off-the-wire

UPDATE 1-Valero kicks off US refiners' earnings with quarterly profit beat

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Updates with details on the result) April 27 (Reuters) - Refiner Valero Energy Corp topped profit estimates on Thursday, as margins received a boost from sustained fuel demand and tight crude supplies. Refiners have been riding a wave of favorable pricing and demand as pandemic-era closings boosted margins.


Alternating periods of higher demand for products have also helped, with jet fuel recently sprinting higher as diesel fell off. San Antonio, Texas-based Valero said its refining margins for the January-March quarter climbed to $5.9 billion from $3.2 billion in year-ago quarter. The company reported adjusted net income of $8.27 per share for the three months ended March 31, compared with analysts' average estimate of $7.23 per share.




(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.