Valero loses nearly $2B in first quarter; cuts $400M in spending

San Antonio-based Valero Energy Corp. reported a first quarter loss of $1.9 billion on Wednesday and said that it is deferring $400 million in planned spending for the year.

Valero (NYSE: VLO) reported adjusted net income of $140 million, or 34 cents per share. That adjusted figure differed from consensus estimates, which predicted a loss of 15 cents per share, according to Zacks Investment Research.

Valero was able to return $548 million in cash to shareholders in the first quarter through dividends…

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