By Tess Stynes
Valero Energy Corp. (>> Valero Energy Corporation) said its second-quarter earnings more than doubled, buoyed by strong margins in its refining operations.
In Valero's refining business, operating earnings doubled to $2.2 billion thanks to stronger margins for gasoline and other products as well as an increase in volume mostly attributed to less maintenance activity in the latest period.
Chairman and Chief Executive Joe Gorder said in prepared remarks Thursday that crude oil prices were at a level that continued to support upstream production while still stimulating consumer demand for refined products.
Overall, Valero reported a profit of $1.35 billion, or $2.66 a share, up from $588 million, or $1.10 a share, a year earlier. Revenue decreased 28% to $25.12 billion.
Analysts polled by Thomson Reuters expected per-share profit of $2.42 and revenue of $19.91 billion.
Master-limited partnership Valero Energy Partners LP (>> Valero Energy Partners LP) plans to release its second-quarter earnings Aug. 5.
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