SAN ANTONIO, January 22, 2014 - Valero Energy Corporation (NYSE: VLO, "Valero") announced today that the company expects to report net income attributable to Valero stockholders in the range of $2.20 to $2.40 per share for the fourth quarter of 2013. Included in the fourth quarter 2013 estimate is a nontaxable gain of $325 million, or $0.60 per share, related to the disposition of Valero`s retained interest in CST Brands, Inc. Excluding this item, Valero`s fourth quarter 2013 net income attributed to Valero stockholders is expected to be in the range of $1.60 to $1.80 per share.
Valero`s refining segment operating income is expected to be nearly as high as the fourth quarter of 2012 primarily due to higher throughput volumes and slightly wider discounts for sour crude oil. In addition, Valero`s ethanol segment operating income is expected to be significantly higher in the fourth quarter of 2013 versus the fourth quarter of 2012 due mainly to higher gross margins and production volumes.
As a reminder, Valero management will host a conference call on January 29, 2014 at 10:00 a.m. CT to discuss the quarterly earnings results, which will be released earlier that day, and provide an update on company operations. Persons interested in listening to the presentation live via the internet may log on to Valero`s web site at www.valero.com.
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 10,500 people, and assets include 16 petroleum refineries with a combined throughput capacity of approximately 3 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, a 50-megawatt wind farm, and renewable diesel production from a joint venture. Through subsidiaries, Valero owns the general partner of Valero Energy Partners LP (VLP), a midstream master limited partnership. More than 7,300 outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company based in San Antonio. Please visit www.valero.com for more information.
Investors: Ashley Smith, Vice President - Investor Relations, 210-345-2744
Media: Bill Day, Vice President - Media and Community Relations, 210-345-2928
Statements contained in this presentation that state the Company`s or management`s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," "intend," and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero`s annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission, and available on Valero`s website.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Valero Energy Corporation via GlobeNewswire