Valero reports quarterly profit that tops Street
(Reuters) - Valero Energy Corp (VLO.N) on Tuesday reported a first-quarter profit that topped analyst expectations, helped by higher margins for diesel and jet fuel.
Valero also said it would evaluate the creation of a master limited partnership (MLP) for its logistics assets following the spinoff of its retail business.
Valero, based in San Antonio, had a profit of $654 million, or $1.18 per share, compared with a loss of $432 million, or 78 cents a year before, when the company took a charge related to its plant in Aruba.
Analysts on average had expected a profit of $1.00 per share, according to Thomson Reuters I/B/E/S.
Shares of Valero rose 3 percent in premarket trading.
(Reporting by Anna Driver; Editing by Gerald E. McCormick)