October 24, 2019 / 10:45 AM / a month ago

U.S. refiner Valero Energy profit slumps 29% on higher crude prices

Oct 24 (Reuters) - Valero Energy Corp reported a 29% drop in quarterly adjusted profit on Thursday, as higher heavy crude prices weighed on the independent U.S. refiner’s margins.

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.

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

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