San Antonio-based Valero Energy beats 2Q profit forecasts

SAN ANTONIO (AP) — Valero Energy Corp. has reported a second-quarter profit of $814 million.

The San Antonio-based company on Tuesday said it had profit of $1.73 per share. Earnings, adjusted for one-time gains and costs, were $1.07 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The oil refiner posted revenue of $19.58 billion in the period.

Valero Energy shares have fallen 29 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6 percent. The stock has fallen 23 percent in the last 12 months.

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