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    IEA Critical Minerals and Clean Energy Summit delivers six key actions for secure, sustainable and responsible supply chains

    IEA Critical Minerals and Clean Energy Summit delivers six key actions for secure, sustainable and responsible supply chains

    Proman, Mitsubishi sign MoU to develop world-scale ultra low-carbon ammonia plant in Lake Charles, USA

    Proman, Mitsubishi sign MoU to develop world-scale ultra low-carbon ammonia plant in Lake Charles, USA

    Bumi Armada unveils new FLNG concept in response to rising gas demand

    Bumi Armada unveils new FLNG concept in response to rising gas demand

    Eni receives approval for the Abay subsoil use right

    Var Energi revamps oil spill detection technology on assets off Norway

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Marathon Oil and Glencore ink LNG sales agreement in Equatorial Guinea

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    Tourmaline to increase natural gas production with $1.1 billion Bonavista acquisition

    Equinor capitalizes shares

    Equinor and OMV agree new long-term gas sales agreement

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

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    Sweden's Tethys Oil signs exploration and production agreement for Omani block

    NG Energy expects eight-fold increase in Colombian natural gas production in 2024

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

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    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

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    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

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  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

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    Embedded SSD Flash Management

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  • Press Releases
    bp's Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    bp’s Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Exxon, Amazon awarded slice of $7 billion federal funding for U.S. hydrogen projects

    Angolan exploration and production to drive Africa cumulative capital expenditure

    Kolibri wells in Oklahoma’s Tishomingo field producing over 600 boed

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

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    Neptune Energy producing natural gas from Merakes project in Indonesia

    Thai oil firm PTTEP may seek extension for Myanmar gas fields

    Eni boosts Indonesia exposure with big gas discovery

  • Market Reports
    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

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Valero Energy sees $1.86 billion tax benefit

Yuvraj_ong by Yuvraj_ong
February 26, 2018
in Featured, Market Reports, Upstream
0

Valero Energy Corp. VLO, -0.69% reported results for the fourth quarter before the market opening Thursday. Here’s what you need to know:

PROFIT: Net income attributable to shareholders was $2.37 billion, or $.542 a share, compared to $367 million, or 81 cents a share for the same quarter a year before. Adjusted earnings rose 39% to $509 million, or $1.16 a share, compared to $367 million, or 81 cents a share. Analysts polled by Thomson Reuters were predicting earnings per share of $1.08.

REVENUE: Operating revenue rose 27% to $26.39 billion. Analysts were expecting $22.5 billion in revenue.

SEGMENTS: Refining operating income rose 52% to $982 million. “Looking ahead, we continue to see a favorable fundamental environment, with abundant crude oil supply and strong products demand being supported by global economic growth,” Chief Executive Joe Gorder said in prepared remarks. Operating income for ethanol fell 71% to $37 million “attributed primarily to margin pressure resulting from lower ethanol prices,” the company said. Operating income for VLP rose 14% to $80 million helped by contributions from acquisitions Valero made last year, the company said.

TAX LAW: The company’s GAAP earnings were helped by a $1.86 billion benefit from the new tax law.
Shares rose 1.8% premarket. In the past year, they’ve risen 47%.
Write to Allison Prang at allison.prang@wsj.com

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