Valero Energy Corporation (VLO) is the largest independent refiner and marketer of petroleum products in the U.S. It has a refining capacity of 2.9 million barrels per day across 15 refineries located throughout the U.S., Canada and the Caribbean. Valero is also a leading ethanol producer with 11 ethanol plants in the Midwest that have a combined capacity of 1.3 billion gallons per year.
The company is one of the major independent retailers of refined petroleum products in central and southwestern U.S. and in eastern Canada, with about 7,400 retail outlets under various brand names, including Diamond Shamrock, Valero, Ultramar and Beacon.
Currently, Valero has a Zacks Rank #2 (Buy) but that could change following its first quarter 2015 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: Valero beats on earnings. Earnings per share from continuing operations (excluding special items) came in at $1.87, above the Zacks Consensus Estimate of $1.74.
Revenue: Revenues of $21,330 million came above the Zacks Consensus Estimate of $15,799 million.
Key Stats: During the quarter, refining throughput volumes were 2.71 million barrels per day, up marginally from the year-earlier level of 2.7 million barrels a day.
By feedstock composition, sweet crude, medium/light sour crude and heavy sour crude accounted for 42%, 14% and 16%, respectively. The remaining volumes came from residuals, other feedstock as well as blendstocks and others.
Company-wide throughput margins increased to $12.39 per barrel from the year-ago level of $10.90 per barrel.
Average throughput margin realized was $11.98 per barrel in the U.S. Gulf Coast (up from $1.47 per barrel in the year-earlier period), $13.82 per barrel in the U.S. Mid-Continent (up from $12.60), $12.45 per barrel in the North Atlantic (up from $9.47) and $12.33 per barrel in the U.S. West Coast (up from $7.24).
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