Valero Energy posts loss in Q3

Thu. October 29, 2009; Posted: 05:02 AM

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Oct 29, 2009 (Datamonitor via COMTEX) -- VLO | Quote | Chart | News | PowerRating -- Valero Energy has reported a net loss of $489 million, or $0.87 per share, for the third quarter of 2009, compared to a net income of $1.2 billion, or $2.18 per share, for the same period of 2008.

The company has reported operating revenues of $19.49 billion for the third quarter of 2009, compared to $35.96 billion for the same quarter of 2008.

Valero Energy has reported a net loss of $434 million, or $0.81 per share, for the first nine months of 2009, compared to a net income of $2.15 billion, or $4.07 per share, for the corresponding period of 2008.

Year-to-date operating revenues were $51.24 billion, compared to $100.55 billion for the first nine months of 2008.

Bill Klesse, chairman of the board and CEO of Valero, said: "Refining margins in the third quarter continued to suffer from a combination of weak demand for refined products and high inventories. Given the difficult refining conditions, we took further action in the third quarter to improve our profitability."

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For full details on Valero Energy Corp (VLO) click here. Valero Energy Corp (VLO) has Short Term PowerRatings of 5. Details on Valero Energy Corp (VLO) Short Term PowerRatings is available at This Link.

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