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Company News

Valero Energy adjusted profit rises on higher margins

Jan 31 (Reuters) - Independent U.S. refiner Valero Energy Corp reported a 77 percent rise in quarterly adjusted income on Thursday, boosted by higher refining margins.

On an adjusted basis, income attributable to Valero shareholders rose to $900 million, or $2.12 per share, in the fourth quarter ended Dec. 31, from $509 million, or $1.16 per share, a year earlier.

In the year-ago quarter, the company recorded a $1.9 billion gain on the U.S. tax reforms.

San Antonio, Texas-based Valero said refining margins rose 26 percent to $3.05 billion in the last three months of 2018. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Shounak Dasgupta)

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