(Adds analyst estimates, detail on volumes)
July 30 Valero Energy Corp, the largest
U.S. independent refiner, on Wednesday reported an increase in
quarterly profit that met Wall Street expectations as the
company processed higher volumes of oil and benefited from
bigger discounts for certain grades of crude.
San Antonio-based Valero said second-quarter profit rose to
$651 million, or $1.22 per share, from $463 million, or 84
cents, in the same period a year earlier.
Valero said on July 14 its second-quarter profit would be
higher than a year earlier but would fall short of Wall Street
expectations, hurt by seasonal weakness in its biggest Gulf
Analysts on average had expected Valero to report a profit
of $1.22 per share, according to Thomson Reuters I/B/E/S.
Excluding a charge related to its shuttered Aruba plant, Valero
had a profit of $1.21 per share.
Valero processed an average of 2.7 million barrels per day
in the second quarter, up 115,000 barrels per day from a year
earlier as maintenance decreased and higher volumes of crude oil
produced from shale reached Gulf Coast markets, it said.
(Reporting by Anna Driver; Editing by Jeffrey Benkoe and Nick