Valero Energy beats by $0.31, reports revs in-line; cuts FY16 cap-ex :
- Reports Q3 (Sep) earnings of $1.24 per share, excluding non-recurring items, $0.31 better than the Capital IQ Consensus of $0.93; revenues fell 13.0% year/year to $19.65 bln vs the $19.49 bln Capital IQ Consensus.
- Valero expects 2016 capital investments, including turnarounds, catalyst, and joint venture investments, to be about $2.4 billion, which is slightly lower than previous guidance. In September, Valero achieved its stated drop down target for 2016 with the sale of the previously announced Meraux and Three Rivers Terminal Services Business to VLP.
- "Our operations ran well and generated $863 million of cash during the quarter despite a challenging earnings environment," said Joe Gorder, Valero Chairman, President and Chief Executive Officer. "Our team's focus on safe, reliable, low-cost operations allowed us to deliver solid performance while executing major turnarounds at our Port Arthur and Ardmore refineries." "We exported 329,000 barrels per day ('BPD') of diesel and gasoline combined during the third quarter," said Gorder. "We were pleased to see strong refined product demand continue during the quarter and we expect consumer demand to remain healthy given low crude oil and refined product prices."
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