Valero Energy Q2 Profit Rises - Quick Facts

(RTTNews) - Petroleum refiner Valero Energy Corp. (VLO) reported higher net income from continuing operations attributable to Valero stockholders of $651 million, or $1.22 per share, for the 2014 second quarter, versus $463 million, or $0.84 per share, last year.

Quarterly net income attributable to Valero Energy stockholders grew year-over-year to $588 million, or $1.10 per share, from $466 million, or $0.85 per share. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.21 per share for the quarter. Analysts' estimate typically excludes special items.

Operating income was nearly $1.1 billion this quarter, versus $805 million in the second quarter of 2013. The $280 million increase in operating income was chiefly due to higher refining throughput volumes and wider discounts relative to Brent crude oil for sour and certain North American light crude oils. These positive drivers were partially offset by weaker gasoline and distillate margins relative to Brent crude oil in most regions and higher natural gas costs in the second quarter of 2014 versus the second quarter of 2013.

Operating revenues for the period totaled $34.91 billion, compared with the prior-year figure of $34.03 billion. Five analysts projected quarterly revenues of $29.16 billion.