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Stock impact report

UPDATE 2-Valero warns of up to $2.1 billion first quarter loss on demand drop [Reuters]

Valero Energy Corporation (VLO) 
Last valero energy corporation earnings: 4/29 06:30 am Check Earnings Report
US:NYSE Investor Relations: investorvalero.com
Company Research Source: Reuters
Valero forecasts loss of up to $2.1 billion in first quarter on demand drop (Reuters) - Independent U.S. refiner Valero Energy Corp ( VLO.N ) on Monday warned of a loss as big as $2.1 billion in the first quarter, as lockdowns imposed to curb the spread of coronavirus have hit demand for its gasoline, jet fuel and other products. The company also withdrew its forecast for 2020 and said it was taking steps to improve liquidity, including by deferring tax payments and certain expenses it had planned for its refining and ethanol segments. The coronavirus pandemic has hit refiners at a time that is seasonally stronger for them in terms of fuel demand from the aviation industry and motorists, putting all financial predictions for this year into jeopardy. Valero said it had deferred about $100 million of tax payments due in the first quarter ended March 31, and plans to defer remaining tax payments for 2020 as much as it can. The company said in a filing bit.ly/34zymRx on Monday that it c Show less Read more
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