Excluding losses related to the shut down of Delaware refinery, the company reported a fourth quarter 2009 loss from continuing operations of $182m, or $0.32 per share, compared to $3.2bn, or $6.22 per share in the previous year quarter.
Excluding special items, the company reported a loss from continuing operations of $155m, or $0.28 per share for the fourth quarter of 2009 compared to income from continuing operations of $795m, or $1.53 per share in the year ago quarter. For the quarter, operating revenues were $18.87bn compared to $17.83bn in the corresponding quarter last year.
Bill Klesse, chairman of the board and CEO of Valero Energy, said: “Weak demand, narrow margins, and low discounts in the fourth quarter exemplified how difficult refining conditions were in 2009. While 2009 may have been the bottom for refining profitability, there’s too much inventory and spare refining capacity in the industry right now for margins to rebound quickly.
“Economic growth will help demand recover in 2010, but we also expect new refining capacity to come online in the US and around the world. Therefore, 2010 is expected to be another challenging year for the industry while refiners close marginal capacity and wait for demand growth to work down spare capacity.”
