VLO: Valero Energy Corp. Message Board

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Gold/Mining/Energy : VLO: Valero Energy Corp.

VLO 181.78

+3.4%

Nov 14 9:30 AM EST

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From: Dennis Roth	11/1/2005 9:34:11 AM
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Valero Energy (OP/A): Updating estimates - Goldman Sachs _ October 31, 2005 We are updating our full-year 2005 EPS estimate for Valero Energy (OP/A) to $12.51 ($12.20 previously) to reflect actual 3Q 2005 results. Valero reported adjusted 3Q 2005 EPS of $4.37, above the $4.23 First Call consensus and our $4.05 forecast. We have made no change to our 4Q 2005 and full-year 2006-2010 EPS forecasts. Note, our 4Q 2005 EPS forecast of $3.10 assumes a $9.00 per barrel Gulf Coast 3:2:1 and commensurate other regional refining margins for 4Q. Considering Gulf Coast margins are averaging $17.45 per barrel quarter-to-date, our 4Q EPS forecast is likely to prove conservative. However, as is our usual practice we will wait until all independent R&M companies report 3Q results before updating (if appropriate) future refining margin assumptions. I, Arjun Murti, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

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