On Wednesday Valero reported its 4Q earnings. It has been a tough year for refiners as the price of oil has nearly doubled, while at the same time prices at the pump have remained low, hurting margins. Valero reported a net loss of $1.98 billion, or $3.67 a share for 2009. For the fourth quarter Valero reported a loss of $182 million or 32 cents a share, beating the street estimates of a 47 cent loss.
Going forward I would like to update the model and think about repositioning ourselves within the energy sector.