Valero Energy beats by $0.03, beats on revs
- Reports Q4 (Dec) earnings of $0.81 per share, $0.03 better than the Capital IQ Consensus of $0.78; revenues rose 10.3% year/year to $20.71 bln vs the $18.89 bln Capital IQ Consensus.
- The refining segment reported $715 mln of operating income for the fourth quarter of 2016, compared to $876 mln for the fourth quarter of 2015.
- Incurred $217 mln of costs to meet biofuel blending obligations in the fourth quarter and $749 mln in the year, primarily from the purchase of Renewable Identification Numbers in the U.S.
- "Domestic refined product demand remained strong and we exported 359,000 barrels per day of gasoline and diesel combined during the fourth quarter...Looking ahead, we expect an improving economy and relatively low crude oil and refined product prices to support consumer demand growth."