Oil Refiner Valero Doubles Profits in 3rd Quarter

[Lochloosa]

SAN ANTONIO (AP) - Oil refiner Valero Energy Corp. on Monday reported that its third-quarter profit more than doubled due mostly to high crude prices and wide refining margins, and the company said it expects to post record earnings in the last three months of the year.

San Antonio-based Valero, the nation's largest refiner, also announced that longtime chief executive Bill Greehey will step down at year-end but that he will remain the company's chairman and active in its operations.

Net income for the three months ended Sept. 30 surged to $858 million, or $2.94 per share. That compares to $431 million, or $1.57 per share, in the same period in 2004.

Excluding a $621 million inventory charge related to its September acquisition of Premcor Inc., Valero's earnings were $1.3 billion, or $4.37 per share. That surpassed the average estimate of $4.23 per share by analysts polled by Thomson Financial.
http://ap.tbo.com/ap/breaking/MGBD9TPZGFE.html

[librechik]

1. Isn't this company the one Chavez is involved with?

He pledged to sell gas cheaper to the poor. Maybe this reflects support for his effort.

[IChing]

4. No, just a good ole Texan company.

http://en.wikipedia.org/wiki/Valero_Energy_Corp



Lee R. Raymond
Chairman and Chief Executive Officer of Exxon Mobil Corporation

[auburngrad82]

2. Valero is the co. that cut production when the energy bill wasn't to their

liking. There was supposed to be an amendment to the bill exempting oil companies from lawsuits resulting from a carcinogenic additive that leaches into water supplies. When the bill didn't safeguard them from lawsuits Valero cut production by 10%. Since they refine 1 out of every 9 gallons of gas, experts expected prices to jump a dime as a result of their cuts.

Nice fucking people, huh?

[Neil Lisst]

3. What a lot of people don't realize is ...

Valero, BP and the other bigs are not just raping the public. They're raping the smaller businesses who trade with them. I've never seen anything like the greed going on with the top oil companies right now. They are using their economic power to beat down everyone they do business with.

I wish I could relate some of my personal knowledge on this, but I can't. I will say some of the bigs are squeezing people they deal with for huge dollars, and are strictly doing it because they can.

Let's say they owe someone $3 million at the end of job. They just sit on the money, make one excuse after another, and sweat the smaller companies, who badly need to get paid, so they can pay their people and overhead. It's all about the Benjamins, and they will squeeze anyone to get a few more dollars.

There used to be a level of honor among thieves on oil work, but not any more. Now, the guys at the top are ruthless about squeezing others for money. This is the Reagan-Bush legacy.