We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Valero Energy Corporation (VLO - Free Report) posted adjusted fourth-quarter 2016 income of 81 cents per share that surpassed the Zacks Consensus Estimate of 74 cents by 9.4%. However, quarterly earnings decreased from the year-ago adjusted earnings of $1.79 per share.
Total revenue for the quarter grew 7.4% year over year to $20,712.0 million from $18,777.0 million. The reported figure was also above the Zacks Consensus Estimate of $16,919.0 million.
Full-year 2016 adjusted earnings came in at $3.72 per share. The bottom line surpassed our expectations of $3.68 per share but decreased substantially from the year-ago level of $9.24. Full-year revenues declined 13.8% year over year to $75,659 million but outpaced the Zacks Consensus Estimate of $72,064 million.
Throughput Volumes
During the quarter, refining throughput volumes were approximately 2.85 million barrels per day. The quarterly figure was same as the year-earlier level.
By feedstock composition, sweet crude, medium/light sour crude and heavy sour crude accounted for 41.5%, 19.2% and 13.4%, respectively. The remaining volumes came from residuals, other feedstock as well as blendstocks and others.
The Gulf Coast accounted for approximately 58% of the total throughput volume. The Mid-Continent, North Atlantic and West Coast regions accounted for 16%, 17% and 9%, respectively.
Throughput Margins
Company-wide throughput margins decreased to $8.22 per barrel from the year-ago level of $10.87 per barrel.
Average throughput margin realized was $8.44 per barrel in the U.S. Gulf Coast as against $10.70 per barrel in the year-earlier period. The metric was $6.85 per barrel in the U.S. Mid-Continent as against $10.34 a year ago. Throughput margin realized was $8.75 per barrel in the North Atlantic compared with $10.09 last year and $8.15 per barrel in the U.S. West Coast compared with $14.62 in the prior-year quarter.
Total operating cost per barrel was $5.50 during the quarter, up 5.2% from the year-earlier figure of $5.23. Refining operating expense per barrel was $3.83 compared with $3.47 in the year-ago quarter. Depreciation and amortization expenses decreased 5.1% year over year to $1.67 per barrel.
Capital Expenditure & Balance Sheet
Fourth-quarter capital expenditure totaled $628.0 million, including $244 million for turnarounds and catalyst expenditures. At the end of the quarter, the company had cash and temporary cash investments of $4.8 billion and debt of $8 billion. Valero also rewarded shareholders with dividends worth $271 million.
Valero Energy Corporation Price, Consensus and EPS Surprise
Valero’s 2016 capital expenditures totaled $2 billion. For 2017, Valero expects capital expenditures of $2.7 billion.
Zacks Rank
Valero currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It had an average earnings surprise of 40.55% in the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Valero's (VLO) Q4 Earnings Beat Estimates, Decrease Y/Y
Valero Energy Corporation (VLO - Free Report) posted adjusted fourth-quarter 2016 income of 81 cents per share that surpassed the Zacks Consensus Estimate of 74 cents by 9.4%. However, quarterly earnings decreased from the year-ago adjusted earnings of $1.79 per share.
Total revenue for the quarter grew 7.4% year over year to $20,712.0 million from $18,777.0 million. The reported figure was also above the Zacks Consensus Estimate of $16,919.0 million.
Full-year 2016 adjusted earnings came in at $3.72 per share. The bottom line surpassed our expectations of $3.68 per share but decreased substantially from the year-ago level of $9.24. Full-year revenues declined 13.8% year over year to $75,659 million but outpaced the Zacks Consensus Estimate of $72,064 million.
Throughput Volumes
During the quarter, refining throughput volumes were approximately 2.85 million barrels per day. The quarterly figure was same as the year-earlier level.
By feedstock composition, sweet crude, medium/light sour crude and heavy sour crude accounted for 41.5%, 19.2% and 13.4%, respectively. The remaining volumes came from residuals, other feedstock as well as blendstocks and others.
The Gulf Coast accounted for approximately 58% of the total throughput volume. The Mid-Continent, North Atlantic and West Coast regions accounted for 16%, 17% and 9%, respectively.
Throughput Margins
Company-wide throughput margins decreased to $8.22 per barrel from the year-ago level of $10.87 per barrel.
Average throughput margin realized was $8.44 per barrel in the U.S. Gulf Coast as against $10.70 per barrel in the year-earlier period. The metric was $6.85 per barrel in the U.S. Mid-Continent as against $10.34 a year ago. Throughput margin realized was $8.75 per barrel in the North Atlantic compared with $10.09 last year and $8.15 per barrel in the U.S. West Coast compared with $14.62 in the prior-year quarter.
Total operating cost per barrel was $5.50 during the quarter, up 5.2% from the year-earlier figure of $5.23. Refining operating expense per barrel was $3.83 compared with $3.47 in the year-ago quarter. Depreciation and amortization expenses decreased 5.1% year over year to $1.67 per barrel.
Capital Expenditure & Balance Sheet
Fourth-quarter capital expenditure totaled $628.0 million, including $244 million for turnarounds and catalyst expenditures. At the end of the quarter, the company had cash and temporary cash investments of $4.8 billion and debt of $8 billion. Valero also rewarded shareholders with dividends worth $271 million.
Valero Energy Corporation Price, Consensus and EPS Surprise
Valero Energy Corporation Price, Consensus and EPS Surprise | Valero Energy Corporation Quote
Valero’s 2016 capital expenditures totaled $2 billion. For 2017, Valero expects capital expenditures of $2.7 billion.
Zacks Rank
Valero currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It had an average earnings surprise of 40.55% in the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>