17 January 2012 10:08 [Source: ICIS news]
LONDON (ICIS)--Valero’s fourth-quarter earnings – due out later this month – were negatively affected by weak margins on refined products, particularly gasoline and petrochemical feedstocks, the US-based refiner said late on Monday.
Refining margins in the fourth quarter were hit by reduced discounts for heavy sour feedstocks and narrowing prices for West Texas Intermediate (WTI) crude oil versus Brent, resulting in higher-priced crude flowing through the system, the company added.
However, Valero said despite the lower results forecast for the fourth quarter, the company expects to report its highest annual earnings per share since 2008, with full-year 2011 income from continuing operations per share in the range of $3.59–3.69 (€2.84–2.91) per share.
Valero will report its fourth-quarter earnings on 31 January.
($1 = €0.79)
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