Valero Cuts Capital Spending After Rocky Quarter
SUGAR LAND--October 26, 2016--Researched by Industrial Info Resources (Sugar Land, Texas)--Dramatic, long-term cost cuts helped petroleum-refining giant Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) partly offset the negative effects of higher gasoline inventories and a month-long shutdown of its refinery in Port Arthur, Texas, in third-quarter 2016. Still, profits were far below that of the same period last year, as relatively narrow discounts on domestic crude and higher costs related to biofuel-blending operations weighed heavily on the bottom line. Industrial Info is tracking $2.13 billion in projects involving Valero.
Within this article: Details on Valero's rocky quarter and some of its highest-valued active projects, including those in the energy-related buildout along the U.S. Gulf Coast.
