US Valero swings to Q4 income of $180m on better refining margins

26 January 2011 12:57  [Source: ICIS news]

LONDON (ICIS)--Valero reported income from continuing operations of $180m (€131m) for the fourth quarter of 2010, compared with a loss from continuing operations of $131m for the same period in 2009, as refining throughput margins improved, the US-based refiner said on Wednesday.

The fourth-quarter 2010 results included an after-tax gain of $36m from the sale of the company's interest in the Cameron Highway Oil Pipeline Company and an after-tax loss of $80m relating to forward sales of refined products, Valero added.

"Refining margins and crude oil discounts have improved substantially over the past year, and this market momentum has carried into 2011,” said Chairman and CEO Bill Klesse.

Valero booked a total net loss of $438m, relating to the sale of the Delaware refinery in Delaware City during the second quarter of 2010 and the sale of the New Jersey refinery, in Paulsboro, in the fourth quarter of the same year.

Operating revenues for the three months ended 31 December were $22.2bn, up 19.3% from the 2009 fourth quarter.

Operating income was $378m, compared with a loss of $135m in the 2009 fourth quarter.

For the year ended 31 December 2010, the company reported an income from continuing operations of $923m compared with a full-year 2009 loss from continuing operations of $273m.

"In 2011, our focus continues on safety, improving reliability, achieving another $100m in pre-tax cost savings, and executing on our growth projects," said Klesse.

($1 = €0.73)

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By: Franco Capaldo
+44 (0)20 8652 3214



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