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Home Oil & Gas Press Releases Valero pulls forecast, will defer or delay some refining expenses

Valero pulls forecast, will defer or delay some refining expenses

April 13 (Reuters) – Independent U.S. refiner Valero Energy
Corp said on Monday it was withdrawing its annual
forecast and would defer or delay certain refining and ethanol
related spending it had earlier planned for the year.

The company said in a filing
its refining segment has suffered a drop in demand as the
coronavirus outbreak and the resulting lockdowns “dramatically”
reduced flights and usage of motor vehicles – important
customers for Valero’s refined products.

The refiner also said it estimates first-quarter revenue to
be between $20.1 billion and $22.2 billion.

(Reporting by Shariq Khan in Bengaluru; Editing by Shinjini

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