Valero Profit Rises on Cheaper U.S. Crude
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Valero Energy Corp., the world’s largest independent refiner by processing capacity, rose to the highest level since June 2008 after reporting a 20-fold increase in fourth-quarter profit driven by cheap U.S. crude.
Valero climbed 13 percent to $43.77 at the close in New York, the biggest gain on the Standard & Poor’s 500 Index, after the San Antonio-based company said net income rose to $1.01 billion, or $1.82 a share, from $45 million a year ago.