Dallas, Texas 07/15/2013 (Financialstrend) – Valero Energy Corporation (NYSE:VLO), an independent petroleum refining and marketing firm, has recently provided an interim update on the financial performance results for the second quarter of the fiscal year 2013. The company expects to earn around $0.80 to $0.90 gain per share for this quarter. It was further estimated that after tax charges will amount to around $29 million, which translates to $0.05 per share. These charges are related to the expenses that were incurred in connection with the spinoff of CST Brands in May 2013.
Furthermore, environmental and legal issues resulted in an expenditure of $52 million which will be reflected in the general and administrative expenses of the company. The refining segment earnings of the second quarter 2013 was estimated to decline relative to the earnings recorded for the same quarter of previous year 2012. This decline was primarily attributed to the decrease in discounts for the heavy sour crude oil, increase in natural gas costs, new costs related to the Renewable Fuels Standard and maintenance activity at the various refineries.
Valero Energy Corporation (NYSE:VLO) closed at $35.86 on Friday, recording an increase of 3.82% for the stock. During the day, the stock was fluctuating between a low intraday price of $33.60 and a high intraday price of $36.18 per share. The stock currently has a 52-week low of $24.33 and a 52-week high of $48.97 per share. Valero Energy currently has a market cap of $19.56 billion with around 545.37 million outstanding shares in the market and institutional ownership of 88 percent of the company’s total equity capital. The stock witnessed active trading in around 16.95 million shares on Friday, while the average level of trading activity for the stock is at 8.08 million shares per day.
