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Bill Klesse

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Booming North American Oil Supply Boosts U.S. Refiners' Profits

A growing influx of cheap, North American-produced oil once again lifted the profits of refiners Valero Energy Corp. (VLO) and Marathon Petroleum Corp. (MPC), as the companies said they expected even more domestic crude to reach their gates in the near term.Valero's intake of light, sweet crude, most of it produced in the U.S., reached an all-time high of one million barrels a day in the first quarter, up 25% from the year before. That helped the San Antonio refiner beat expectations with a profit of $654 million, or $1.18 a share, versus a loss of $432 million a year earlier. Analysts polled by Thomson Reuters had most recently forecast earnings of $1 a share on revenue of $30.41 billion.Meanwhile, Marathon Petroleum earnings rose 22% to $725 million, as the company's new Galveston Bay refinery, which it bought from BP Plc. (BP) in February, added to its sales volumes.The results underscore how U.S. refiners continue to benefit from the booming activity unleashed in the U.S. and Canad...

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  1. Valero Shopping its 2 California Refineries, Sources Say

    Valero Energy Corp. (VLO) is putting its two California refineries on the block, attempting to exit the state ahead of a ratcheting up of air-pollution regulations, ...

  2. Hurricane Isaac Slightly Delays Valero Hydrocracker Project

    Valero Energy Corp. (VLO) Chief Executive Bill Klesse said work on a diesel-making unit at the company's St. Charles refinery in Norco, La., is now likely to be comp...

  3. Valero to Convert Aruba Refinery Into Terminal

    Valero Energy Corp. (VLO) will turn its refinery in Aruba into a terminal while it continues seeking a buyer for plant, the company said Monday.Valero suspended refi...

  4. Valero Posts Loss After Write-Downs

    Valero Energy Corp. (VLO) swung to a first-quarter loss as higher oil prices and the cost of closing an unprofitable refinery offset growing global revenue.Valero, t...

  5. Valero CEO: Still Too Much Refining Capacity In US, Western Europe

    Valero Energy Corp.(VLO) said it expects more refining capacity to come offline because of weakening fuel demand, even after a number of refinery closures in the U.S...

  6. Valero Energy Swings To 4Q Net On Gain; Margins Fall

    Valero Energy Corp.'s (VLO) fourth-quarter earnings swung to a profit on an end-of-year inventory reduction, but profit margins for the fuel maker were squeezed by h...

  7. Stronger Margins Send Valero's 3Q Net Surging

    Valero (NYSE:VLO) quadrupled its third-quarter net income and beat Wall Street ’s expectations on Tuesday as the energy company benefited from higher profit margins ...

  8. Valero Cuts 4Q Loss As Refining Margins, Revenue Improve

    HOUSTON -(Dow Jones)- Valero Energy Corp. (VLO) posted a $438 million loss in the fourth quarter as charges incurred from the sale of its refineries offset higher re...

  9. Valero Energy 4Q Loss Improves on Economic Recovery

    Valero Energy (NYSE:VLO) reported on Wednesday a narrowed fourth-quarter loss, as a rebounding economy helped the company rediscover impressive margins.The San Anton...

  1. Valero Energy Swings to 1st-Quarter Profit as Margins Improve

    Valero Energy Corp. (VLO) swung to a first-quarter profit as the refiner continued to benefit from increased use of cheap, domestically produced oil.Valero and other...

  2. Valero Swings to 1Q Profit

    Valero Energy (NYSE:VLO) turned a profit in the first quarter, as the refining company continued to benefit from the use of cheaper, domestically produced oil.The bo...

  3. Valero Planning to Hold on to Two California Refineries -CEO

    Valero Energy Corp. (VLO) won't try to sell its two California refineries, but will instead attempt to bring in low-priced, domestically-produced crude to make them ...

  4. Valero to Send Crude to Canadian Refinery This Summer

    Valero Energy Corp. (VLO) will begin exporting crude oil from Texas to its refinery in Quebec this summer, Chief Executive Bill Klesse told analysts at a conference ...

  5. Valero 4th-Quarter Profit Surges on Sharply Higher Refining Margins

    Valero Energy Corp.'s (VLO) fourth-quarter earnings surged as refining throughput margins more than doubled due to lower crude oil costs, while operating expenses at...

  6. Valero Names Executive VP Joe Gorder as Company President

    Valero Energy Corp. (VLO), one of the largest U.S. refining companies, on Tuesday named executive vice president and chief operating officer Joe Gorder to replace ch...

  7. Valero Energy 3rd-Quarter Net Drops 44% on One-Time Charges

    Valero Energy Corp. (VLO) beat analyst expectations for its third-quarter profit despite a heavy 44% drop in earnings related to the closing of its Aruba refinery.Va...

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