Valero Energy (VLO) Tops Q1 EPS by 16c, Revenues Beat

Valero Energy (NYSE: VLO) reported Q1 EPS of ($1.73), $0.16 better than the analyst estimate of ($1.89). Revenue for the quarter came in at $20.81 billion versus the consensus estimate of $18.65 billion.

• Reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, including estimated excess energy cost of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri
• Returned $400 million in cash to stockholders through dividends and declared a regular quarterly cash dividend of $0.98 per share
• Announced the development of a large-scale carbon capture and storage project with BlackRock and Navigator
• Announced the sale of a partial interest in the Pasadena marine terminal joint venture (MVP Terminalling) for $270 million

“Winter Storm Uri impacted operations and operating costs of many facilities in the U.S. Gulf Coast and U.S. Mid-Continent regions, including our facilities,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “I am very proud of our team for safely managing the utilities curtailments and the freeze by idling or shutting down the affected facilities and resuming operations without incident.”

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

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