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January 16th, 2012 at 9:08 pm
SAN ANTONIO, January 17, 2012 – Valero Energy Corporation (NYSE: VLO – News) today announced that the company expects to report earnings per share in the range of $0.00 to $0.10 for the fourth quarter of 2011. Included in this estimate is an after-tax benefit of approximately $161 million, or $0.29 per share, from a year-end LIFO inventory decrement.
The fourth quarter 2011 results were negatively impacted by weak margins on refined products, particularly for gasoline and petrochemical feedstocks. In addition, refining margins in the fourth quarter were negatively impacted by reduced discounts for heavy sour feedstocks and the narrowing of prices for West Texas Intermediate versus Brent crude oils, resulting in higher-priced crude oils flowing through the system.
Despite the lower results expected for the fourth quarter, Valero expects to report its highest annual earnings per share since 2008 with full-year 2011 income from continuing operations per share in the range of $3.59 to $3.69, including the LIFO inventory benefit