Valero Energy (VLO) Tops Q2 EPS by 4c

Valero Energy (NYSE: VLO) reported Q2 EPS of $1.07, $0.04 better than the analyst estimate of $1.03. Revenue for the quarter came in at $19.58 billion versus the consensus estimate of $16.79 billion.

Strategic Update

Construction and startup of the $400 million, 90,000 BPD crude unit at Houston was completed in June. The crude unit is running well at full capacity.

Valero continues to expect 2016 capital investments, including turnarounds, catalyst, and joint venture investments, to be approximately $2.6 billion. About $1.6 billion is required to sustain the business, which includes spending on turnarounds, catalyst, and asset replacements and improvements. The balance is for investments intended to drive long-term earnings growth and is split between refining asset optimization and logistics projects. Valero expects most of the logistics growth capital to be eligible for future drop down to VLP.

For earnings history and earnings-related data on Valero Energy (VLO) click here.

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