ANL 22.40 Decreased By ▼ -0.05 (-0.22%)
ASC 16.10 Increased By ▲ 0.14 (0.88%)
ASL 22.20 Decreased By ▼ -0.20 (-0.89%)
BOP 8.47 Increased By ▲ 0.07 (0.83%)
BYCO 8.88 Increased By ▲ 0.08 (0.91%)
FCCL 17.56 Decreased By ▼ -0.35 (-1.95%)
FFBL 24.71 Decreased By ▼ -0.24 (-0.96%)
FFL 17.54 Increased By ▲ 0.22 (1.27%)
FNEL 8.25 Increased By ▲ 0.02 (0.24%)
GGGL 21.80 Increased By ▲ 0.37 (1.73%)
GGL 41.81 Increased By ▲ 0.61 (1.48%)
HUMNL 7.00 Decreased By ▼ -0.05 (-0.71%)
JSCL 20.41 Increased By ▲ 0.06 (0.29%)
KAPCO 37.93 Decreased By ▼ -0.03 (-0.08%)
KEL 3.51 Decreased By ▼ -0.04 (-1.13%)
MDTL 3.08 Increased By ▲ 0.09 (3.01%)
MLCF 36.50 Decreased By ▼ -0.17 (-0.46%)
NETSOL 152.80 Increased By ▲ 1.40 (0.92%)
PACE 5.89 Increased By ▲ 0.04 (0.68%)
PAEL 31.35 Increased By ▲ 0.25 (0.8%)
PIBTL 9.33 Increased By ▲ 0.02 (0.21%)
POWER 7.87 Decreased By ▼ -0.04 (-0.51%)
PRL 20.45 Increased By ▲ 0.20 (0.99%)
PTC 10.40 Increased By ▲ 0.06 (0.58%)
SILK 1.69 Decreased By ▼ -0.02 (-1.17%)
SNGP 44.80 Increased By ▲ 0.13 (0.29%)
TELE 22.70 Increased By ▲ 0.50 (2.25%)
TRG 176.00 Increased By ▲ 1.40 (0.8%)
UNITY 35.52 Decreased By ▼ -0.08 (-0.22%)
WTL 3.19 Increased By ▲ 0.01 (0.31%)
BR100 4,981 Increased By ▲ 20.33 (0.41%)
BR30 24,464 Increased By ▲ 41.23 (0.17%)
KSE100 46,692 Increased By ▲ 163.82 (0.35%)
KSE30 18,492 Increased By ▲ 69.79 (0.38%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,327
8124hr
Pakistan Cases
1,227,905
1,89724hr
4.1% positivity
Sindh
451,448
Punjab
423,670
Balochistan
32,772
Islamabad
104,348
KPK
171,589
Business & Finance

Valero warns of bigger first-quarter loss on costs from Texas deep freeze

  • Valero said it expects net loss attributable to its stockholders in the range of $2.05 to $1.81 per share for the first quarter, compared with an 88 cents per share loss in the fourth quarter.
  • Rival Phillip 66 also forecast a bigger-than-expected adjusted loss for the first quarter, citing the severe winter that battered its US Gulf Coast petrochemical operations.
08 Apr 2021

US refiner Valero Energy Corp on Thursday warned of a bigger first-quarter loss compared to the previous three months due to higher costs related to the severe winter weather in Texas in February.

Freezing weather in US central and southern states in mid-February had led to power outages and gas-supply disruptions that knocked oil refineries and chemical plants out of commission for up to two weeks.

Valero said it expects net loss attributable to its stockholders in the range of $2.05 to $1.81 per share for the first quarter, compared with an 88 cents per share loss in the fourth quarter.

The estimated preliminary impact of excess energy costs to loss is $1.18 to $1.14 per share, Valero said, adding that the electricity and natural gas costs were incurred mainly by its refining and ethanol business segments.

Rival Phillip 66 also forecast a bigger-than-expected adjusted loss for the first quarter, citing the severe winter that battered its US Gulf Coast petrochemical operations.

Last week, Exxon Mobil said the winter weather would cut its first-quarter profit by up to $800 million, with the largest impact on its chemical and refining units.

Comments

Comments are closed.