Valero Energy Corporation Presents at ISI Bermuda Energy One-On-One Conference, May-08-2013 . Venue: The Fairmont Southampton, Southampton, Bermuda.

Valero Energy Corporation announced production results for the first quarter ended March 31, 2013. For the quarter, the company's refining throughput volume averaged 2.57 million barrels per day or an increase of 11,000 barrels per day from the first quarter of 2012.

Valero Energy Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported operating revenues were $33,474,000 compared to $35,167,000 for the same period a year ago. Operating income was $1,061,000 compared to operating loss of $244,000 for the same period a year ago. Income before income tax expense was $992,000 compared to loss before income tax of $337,000 for the same period a year ago. Net income attributable to the company was $654,000 or $1.18 per common share compared to net loss attributable to the company of $432,000 or $0.78 per common share for the same period a year ago. The increase in operating income of approximately $700 million in 2013 was primarily due to higher refining throughput margins in each of Valero's operating regions, except the U.S. West Coast. The increase in refining throughput margins was mainly due to an increase in margins for diesel and jet fuel and wider discounts on crude oil and feedstocks. Capital expenditures were $864 million, of which $287 million was for turnarounds and catalyst and $34 million was for the retail segment. The company expects full-year 2013 capital expenditures to be approximately $2.85 billion, which includes turnarounds and catalyst, as well as capital expenditures related to the retail segment for the first four months of 2013. Estimated capital expenditures for 2013 increased approximately $140 million from previous guidance, mainly due to the addition or acceleration of growth projects, including logistics and hydrocracker expansions. The company provides effective tax rate guidance for the second quarter of 2013. It expects effective tax rate in the second quarter to be approximately 35%.