Valero Energy Corp. says it earned $98 million in the first quarter, reversing a year-ago loss, on stronger fuel demand outside the United States and Europe.
America's largest independent oil refiner says it enjoyed better profit margins for jet fuel and diesel. It also realized a bigger return for refining heavier crude oil varieties that aren't so easily turned into gasoline.
Net income was 17 cents per share in the January-March quarter, compared with a loss of $113 million, or 20 cents per share, in the same part of 2010. Revenue increased 42 percent to $26.3 billion.
Valero, based in San Antonio, owns 14 oil refineries, 10 ethanol plants and a 50-megawatt wind farm. It also runs 5,800 retail and wholesale gasoline stations.