01 May 2012 13:55 [Source: ICIS news]
HOUSTON (ICIS)--Valero reported a first-quarter net loss of $432m (€328m), compared with a net income of $98m in the same period a year ago, mainly because of an asset impairment charge for its ?xml:namespace>
Operating income fell because of lower discounts on crude oils and feedstocks, and because of lower margins for other products such as petrochemical feedstocks and petroleum coke. These negatives were only partially offset by higher margins for gasoline and diesel, Valero said.
The company’s first-quarter revenue increased by 34% year on year to $35.2bn.
During the first quarter of 2012, Valero undertook significant turnaround and maintenance activity, including plant-wide shutdowns at two
"Given the high level of turnarounds and maintenance in the first quarter, we performed well and continued to execute our strategy," said CEO Bill Klesse.
Klesse added that rising export volumes helped Valero offset weak domestic demand.
($1 = €0.76)
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