Ethanol assets bolster Valero's weak earnings in third quarter

Valero reported a loss of $489 million in the third quarter because of "weak demand for refined products, and high inventories," said Bill Klesse, the company's chairman and CEO. Valero's ethanol segment, however, brought in operating profit worth $49 million, more than doubling numbers from the previous quarter. Despite "outstanding" results for ethanol, the independent oil refiner is bracing for further losses in the fourth quarter, officials said.

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