Gasoline Margins Lift Valero, But Refiner Offers Note of Caution

摘要

Valero Energy, the largest oil refiner in the US, reported first-quarter earnings of $309 million (59￠/share), up 18% from $261 million (48￠/share) in the same period of last year. It pinned much of the increase on higher gasoline margins, but said reduced energy costs also played a role. But the Texas-based independent refiner also struck a note of caution. It cut its estimated capital spending for this year to $2.5 billion from $2.7 billion and said it was prepared to halt work on major refinery expansion and upgrade projects if economic conditions take a turn for the worse.