Valero Energy Corp.’s 4Q Income Increases

U.S. independent oil refiner, Valero Energy Corp said its fourth-quarter net income rose to $1 billion or $1.82 per share, from $45 million or 8 cents per share, a year ago.

Operating revenue was little changed at $34.7 billion for the quarter ended Dec. 31, Valero said in a statement.

In the fourth quarter, the company “replaced all imported light foreign crude oils with cheaper domestic crude oils at our Gulf Coast and Memphis refineries,” Bill Klesse, Valero CEO, said in a statement.

“We expect U.S. and Canadian crude oils to become increasingly more available, we are pursuing options to process additional volumes of these cost-advantaged crudes throughout our refining system,” Klesse said.