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Valero Energy Corporation
announced
today that the company expects to report net income attributable to Valero
stockholders in the range of $0.80 to $0.90 per share for the second quarter
of 2013. Included in this estimate are after-tax charges of approximately $29
million, or $0.05 per share, related to costs incurred in connection with the
May 1 spinoff to Valero's shareholders of CST Brands. Also included in this
estimate are charges of approximately $52 million ($34 million after taxes)
related to environmental and legal matters, and those charges will be
reflected in general and administrative expenses.
The second quarter 2013 refining segment earnings are estimated to decrease
versus the second quarter of 2012, primarily due to significantly lower
discounts for heavy sour crude oil, higher natural gas costs, higher costs to
comply with the Renewable Fuels Standard, and turnaround and maintenance
activity at the Quebec City, McKee, Meraux, and Port Arthur refineries.
As a reminder, Valero management will host a conference call on July 23, 2013
at 10:00 a.m. CT to discuss second quarter earnings results, which will be
released earlier that day, and provide an update on company operations.
Persons interested in listening to the presentation live via the internet may
log on to Valero's web site at www.valero.com.
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