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Oct 24 (Reuters) - Independent U.S. refiner Valero Energy Corp reported better-than-expected quarterly profit on Thursday, benefiting from easy access to cheap light crude from the country’s prolific shale oil basins.
U.S. refiners have been revamping their processing units to make them compliant with the International Maritime Organization’s (IMO) regulatory standards, which will enforce low-sulfur fuel regulations by next year.
IMP 2020 is a standard for maritime fuel that takes effect on Jan. 1 and designed to reduce air pollution
Adjusted net income attributable to the company fell to $609 million, or $1.48 per share, in the third quarter ended Sept. 30, from $856 million, or $2.01 per share, a year earlier.
Analysts on average had expected a profit of $1.35 per share, according to IBES data from Refining.
The San Antonio, Texas-based company said its refining margins fell 8.6% to $2.72 billion. (Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli)