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Oil and Gas

Valero's profit surges on $1.9 bln tax benefit, higher margins

Feb 1 (Reuters) - Valero Energy Corp’s quarterly profit surged as the U.S. independent refiner was helped by higher refining margins and a $1.9 billion benefit due to the U.S. tax reforms.

Net income attributable to Valero rose to $2.37 billion, or $5.42 per share, in the fourth quarter ended Dec. 31, from $367 million, or 81 cents per share, a year earlier.

Operating revenue rose 27.4 percent to $26.39 billion, Valero said on Thursday. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D’Souza)

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