Reported net income attributable to Valero stockholders of $305 million, or $0.68 per share.
Invested $641 million of growth and sustaining capital in the first quarter.
Returned $629 million in cash to stockholders through dividends and stock buybacks.
Incurred $146 million of costs to meet biofuel blending obligations, primarily from the purchase of Renewable Identification Numbers (RINs).
Created new VLP segment to report the results of Valero’s majority-owned master limited partnership.
SAN ANTONIO, April 25, 2017 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $305 million, or $0.68 per share, for the first quarter of 2017 compared to $495 million, or $1.05 per share, for the first quarter of 2016. Excluding adjustments shown in the accompanying earnings release tables, first quarter 2016 adjusted net income attributable to Valero stockholders was $283 million, or $0.60 per share.
“Our team finished another quarter with solid operating results despite a heavy maintenance schedule,” said Joe Gorder, Valero Chairman, President and Chief Executive Officer. “Our focus on safe, reliable operations continues to underpin Valero’s ability to deliver distinctive financial performance even in a soft margin environment.”
The refining segment reported $647 million of operating income for the first quarter of 2017, compared to $915 million for the first quarter of 2016. First quarter 2017 operating income is in line with first quarter 2016 adjusted operating income of $652 million. The 2016 refining segment results have been retrospectively revised for the effect of reflecting the operating results of Valero Energy Partners LP (NYSE: VLP) as a separate segment consistent with Valero’s current segment presentation, and those revised results have been adjusted to exclude the lower of cost or market inventory valuation adjustment, as shown in the accompanying earnings release tables.
The following information was filed by Valero Energy Corptx (VLO) on Tuesday, April 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Valero Energy Corptx's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Valero Energy Corptx.
Ticker: VLO CIK: 1035002 Form Type:10-Q Quarterly Report Accession Number: 0001035002-17-000032 Submitted to the SEC: Mon May 08 2017 4:47:05 PM EST Accepted by the SEC: Mon May 08 2017 Period: Friday, March 31, 2017 Industry: Petroleum Refining