Ethanol Lifts Valero

摘要

Ethanol has become a burgeoning profit center for Valero, North America's largest in- dependent refiner. The company posted record third-quarter operating income for its ethanol business of $107 million, up from $47 million in the same period of 2010, as both output and margins rose. Lower prices for corn — the main feed- stock for US ethanol production — con- tributed to the positive results for Valero, which operates 10 ethanol plants and is the second-largest producer in the US. The plants produced 3.3 million gallons/day of ethanol in the third quarter, up from 3.1 mil- lion gallons/day a year earlier.