San Antonio refining giant Valero Energy saw its profits plunge in the first quarter as its refining segment grappled with gasoline margins falling and relatively higher heavy and medium sour crude prices.Valero Energy reported $141 million in net income in the first quarter; after adjusting for tax credits it received last year and not this year, its adjusted net income was $431 million, the refiner said Thursday morning. That compares to $469 million in net income in the same period last year.
Source: FuelFix
