Valero Energy, the nation’s largest independent oil refiner that has gas stations in Connecticut, says it lost $254 million in the second quarter as lower margins and weak demand for gasoline and other refined products hammered results.
San Antonio-based Valero said net income for the April-June period amounted to a loss of 48 cents per share. In the second quarter a year ago, Valero earned $734 million, or $1.37 per share.
Revenue fell 51 percent to $17.9 billion from a year ago.
On average, analysts surveyed by Thomson Reuters were expecting a loss of 50 cents per share and revenue of $15.2 billion. (AP)
