OUCH: Refiner Valero Pares Capex on $1.9 Billion First-Quarter Loss, But Sees Signs of Rising Gasoline Demand

SUGAR LAND--April 30, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) on Wednesday reported a $1.9 billion loss for first-quarter 2020, a massive slide from net income of $141 million a year earlier, as the petroleum refiner's financial results were rocked by COVID-19. Consequently, Valero now expects to invest $2.1 billion of capital in 2020, a reduction of $400 million from its prior guidance.

Within this article: Details of Valero's first-quarter 2020 financial results. Other Companies Featured: Magellan Midstream Partners LP (NYSE:MMP)