San Antonio, TX-based refiner Valero Energy Corp. has taken steps to reduce its output in light of the drastic drop in gasoline demand, but it likely won't be enough to prevent a billion-dollar loss for the first quarter, the company reported Monday.
According to the San Antonio Business Journal, Valero issued new guidance on its first quarter 2020 results, predicting a net loss attributable to shareholders of $1.8 billion to $2.1 billion on revenue of $20.1 billion to $22.2 billion.
Valero has temporarily suspended operations at eight of its plants and reduced output at the remaining six. At least one of its ethanol plants is producing hand sanitizer.
