SAN ANTONIO (AP) _ Valero Energy Corp. (VLO) on Thursday reported a fourth-quarter loss of $359 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the San Antonio-based company said it had a loss of 88 cents. Losses, adjusted for non-recurring gains, were $1.06 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $1.48 per share.
The oil refiner posted revenue of $16.6 billion in the period.
For the year, the company reported a loss of $1.42 billion, or $3.50 per share, swinging to a loss in the period. Revenue was reported as $64.91 billion.
Valero Energy shares have climbed roughly 4% since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has declined 31% in the last 12 months.