Valero’s Net Income More Than Doubles
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Valero Energy Corp., the nation’s biggest oil refiner, reported that its profit more than doubled in the fourth quarter, in large part because of increased output after last year’s purchase of Premcor Inc. and higher gasoline prices because of hurricane damage to Gulf Coast refineries.
The company reported net income of $1.35 billion, or $2.06 a share, versus $489 million, or 88 cents, a year earlier.
It was the largest quarterly profit ever for San Antonio-based Valero and marked the 10th straight quarter of record earnings.
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