(Reuters) – Valero Energy Corp VLO.N reported a second consecutive quarter of adjusted loss on Thursday and cut its investment budget for the year as the COVID-19 pandemic ravaged demand for fuels.
Oil refiners around the world have been forced to cut production, reeling from months of lackluster demand as the coronavirus lockdowns destroyed the need for travel.
While demand picked up in the third quarter with easing restrictions, fresh lockdowns due to a resurgence in COVID-19 infections are threatening that recovery.
The company now expects capital investments for this year and next to total around $2 billion, slightly below the $2.1 billion for 2020 it outlined at the end of the second quarter.
Valero, the first U.S. refiner to post third-quarter results, said revenue fell to $15.81 billion from $27.25 billion a year earlier.
Adjusted net loss attributable to Valero stockholders was $472 million, or $1.16 per share, in the three months ended September 30, compared with a profit of $642 million, or $1.55 per share, a year earlier.