Shares of Valero Energy Corp. (VLO) fell 1.0% in premarket trading Thursday, after the maker of transportation fuels and petrochemical products provided a downbeat outlook for the first quarter, citing higher-than-expected costs resulting from the impact of Winter Storm Uri on its refining and ethanol business. The company said it expects to report net loss in the range of $835 million, or $2.05 a share, to $735 million, or $1.81 a share. The FactSet consensus for per-share not losses is 74 cents. The company estimates that the impact of excess energy costs from Winter Storm Uri was $595 million to $575 million, or $1.18 to $1.14 a share. The company is scheduled to report first-quarter results on April 22. The stock has rallied 31.5% year to date through Wednesday, while the SPDR Energy Select Sector ETF (XLE) has climbed 29.7% and the S&P 500 has gained 8.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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