Refiner Valero's profit slumps 40 pct on lower margins

Tue Jul 26, 2016 7:13am EDT
 
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July 26 (Reuters) - U.S. refiner Valero Energy Corp's quarterly profit fell nearly 40 percent due to lower refining margins as elevated gasoline stockpiles offset healthy demand.

Net income attributable to shareholders fell to $814 million, or $1.73 per share, in the second quarter ended June 30 from $1.35 billion, or $2.66 per share, a year earlier.

Operating revenue fell 22 percent to $19.58 billion.

(Reporting by Amrutha Gayathri and Swetha Gopinath in Bengaluru; Editing by Sriraj Kalluvila)