Lower refining margins push down VLO 4Q profits

摘要

The independent US refiner said its 4Q profit declined by 74% from year-ago levels to $298MM. Valero Energy Corp. (VLO) said the main driver behind the drop in quarterly profit was a decrease in its average refining margin from $11.17/bbl in 4Q 2015 to $10.87/bbl in 4Q 2015. Operating revenue was down 33% to $18.78B. The company added that it operated its 14 refineries with a combined capacity of 2.71MM b/d at 97% of combined capacity during 4Q, up by 34K b/d from 4Q 2014 levels. Its seven Gulf Coast refineries with a combined capacity of 1.5MM b/d operated at 110%. Its three Midcontinent refiners with a combined capacity of 455K b/d ran at 99% throughput. Its two refineries in California with a combined capacity of 305K b/d operated at 80-87% capacity. The company's refineries outside the US in Quebec and Wales with a combined capacity of 455K b/d operated at 102-107% capacity. For 1Q 2106, Valero expects to operate its refineries at up to 105% of combined capacity.