Valero at a Loss for Q1 after Booking Impairments

Valero at a Loss for Q1 after Booking Impairments

Valero reported a loss attributable to shareholders of $595 million, or $1.9 per share, impacted by $1.13 billion in pre-tax impairments.

Valero recovered its permission to import fuel to Mexico, after the suspension in early April, said the director of operations of the US refinery, Gary Simmons. During a conference to announce financial results from the first quarter of the year, the manager announced that the company is already in a position to return to its operation in terms of the import business. Last April, the SAT suspended Valero’s import license as part of a more intens…

Valero Energy Reports First-Quarter Loss on lower Margins, Impairment Charges - Energy News, Top Headlines, Commentaries, Features & Events

(Reuters) – Valero Energy  reported a first-quarter loss compared with a year-ago profit on Thursday, weighed down by lower refining margins and around $1 billion in impairment charges related to its West Coast assets. Excluding asset impairment loss, the second-largest U.S. refiner by capacity posted an adjusted profit of 89 cents per share, beating tempered expectations ...