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30 octubre 2006

Earnings Preview: Independent Refiners

Debilidad en refino de gasolinas, pero van bien los destilados, los descuentos por crudo pesado y los márgenes de venta minorista.

"Despite the recent weakness in gasoline margins, distillate margins and sour crude discounts remain very good," said Valero Chief Executive Bill Klesse, in an Oct. 3 statement. "The seasonal fall in gasoline margins was more severe than we had expected."

JPMorgan analyst Jennifer Rowland said she expects marketing to be "a bright spot" this quarter for those independent refiners that also operate retail gas stations. "Relative stickiness in pump prices often translates into very strong retail margins when crude prices decline," she said.

Valero expects to earn between $2.25 and $2.35 per share in the third quarter, excluding a $132 million pretax gain on the sale of a 40 percent interest in its Valero LP subsidiary.

Valero Energy is scheduled to report quarterly results on Oct. 31.