Reported net income attributable to Valero stockholders of $469 million, or $1.09 per share, and adjusted net income attributable to Valero stockholders of $431 million, or $1.00 per share, an increase of 47 percent in adjusted per share results compared to the first quarter of 2017.
Invested $631 million of capital in the first quarter.
Returned $665 million in cash to stockholders through dividends and stock buybacks.
SAN ANTONIO, April 26, 2018 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $469 million, or $1.09 per share, for the first quarter of 2018 compared to $305 million, or $0.68 per share, for the first quarter of 2017. Excluding the special items reflected in the accompanying earnings release tables, first quarter 2018 adjusted net income attributable to Valero stockholders was $431 million, or $1.00 per share, an increase of 47 percent in adjusted per share results compared to the first quarter of 2017.
The refining segment reported $922 million of operating income for the first quarter of 2018 compared to $640 million for the first quarter of 2017. First quarter 2018 operating income includes a $170 million benefit from the Blender’s Tax Credit and $10 million of expenses primarily related to ongoing repairs at certain of the company’s refineries to address damage resulting from Hurricane Harvey in 2017 and other inclement weather conditions that occurred in the first quarter of 2018. Excluding these special items, operating income was $762 million, an increase of $122 million versus first quarter 2017 driven primarily by higher distillate margins, partly offset by narrower discounts for medium and heavy sour crude oils versus Brent.
Refinery throughput capacity utilization was 94 percent, and throughput volumes averaged 2.9 million barrels per day in the first quarter of 2018, which is 93,000 barrels per day higher than the first quarter of 2017. The company exported a total of 271,000 barrels per day of gasoline and distillate during the first quarter of 2018.
The following information was filed by Valero Energy Corptx (VLO) on Thursday, April 26, 2018 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.
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Ticker: VLO CIK: 1035002 Form Type:10-Q Quarterly Report Accession Number: 0001035002-18-000015 Submitted to the SEC: Mon May 07 2018 11:57:22 AM EST Accepted by the SEC: Mon May 07 2018 Period: Saturday, March 31, 2018 Industry: Petroleum Refining