|
|
(101)
|
|
|
(100)
|
|
Income from
continuing operations before income tax expense
|
|
1,418
|
|
|
1,266
|
|
Income tax
expense
|
|
450
|
|
|
429
|
|
Income from
continuing operations
|
|
968
|
|
|
837
|
|
Loss from
discontinued operations (a)
|
|
—
|
|
|
(1)
|
|
Net
income
|
|
968
|
|
|
836
|
|
Less: Net income
attributable to noncontrolling interests (b)
|
|
4
|
|
|
8
|
|
Net income
attributable to Valero Energy Corporation stockholders
|
|
$
|
964
|
|
|
$
|
828
|
|
Net income
attributable to Valero Energy Corporation
stockholders:
|
|
|
|
|
Continuing operations
|
|
$
|
964
|
|
|
$
|
829
|
|
Discontinued operations
|
|
—
|
|
|
(1)
|
|
Total
|
|
$
|
964
|
|
|
$
|
828
|
|
Earnings
per common share:
|
|
|
|
|
Continuing operations
|
|
$
|
1.87
|
|
|
$
|
1.55
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
Total
|
|
$
|
1.87
|
|
|
$
|
1.55
|
|
Weighted-average common shares outstanding (in millions)
|
|
513
|
|
|
531
|
|
Earnings
per common share – assuming dilution:
|
|
|
|
|
Continuing operations
|
|
$
|
1.87
|
|
|
$
|
1.54
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
Total
|
|
$
|
1.87
|
|
|
$
|
1.54
|
|
Weighted-average common shares outstanding - assuming dilution (in millions)
|
|
516
|
|
|
536
|
|
|
|
|
|
|
Dividends
per common share
|
|
$
|
0.40
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
Operating income
by business segment:
|
|
|
|
|
Refining
(a)
|
|
$
|
1,641
|
|
|
$
|
1,280
|
|
Ethanol
|
|
12
|
|
|
243
|
|
Corporate
|
|
(158)
|
|
|
(172)
|
|
Total
|
|
$
|
1,495
|
|
|
$
|
1,351
|
|
Depreciation and
amortization expense by business segment:
|
|
|
|
|
Refining
|
|
$
|
417
|
|
|
$
|
397
|
|
Ethanol
|
|
13
|
|
|
12
|
|
Corporate
|
|
11
|
|
|
12
|
|
Total
|
|
$
|
441
|
|
|
$
|
421
|
|
Operating
highlights:
|
|
|
|
|
Refining
(a):
|
|
|
|
|
Throughput
margin per barrel
|
|
$
|
12.39
|
|
|
$
|
10.90
|
|
Operating
costs per barrel:
|
|
|
|
|
Operating
expenses
|
|
3.95
|
|
|
3.99
|
|
Depreciation
and amortization expense
|
|
1.71
|
|
|
1.64
|
|
Total operating costs per
barrel
|
|
5.66
|
|
|
5.63
|
|
Operating
income per barrel
|
|
$
|
6.73
|
|
|
$
|
5.27
|
|
Throughput
volumes (thousand barrels per day):
|
|
|
|
|
Feedstocks:
|
|
|
|
|
Heavy sour crude oil
|
|
430
|
|
|
478
|
|
Medium/light sour crude oil
|
|
377
|
|
|
510
|
|
Sweet crude oil
|
|
1,145
|
|
|
1,063
|
|
Residuals
|
|
257
|
|
|
203
|
|
Other feedstocks
|
|
176
|
|
|
128
|
|
Total feedstocks
|
|
2,385
|
|
|
2,382
|
|
Blendstocks and
other
|
|
325
|
|
|
319
|
|
Total throughput volumes
|
|
2,710
|
|
|
2,701
|
|
Yields
(thousand barrels per day):
|
|
|
|
|
Gasolines and
blendstocks
|
|
1,316
|
|
|
1,296
|
|
Distillates
|
|
1,027
|
|
|
1,024
|
|
Other products
(c)
|
|
406
|
|
|
415
|
|
Total yields
|
|
2,749
|
|
|
2,735
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
Refining operating
highlights by region (d):
|
|
|
|
|
U.S. Gulf
Coast (a):
|
|
|
|
|
Operating income
|
|
$
|
872
|
|
|
$
|
883
|
|
Throughput volumes (thousand barrels per day)
|
|
1,527
|
|
|
1,584
|
|
Throughput margin per barrel
|
|
$
|
11.98
|
|
|
$
|
11.47
|
|
Operating costs per barrel:
|
|
|
|
|
Operating expenses
|
|
3.83
|
|
|
3.61
|
|
Depreciation and amortization expense
|
|
1.81
|
|
|
1.67
|
|
Total operating costs
per barrel
|
|
5.64
|
|
|
5.28
|
|
Operating income per barrel
|
|
$
|
6.34
|
|
|
$
|
6.19
|
|
U.S.
Mid-Continent:
|
|
|
|
|
Operating income
|
|
$
|
317
|
|
|
$
|
230
|
|
Throughput volumes (thousand barrels per day)
|
|
432
|
|
|
398
|
|
Throughput margin per barrel
|
|
$
|
13.82
|
|
|
$
|
12.60
|
|
Operating costs per barrel:
|
|
|
|
|
Operating expenses
|
|
3.96
|
|
|
4.45
|
|
Depreciation and amortization expense
|
|
1.70
|
|
|
1.73
|
|
Total operating costs
per barrel
|
|
5.66
|
|
|
6.18
|
|
Operating income per barrel
|
|
$
|
8.16
|
|
|
$
|
6.42
|
|
North
Atlantic:
|
|
|
|
|
Operating income
|
|
$
|
370
|
|
|
$
|
198
|
|
Throughput volumes (thousand barrels per day)
|
|
495
|
|
|
470
|
|
Throughput margin per barrel
|
|
$
|
12.45
|
|
|
$
|
9.47
|
|
Operating costs per barrel:
|
|
|
|
|
Operating expenses
|
|
2.98
|
|
|
3.71
|
|
Depreciation and amortization expense
|
|
1.17
|
|
|
1.07
|
|
Total operating
costs per barrel
|
|
4.15
|
|
|
4.78
|
|
Operating income per barrel
|
|
$
|
8.30
|
|
|
$
|
4.69
|
|
U.S. West
Coast:
|
|
|
|
|
Operating income (loss)
|
|
$
|
82
|
|
|
$
|
(31)
|
|
Throughput volumes (thousand barrels per day)
|
|
256
|
|
|
249
|
|
Throughput margin per barrel
|
|
$
|
12.33
|
|
|
$
|
7.24
|
|
Operating costs per barrel:
|
|
|
|
|
Operating expenses
|
|
6.57
|
|
|
6.34
|
|
Depreciation and amortization expense
|
|
2.18
|
|
|
2.29
|
|
Total operating costs per
barrel
|
|
8.75
|
|
|
8.63
|
|
Operating income (loss) per
barrel
|
|
$
|
3.58
|
|
|
$
|
(1.39)
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
Average market
reference prices and differentials:
|
|
|
|
|
Feedstocks
(dollars per barrel):
|
|
|
|
|
Brent
crude oil
|
|
$
|
55.13
|
|
|
$
|
107.90
|
|
Brent
less West Texas Intermediate (WTI) crude oil
|
|
6.57
|
|
|
9.18
|
|
Brent
less Alaska North Slope (ANS) crude oil
|
|
1.44
|
|
|
2.05
|
|
Brent
less Louisiana Light Sweet (LLS) crude oil
|
|
3.76
|
|
|
2.90
|
|
Brent
less Mars crude oil
|
|
7.43
|
|
|
6.42
|
|
Brent
less Maya crude oil
|
|
11.00
|
|
|
18.44
|
|
LLS
crude oil
|
|
51.37
|
|
|
105.00
|
|
LLS less
Mars crude oil
|
|
3.67
|
|
|
3.52
|
|
LLS less
Maya crude oil
|
|
7.24
|
|
|
15.54
|
|
WTI
crude oil
|
|
48.56
|
|
|
98.72
|
|
|
|
|
|
|
Natural gas
(dollars per million British Thermal Units)
|
|
2.77
|
|
|
5.23
|
|
|
|
|
|
|
Products (dollars
per barrel, unless otherwise noted):
|
|
|
|
|
U.S.
Gulf Coast:
|
|
|
|
|
CBOB
gasoline less Brent
|
|
7.69
|
|
|
1.78
|
|
Ultra-low-sulfur diesel less Brent
|
|
15.74
|
|
|
15.16
|
|
Propylene less Brent
|
|
13.10
|
|
|
2.63
|
|
CBOB
gasoline less LLS
|
|
11.45
|
|
|
4.68
|
|
Ultra-low-sulfur diesel less LLS
|
|
19.50
|
|
|
18.06
|
|
Propylene less LLS
|
|
16.86
|
|
|
5.53
|
|
U.S.
Mid-Continent:
|
|
|
|
|
CBOB
gasoline less WTI
|
|
14.70
|
|
|
13.10
|
|
Ultra-low-sulfur diesel less WTI
|
|
22.53
|
|
|
25.87
|
|
North
Atlantic:
|
|
|
|
|
CBOB
gasoline less Brent
|
|
8.05
|
|
|
5.39
|
|
Ultra-low-sulfur diesel less Brent
|
|
22.05
|
|
|
22.61
|
|
U.S.
West Coast:
|
|
|
|
|
CARBOB
87 gasoline less ANS
|
|
19.40
|
|
|
10.20
|
|
CARB
diesel less ANS
|
|
19.16
|
|
|
17.44
|
|
CARBOB
87 gasoline less WTI
|
|
24.53
|
|
|
17.33
|
|
CARB
diesel less WTI
|
|
24.29
|
|
|
24.57
|
|
New York
Harbor corn crush (dollars per gallon)
|
|
0.13
|
|
|
1.20
|
|
|
|
|
|
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2015
|
|
2014
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Ethanol:
|
|
|
|
|
Operating
income
|
|
$
|
12
|
|
|
$
|
243
|
|
Production (thousand
gallons per day)
|
|
3,776
|
|
|
3,095
|
|
Gross margin per
gallon of production
|
|
$
|
0.43
|
|
|
$
|
1.38
|
|
Operating costs per
gallon of production:
|
|
|
|
|
Operating expenses
|
|
0.35
|
|
|
0.46
|
|
Depreciation and amortization expense
|
|
0.04
|
|
|
0.05
|
|
Total operating costs per gallon of production
|
|
0.39
|
|
|
0.51
|
|
Operating income per
gallon of production
|
|
$
|
0.04
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2015
|
|
2014
|
Balance Sheet
Data:
|
|
|
|
|
Current
assets
|
$
|
16,788
|
|
|
$
|
16,614
|
|
Cash and temporary
cash investments, including $28 and $237, respectively, held by
Valero Energy Partners LP, included in current assets
|
4,870
|
|
|
3,689
|
|
Inventories included
in current assets
|
6,666
|
|
|
6,623
|
|
Replacement cost
(market value) of LIFO inventories in excess of LIFO carrying
amounts
|
1,800
|
|
|
857
|
|
Current
liabilities
|
8,634
|
|
|
9,980
|
|
Current portion of
debt and capital lease obligations included in current
liabilities
|
200
|
|
|
606
|
|
Debt and capital
lease obligations, less current portion
|
7,224
|
|
|
5,780
|
|
Total debt and
capital lease obligations
|
7,424
|
|
|
6,386
|
|
Valero Energy
Corporation stockholders' equity
|
20,774
|
|
|
20,677
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
Valero Energy
Partners LP:
|
|
|
|
|
Weighted-average limited partner units outstanding:
|
|
|
|
Common units - public (basic and diluted)
|
|
17
|
|
|
17
|
|
Common units - Valero (basic and diluted)
|
|
12
|
|
|
12
|
|
Subordinated units - Valero (basic and diluted)
|
|
29
|
|
|
29
|
|
Distributions declared:
|
|
|
|
Limited partner units - public
|
|
$
|
5
|
|
|
$
|
4
|
|
Limited partner units - Valero
|
|
11
|
|
|
8
|
|
General partner units - Valero
|
|
1
|
|
|
—
|
|
Total distribution
declared
|
|
$
|
17
|
|
|
$
|
12
|
|
|
|
|
|
|
See Notes to Earnings
Release.
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VALERO ENERGY
CORPORATION AND SUBSIDIARIES
NOTES TO EARNINGS
RELEASE
|
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(a)
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In May 2014, we
abandoned our Aruba Refinery, except for the associated crude oil
and refined products terminal assets that we continue to operate.
As a result, the refinery's results of operations have been
presented as discontinued operations, and the operating highlights
for the refining segment and the U.S. Gulf Coast region exclude the
Aruba Refinery for the three months ended March 31,
2014.
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|
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(b)
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We consolidate the
financial statements of the entities described below due to our
controlling interests. The earnings (losses) incurred by these
entities that are attributable to the owners of the noncontrolling
interests are subtracted from (added back to) net income to arrive
at net income attributable to Valero stockholders.
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|
|
|
- Valero Energy Partners LP (VLP) - We own a 2
percent general partner interest and a 69.6 percent limited partner
interest in VLP. VLP's assets include crude oil, intermediates, and
refined petroleum products pipeline and terminal systems in the
U.S. Gulf Coast and U.S. Mid-Continent regions that are integral to
the operations of our Ardmore, Houston, McKee, Memphis, Port
Arthur, St. Charles, and Three Rivers Refineries.
- Diamond Green Diesel Holdings LLC (DGD) - We
own a 50 percent interest in DGD and lent DGD $221 million to
finance approximately 60 percent of the construction costs of its
plant that processes animal fats, used cooking oils, and other
vegetable oils into renewable green diesel. The plant is located
next to our St. Charles Refinery in Norco, Louisiana.
- PI Dock Facilities LLC (PI Dock) - We own a
50 percent interest in PI Dock and lent PI Dock $76 million to
finance construction costs of a crude oil dock and certain shared
facilities. The facility began transporting crude oil to our Port
Arthur Refinery in April 2015 and is located on Pleasure Island,
Texas, which is near our Port Arthur Refinery.
- Transport Maritime St-Laurent Inc. (TMSL) -
We own a 50 percent interest in TMSL. TMSL owns and charters two
vessels to us which will be used for the transportation of crude
oil from our Montreal East Terminal to our Quebec City
Refinery.
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(c)
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Primarily includes
petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur,
and asphalt.
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(d)
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The regions reflected
herein contain the following refineries: U.S. Gulf Coast-
Corpus Christi East, Corpus Christi West, Houston, Meraux, Port
Arthur, St. Charles, Texas City, and Three Rivers Refineries;
U.S. Mid-Continent- Ardmore, McKee, and Memphis
Refineries; North Atlantic- Pembroke and Quebec City
Refineries; and U.S. West Coast- Benicia and
Wilmington Refineries.
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valero-energy-reports-first-quarter-2015-results-300073214.html
SOURCE Valero Energy Corporation