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    Valero Results Mixed

    Margins, income up slightly, fuel volume dips.

    SAN ANTONIO -- Valero Energy Corp., operator of Valero and Ultramar Diamond Shamrock convenience stores, said second quarter fuel volume stumbled while fuel margins increased slightly.

    On the retail side, the company said fuel volume on a daily per store basis dropped from 4,521 in the first quarter to 4,371 during the second quarter. Margins, however, improved from .053 cents to .137 cents per gallon. In-store merchandise sales for the quarter totaled $275.8 million with an average margin of 27.8 percent.

    The oil company's net income increased in the second quarter 2002 to $11.3 million. The positive earnings were a significant turnaround for the company, which lost more than $38 million during the first quarter of the year. The company has been working to integrate the retail and refining assets of Ultramar Diamond Shamrock (UDS), which was acquired last December.

    Compared to an operating loss of $19.3 million during the first quarter, Valero's network of 1,400 company-operated convenience stores contributed a total of $12.5 million to the company's second quarter operating income of $100.3 million.

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