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Politics : Welcome to Slider's Dugout

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From: onginvester	10/10/2007 8:47:52 AM
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Another Goldman pick......... last week VLO was a must own stock GS claimed, if information is THE most valuable commodity GS's spewing of misinformation to fleece the public is why they are at 52 week highs. SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE:VLO - News) announced today that it expects to report third quarter earnings from continuing operations excluding special items in the range of $1.30 to $1.40 per share. The special items consist of a $91 million pre-tax gain on repayment of a loan by a foreign subsidiary and the effects on the computation of diluted earnings per share related to the company's $94.5 million final payment for the accelerated stock repurchase program that was completed on July 23, 2007. Including these special items, third quarter earnings from continuing operations are expected to be in the range of $1.25 to $1.35 per share. The company also expects to report third quarter earnings from discontinued operations of approximately $0.75 per share related to the $827 million pre-tax gain on the sale of the Lima refinery. ADVERTISEMENT The company expects to report lower throughput margins for the third quarter of 2007 as compared to the third quarter of 2006, primarily due to substantially higher feedstock costs resulting from increased premiums for light sweet crude oils and narrower discounts for sour crude oils and other feedstocks. In total, higher feedstock costs are expected to reduce the company's throughput margins by approximately $700 million in the third quarter versus the same quarter of last year. On the products side, many of the company's products, such as asphalt, lube oils, and petrochemical feedstocks, sold at much lower margins in the third quarter of 2007 than in the third quarter of 2006 as prices for those products did not increase as much as prices for crude oil.

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