Valero Energy Q1 Income Down

Valero Energy has reported income from continuing operations of $261 million for the first quarter of 2008, compared to income from continuing operations of $1.1 billion for the same period of 2007.

First quarter operating income was $472 million, or $371 million without the previously mentioned insurance recovery, versus $1.7 billion for the first quarter of 2007.

Refinery operating expenses increased by $180 million, primarily due to higher energy costs and maintenance expenses. Additionally, throughput volumes decreased by an average of 138,000 barrels per day in large part due to operating issues at the Aruba, Port Arthur, and Delaware City refineries.

Bill Klesse, chairman and CEO of Valero Energy, said: “Despite a difficult environment for gasoline margins, we reported positive results for the first quarter.”