01 November 2011 14:16 [Source: ICIS news]
HOUSTON (ICIS)--Valero’s third-quarter net income rose to $1.2bn (€864m), from $292m in the same period a year ago, mainly because of improved refining margins, increased throughput volumes and high refinery utilisation rates, the US-based refiner said on Tuesday.
Also helping to boost Valero’s third-quarter net income was a $107m operating profit in the company's ethanol business – more than double the $47m it made in the same period a year ago and marking the highest quarterly ethanol operating profit since Valero entered that business, it said.
Valero’s revenues for the three months ending on 30 September rose by 60.4% year on year to $33.7bn.
“We were able to capitalise on favourable refining margins and attain our highest refinery utilisation since the third quarter of 2007,” said chief executive Bill Klesse.
Looking ahead, Klesse said fourth-quarter refining margins have declined from the high levels of the second and third quarters.
At the same time, Valero is seeing “very high price volatility”, but crude oil prices are in a range that “is supportive of global demand growth”, Klesse said.
“We're also seeing continued product demand from international markets despite the economic uncertainty in western Europe," he added.
($1 = €0.72)
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