Valero Energy Posts Hefty Loss In Q1

(RTTNews) - Valero Energy Corp. (VLO) reported a net loss attributable to stockholders of $1.9 billion, or $4.54 per share, for the first quarter of 2020 compared to net income of $141 million, or $0.34 per share, for the first quarter of 2019.

Adjusted net income attributable to stockholders was $140 million or $0.34 per share, compared to $181 million, or $0.43 per share, for the first quarter of 2019. First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or LCM, inventory valuation adjustment of approximately $2.0 billion.

Revenues for the quarter declined to $22.10 billion from $24.26 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.15 per share and revenues of $17.77 billion. Analysts' estimates typically exclude special items.

Valero expects to invest about $2.1 billion of capital in 2020, a reduction of $400 million from its prior guidance. The $2.1 billion includes capital expenditures for turnarounds, catalysts, and joint venture investments.