Valero Energy (VLO) Tops Q3 EPS by 30c

Valero Energy (NYSE: VLO) reported Q3 EPS of $2.79, $0.30 better than the analyst estimate of $2.49. Revenue for the quarter came in at $22.58 billion versus the consensus estimate of $18.77 billion.

Strategic Update

With the drop-down transaction that occurred on October 1, 2015, Valero has completed a total of $1.14 billion of drop-down transactions to VLP in 2015, exceeding its $1 billion goal for the year. This latest drop down puts VLP on track to increase its quarterly distribution to the level needed to achieve the top tier of incentive distributions to the general partner (Valero) by early 2016. The company remains committed to growing VLP through drop-down transactions with an estimated $1 billion of potentially MLP-eligible EBITDA related to existing assets.

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

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