Valero earns $583M in 2Q, 1st profit in 5 quarters

By CHRIS KAHN AP Energy Writer

NEW YORK (AP) - Valero Energy says it had its first profitable quarter since the first three months of last year, as it made more money refining diesel fuel and other products.

America's largest independent oil refiner earned $583 million, or $1.03 per share, in the second quarter. That compares with a loss of $254 million, or 48 cents per share, for the same quarter last year.

Valero Energy Corp. said it had higher margins on diesel fuel and other products like petrochemicals, asphalt and lube oils.

Revenue rose 25 percent to $21.8 billion. Analysts had expected earnings of 71 cents per share on revenue of $21.7 billion.

"Its great to be profitable again," said Bill Klesse, chairman and CEO of the San Antonio refiner.