Dallas, Texas 01/30/2014 (FINANCIALSTRENDS) – Valero Energy Corporation (NYSE:VLO), the $27.87 billion market capped firm released results from its fourth quarter operations on its earnings call on 29th January.
Commenting about the big jump in its 4Q revenues, Valero Energy Corporation (NYSE:VLO) Vice President for Investor Relations Ashley Smith has been quoted to have said that, “We reported fourth quarter 2013 earnings of $1.3 billion or $2.38 per share. Excluding the $325 million non-taxable gain on the disposition of Valero’s retained interest in CST Brands; our adjusted fourth quarter 2013 earnings were $963 million, or $1.78 per share, which compares with fourth quarter 2012 adjusted earnings of $1.05 billion or $1.88 per share.” For the full year operations of 2013, the energy firm managed to generate net income of $2.7 billion from total revenue of $34.4 billion.
The firm also disclosed that it has successfully spun off its retail business consisting of gas stations and convenience stores into a standalone public owned firm branded as CST Brands in May last year. This move was hailed as a Win-Win for both firms by analysts, since the energy giant could concentrate on supplying fuel for CST Brands retail operations, without having to worry about the operations and management of non core business of retail.
He firm also disclosed that in early December 2013, formed another publicly traded firm Valero Energy Partners LP for the express purposes of acquiring, owning, operating oil and related petroleum pipeline infrastructure. Through this entity, Valero Energy Corporation (NYSE:VLO), hopes to further expand and augment its transportation and logistics assets.
The stock of Valero Energy Corporation (NYSE:VLO) went up by 2.39 percent during trading yesterday on the back of the robust results announcement and settled at $51.4 per share as of close of business yesterday. The stock is currently trading just 4.1 percent below its 52 week high price point.