Valero’s profits tumble 40 percent in 2nd quarter

July 26, 2016 / By Surprise Valley Resources

Profits for San Antonio refiner Valero plunged 40 percent in the second quarter as a glut of petroleum products weighs on prices and trims margins. Valero on Tuesday reported net income of $814 million, down from $1.4 billion in the second quarter of 2015. Earnings per share fell to $1.73 from $2.66. Second-quarter revenue fell …
Source: FuelFix