Valero Energy Q4 Profit Down - Quick Facts

(RTTNews) - Petroleum refiner Valero Energy Corp. (VLO) reported net income from continuing operations attributable to stockholders of $1.2 billion, or $2.22 per share, in the fourth quarter of 2014, versus last year's $1.3 billion, or $2.38 per share. Adjusting for special items, net income from continuing operations attributable to Valero stockholders was $952 million, or $1.83 per share, in the fourth quarter of 2014. On average, 18 analysts polled by Thomson Reuters expected the company to earn $1.33 per share for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter 2014 operating revenues were $27.86 billion, compared with $34.43 billion in the year-ago period. Analysts estimated revenues of $26.6 billion for the quarter.

As part of its strategy to increase growth of VLP and unlock value, Valero is targeting an estimated $1 billion of drop-down transactions to VLP in 2015. Therefore, the company expects VLP's fourth-quarter 2015 annualized EBITDA to be approximately $200 million, or 126 percent higher than VLP's third quarter 2014 annualized EBITDA of $88 million.