Energy
Valero Signals Another California Refinery’s Future In Doubt
This article is for subscribers only.
Valero Energy Corp. took a $1.1 billion writedown on its California oil refineries, casting doubt on the company’s future as a fuelmaker in the most-populous US state.
The pre-tax charge reflects Valero’s conclusion that “the carrying values of these assets were not recoverable,” according to a statement Thursday.