Heavy crude's tightness weighed on Valero's 1Q earnings

摘要

Independent US refiner Valero Energy Corp.(VLO)reported less-bearish-than-feared 1Q revenue and profit numbers,as it sought to offset the impact of higher prices on heavy crude following Alberta's mandatory production cuts and the ongoing curtailment of heavy crude supply from Venezuela.Net income attributable to VLO fell to $141MM(340/share)in 1Q 2019,from $469MM($1.09/share)in 1Q 2018.Analysts,on average,had expected the company to post a profit of 23(^/share in 1Q 2019,according to Institutional Brokers' Estimate System data from Refinitiv.The company's quarterly revenue was $24.26B,beating expectations of $21.51B.