(MENAFN) Valero Energy Corporation's CEO, Bill Klesse, stated that the company's profit for the fourth quarter grew to USD1.01 billion, compared with USD45 million in 2011's same period, reported Xinhua News.
Klesse attributed the strong earnings, the highest since 2005, to the replacement of foreign crude for cheaper local oil.
The world's largest independent petroleum refiner and marketer logged a revenue of USD34.7 billion in the October to December period.
The CEO said that in the quarter, the Texas-based refinery operator swapped all imported light foreign crude with cheaper domestic crude at its Gulf Coast and Memphis refineries.
It is worth noting that Valero is looking for ways to process more North American crude, as it forecasts those lower-priced fuels to become more and more available.
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