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Valero net income falls 9 percent; cuts spending

Valero net income falls 9 percent; cuts spending

Valero, the largest independent U.S. oil refiner, says third-quarter profit fell 9 percent from a year ago, when the company sold a refinery.
The San Antonio-based company also said Tuesday that it reducing capital spending by another $800 million.
Valero said net income for the July-September quarter amounted to $1.15 billion, or 2.18 a share, compared with $1.27 billion, or 2.09 a share, a year ago. Valero had fewer outstanding shares in the most-recent quarter.
Income from continuing operations was $1.15 billion, or $2.18 a share, versus $848 million, or $1.34 a share, a year ago. Excluding a gain from the July sale of a Louisiana refinery, income from continuing operations was $982 million, or $1.86 a share.
Third-quarter revenue grew nearly 52 percent to $35.9 billion.


Updated : 2021-04-14 11:07 GMT+08:00