Valero Energy Q3 income up

Valero Energy has reported that its income from continuing operations was $1.2 billion or $2.18 per share in the third quarter of 2008, compared to $848 million or $1.34 per share in the third quarter of 2007.

The income for the third quarter of 2008 includes the company's pre-tax gain of $305 million on the sale of its Krotz Springs refinery in Louisiana to a subsidiary of Alon USA Energy.

Excluding the pre-tax gain, the income for the third quarter of 2008 from continuing operations was $982 million or $1.86 per share. The operating income for the third quarter of 2008 was $1.8 billion, compared to $1.2 billion in the third quarter of 2007.

The income from continuing operations for the nine months ended September 30, 2008, was $2.1 billion or $4.02 per share, compared to $4 billion or $6.66 per share for the nine months ended September 30, 2007.

Bill Klesse, chairman of the board and CEO of Valero, said: "As a result of our good earnings, our financial position has continued to improve. At the end of the third quarter, our net debt-to-capitalization ratio was 15.8%, one of the lowest in company history."