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Chasing Value: Valero Energy earnings up |
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| Oct 28, 2008 08:14 PM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: Major movement, Earnings reports, Top Picks 2007, Valero Energy (VLO), Chasing Value, Oil, Stocks to Buy  When I suggested In December 2006 that Valero Energy (NYSE: VLO) would be a smashing investment in 2007, I looked great as it rose from around $50 to almost $80 per share. When I stuck with it, recommending it for 2008, I got sandbagged big time as it sank from a 52-week high of $73.68 to a recent low of $14.59.Valero was trapped by rapidly rising crude prices and shrinking margins on the refined product. However, in the last quarter it was able to show a year-over-year increase in profits. VLO reported third quarter 2008 income from continuing operations of $1.2 billion, or $2.18 per share, which compares to $848 million, or $1.34 per share, in the third quarter of 2007. The third quarter 2008 results include the company's pre-tax gain of $305 million on the sale of its Krotz Springs, Louisiana refinery to a subsidiary of Alon USA Energy, Inc., which was effective July 1, 2008. Excluding this gain, third quarter 2008 income from continuing operations was $982 million, or $1.86 per share. This morning the company said it planned significant turnarounds in 2009, with projects planned at two of its Texas refineries. The company also said it had scaled back capital spending in 2008 and 2009 by deferring projects until 2010 and 2011. "As it turns out, 2009 should be a more significant year for turnaround activity," said Chief Operating Officer Rich Marcogliese. Continue reading Chasing Value: Valero Energy earnings up
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