SAN ANTONIO, January 16, 2012 - Valero Energy Corporation (NYSE: VLO) today announced that the company expects to report earnings per share in the range of $0.00 to $0.10 for the fourth quarter of 2011. Included in this estimate is an after-tax benefit of approximately $161 million, or $0.29 per share, from a year-end LIFO inventory decrement.

The fourth quarter 2011 results were negatively impacted by weak margins on refined products, particularly for gasoline and petrochemical feedstocks. In addition, refining margins in the fourth quarter were negatively impacted by reduced discounts for heavy sour feedstocks and the narrowing of prices for West Texas Intermediate versus Brent crude oils, resulting in higher-priced crude oils flowing through the system.

Despite the lower results expected for the fourth quarter, Valero expects to report its highest annual earnings per share since 2008 with full-year 2011 income from continuing operations per share in the range of $3.59 to $3.69, including the LIFO inventory benefit.

In addition, the company updated the time of its fourth quarter 2011 earnings call to 9:00 a.m. CT on January 31, which is one hour earlier than the previously announced time on the same date. A live webcast of the discussion will be available in a listen-only mode on Valero's website at http://www.valero.com/.

About Valero
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 22,000 people, and assets include 16 petroleum refineries with a combined throughput capacity of approximately 3 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, and a 50-megawatt wind farm. Approximately 6,800 retail and branded wholesale outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company based in San Antonio. Please visit www.valero.com for more information.

Safe-Harbor Statement
Statements contained in this release that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero's annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and on Valero's website at www.valero.com.

Contacts
Investors: Ashley Smith, Vice President - Investor Relations, 210-345-2198
Media: Bill Day, Executive Director - Corporate Communications, 210-345-2928
Website: http://www.valero.com

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