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Old 10-27-2009, 12:24 PM
 
Location: San Antonio, TX
8,399 posts, read 20,944,970 times
Reputation: 4435

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Things are not looking good for this Fortune 500 corporation based in San Antonio...

Quote:
Valero Announces Second Consecutive Quarter of Massive Losses

NEW YORK -- The largest independent petroleum refiner in the U.S. said Tuesday it lost nearly $500 million in the third quarter as it was caught between a rise in oil prices and a slump in American travel.

It was the second quarterly loss in a row for Valero. The company, which is based in San Antonio, Texas, lost $254 million between April and June.

(Full story (http://www.kens5.com/latestnews/stories/KENS20091027-AP-Valero-Announces.25a105bf7.html - broken link))
They have already slowed production and released numerous employees at locations outside of Texas; but if things get worse this could impact those working for Valero here in San Antonio.
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Old 10-27-2009, 12:50 PM
 
15,609 posts, read 21,053,342 times
Reputation: 13354
Their profits are not just dependent on price of oil and people driving a lot in the US.

Their profits also depend on how much money they have to spend to keep their current infrastructure running safely, how good they are doing find new oil fields, how many foreign markets (customers) they are getting/losing, etc, etc.
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Old 10-27-2009, 02:41 PM
 
173 posts, read 555,449 times
Reputation: 142
They cant possibly be in trouble because I was pretty sure I was singlehandedly keeping them afloat with buying all my gas there. :-)
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Old 10-27-2009, 02:52 PM
 
Location: Austin, TX via San Antonio, TX
7,390 posts, read 9,770,033 times
Reputation: 4416
Quote:
Originally Posted by TexasCovertCarry View Post
They cant possibly be in trouble because I was pretty sure I was singlehandedly keeping them afloat with buying all my gas there. :-)
I concur. They took $23 from my bank account just this morning.
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Old 10-27-2009, 03:00 PM
 
15,609 posts, read 21,053,342 times
Reputation: 13354
Quote:
Originally Posted by TexasCovertCarry View Post
They cant possibly be in trouble because I was pretty sure I was singlehandedly keeping them afloat with buying all my gas there. :-)
I thought I was doing the same buying their 64oz Gatorades
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Old 10-27-2009, 03:19 PM
 
Location: Smalltown, USA
3,111 posts, read 8,548,575 times
Reputation: 2038
Quote:
Originally Posted by ashbeeigh View Post
I concur. They took $23 from my bank account just this morning.
They got $114 from me yesterday
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Old 10-27-2009, 04:08 PM
 
Location: Wiesbaden, Germany
13,806 posts, read 27,129,468 times
Reputation: 4003
yeah, $23 would be a really nice number to see
I predict their profits will go through the roof next quarter along with all the other oil companies. This $10+/barrel jump in the past few days for absolutely no reason combined with gas prices rising instantly will insure that. I'm not a fan of regulation at all, but oil speculators need it.
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