Valero announces 4Q16 results
Published by Anna Nicklin,
Assistant Editor
World Pipelines,
Valero Energy Corp. (Valero) has reported net income attributable to Valero stockholders of US$367 million (or US$0.81 per share) for 4Q16. For comparison, the company’s 4Q15 results were US$298 million or US$0.62 per share.
Excluding the adjustments shown in the earnings release tables, 4Q15 adjusted net income attributable to Valero stockholders was US$862 million (or US$1.79 per share). For the year ending on 31 December 2016, net income attributable to Valero stockholders was US$2.3 billion, or (US$4.94 per share) compared to US$4 billion (or US$7.99 per share), for 2015.
Excluding adjustments shown in the earnings release tables, adjusted net income attributable to Valero stockholders was US$1.7 billion (or US$3.72 per share) for 2016 compared to US$4.6 billion (or $9.24 per share) for 2015.
“Domestic refined product demand remained strong and we exported 359 000 bpd of gasoline and diesel combined during 4Q16,” said Joe Gorder, Valero’s Chairman, President and CEO.
“Looking ahead, we expect an improving economy and relatively low crude oil and refined product prices to support consumer demand growth,” he added.
On 18 January, Valero Energy Partners announced that it was to acquire a 40% undivided interest in the Hewitt segment of Plains All American Pipeline, L.P.’s Red River pipeline.
Read the article online at: https://www.worldpipelines.com/business-news/01022017/valero-announces-4q16-results/
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