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Valero Energy swings to adjusted net loss in Q4'20, FY'20from SNL Energy Finance Daily Valero Energy swings to adjusted net loss in Q4'20, FY'20Byline: Dyna Mariel Bade Valero Energy Corp. on Jan. 28 posted an adjusted net loss attributable to the corporation's stockholders of $429 million, or a loss of $1.06 per share, for the fourth quarter of 2020, compared with an adjusted net income of $873 million, or $2.13 per share, in the same year-ago period. The S&P Capital IQ consensus normalized estimate for fourth quarter 2020 was a loss of $1.39 per share. Fourth-quarter 2020 net loss attributable to Valero's stockholders came in at $359 million, or a loss of 88 cents per share, versus a net income of $1.06 billion, or $2.58 per share, in the same prior-year quarter. Revenues for the fourth quarter of 2020 hit $16.60 billion, a decrease from $27.88 billion a year earlier. For the fourth quarter of 2020, Valero's refining segment reported an operating loss of $377 million, compared to an operating income of $1.42 billion in the same quarter a year ago. The ethanol segment posted an operating income of $15 million, a decrease from $36 million in the prior-year quarter. The renewable diesel segment saw an operating income of $127 million, a decline from $541 million in 2019. For full year 2020, Valero reported an adjusted net loss attributable to stockholders of the corporation of $1.27 billion, or a loss of $3.12 per share, versus an adjusted net income of $2.36 billion, or $5.70 per share, a year earlier. The S&P Capital IQ consensus normalized estimate for full year 2020 was a loss of $3.36 per share. Net loss attributable to the corporation's stockholders for full year 2020 was $1.42 billion, or a loss of $3.50 per share, compared with a net income of $2.42 billion, or $5.84 per share, in 2019. Full-year 2020 revenues clocked in at $64.91 billion, a huge drop from $108.32 billion in 2019. For full year 2020, the corporation's refining segment posted an operating loss of $1.34 billion, from an operating income of $4.02 billion a year earlier. The renewable diesel segment saw an operating income of $638 million, a decrease from $732 million in 2019. Meanwhile, the ethanol segment reported an operating loss of $69 million, versus an operating income of $3 million a year ago. Valero anticipates capital investments attributable to the corporation to be $2.0 billion in 2021, 60% of which is for sustaining the business and 40% for growth projects. Approximately half of the refiner's 2021 growth capital is for expanding its renewable diesel business. Additionally, Valero said it expects the Pembroke Cogen project and the Diamond pipeline expansion to be completed in the third and fourth quarters, respectively. The Port Arthur Coker project is forecast to be completed in 2023. The Diamond Green Diesel plant expansion at St. Charles will also be completed in the fourth quarter this year. A new renewable diesel plant at Valero's Port Arthur, Texas refinery will start operations in the second half of 2023. |
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