MOSCOW (MRC) -- Valero Energy said during its third quarter financial reporting that costs and expenses fell 8%, about USD2 billion, despite its biofuel blending costs doubling to USD198 million, said Biofuelsdigest.
For the full year, the company expects costs to be between USD750 million and USD850 million, unchanged from its last estimate. High fuel inventories are squeezing margins for oil companies, down to USD9.07 per barrel from USD14.38 per barrel during Q3 2015. Earnings per share for the quarter were set at USD1.24 per share compared to Reuters analysts’ estimate of 93 cents per share.
As MRC informed earlier, Valero Energy Corp.’s previously-announced USD700 million methanol plant, planned at its existing St. Charles Parish, LA, facility, was shelved indefinitely in March 2016.
Valero Energy Corporation is a Fortune 500 international manufacturer and a marketer of transportation fuels, other petrochemical products, and power. It is based in San Antonio, Texas, United States. The company owns and operates 16 refineries throughout the United States, Canada, United Kingdom, and the Caribbean with a combined throughput capacity of approximately 3 million barrels (480,000 m3) per day, 10 ethanol plants with a combined production capacity of 1.2 billion US gallons (4,500,000 m3) per year, and a 50 megawatt wind farm.
MRC