Valero Energy Profit Rises on Higher Refining Margins

Valero Energy Corp., the largest U.S. oil refiner, said first-quarter profit rose 18 percent on increased margins for processing crude into gasoline and other petroleum products.

Net income rose to $309 million, 59 cents a share, from $261 million, or 48 cents, a year earlier, San Antonio-based Valero said today in a statement. The per-share results beat by 9 cents the average of 18 analyst estimates compiled by Bloomberg. Sales fell 50 percent to $13.82 billion.

Valero benefited from lower costs and a rebound in gasoline prices as U.S. refiners cut processing rates faced with reduced fuel demand in an economy hobbled by recession. The company earned an average of $8.77 for each barrel of oil it processed in the first quarter, up from $8.48 a year earlier.

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- Posted: 2009-04-28 08:28:57

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