Valero fourth-quarter profits hit $1 billion-mark

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Valero Energy Corp. reported net income of $1 billion, or $1.82 per share, on revenues of $34.7 billion during the fourth quarter of 2012.

This compares to net income of $45 million, or eight cents per share, during the prior-year quarter. Revenues were up 0.1 percent. The company was able to improve its financial performance due to a significant improvement in refining margins.

Read the full story at San Antonio Business Journal