UPDATE 1-Valero kicks off U.S. refiners' earnings with wider loss on storm impact

(Adds background on Texas cold snap, details on results)

April 22 (Reuters) - Valero Energy Corp said on Thursday its loss widened in the first quarter from the previous three months as a severe winter storm in Texas in February impacted the U.S. refiner's operations.

A deep freeze in central and southern U.S. states disrupted energy supply and sent numerous refineries offline for weeks earlier this year, prompting companies including Exxon Mobil and Phillips 66 to warn of hits to profits.

Valero, the first U.S. refiner to post quarterly results, said refining throughput, or the amount of crude it processed, fell nearly 8% sequentially to 2.4 million barrels per day.

Net loss attributable to its stockholders was $704 million, or $1.73 per share, for the three months ended March 31, compared with a loss of $359 million, or 88 cents per share, in the prior quarter.

(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)

04/22/2021 10:43

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