Valero Posts Strong Results and Outlook Is Positive, but We Remain Cautious on Valuation
Valero posted strong fourth-quarter results as it benefited from higher product margins and wider crude spreads that persisted in the wake of summer hurricane activity. Adjusted net income, excluding a benefit of $1.9 billion from tax reform, increased to $509 million from $367 million a year ago. The refining segment was largely responsible for the improvement, with operating income rising to $982 million from $645 million last year on the improved market conditions and higher throughput. Ethan...
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