SAN ANTONIO -- Valero Energy Corp. has announced that Joe Gorder, executive vice president and chief commercial officer, has been named executive vice president and chief operating officer by the company's board of directors.
In addition to the company's commercial operations--which include marketing, supply and transportation--Gorder will also be responsible for refining operations. Accordingly, Lane Riggs, senior vice president of refining operations, will report to Gorder.
Valero Energy just reported a loss from continuing operations of $432 million for first-quarter 2012, compared to income from continuing operations of $104 million for first-quarter 2011.
The first-quarter 2012 operating loss was $244 million versus $244 million of operating income in first-quarter 2011.
Partially offsetting the decrease in operating income were higher margins for gasoline and diesel.
Valero Energy's retail segment reported $40 million of operating income for first-quarter 2012 versus $66 million of operating income for first-quarter 2011. The decrease in operating income was mainly due to lower fuel margins in both U.S. and Canadian operations.
U.S. retail fuel volumes achieved a first-quarter record at 5,046 gallons per day per site compared to 4,895 gallons per day per site in first-quarter 2011, contrary to U.S. national demand numbers.
San Antonio-based Valero Energy, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero Energy's assets include 16 petroleum refineries, 10 ethanol plants and a wind farm. Approximately 6,800 retail and branded wholesale outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland.
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