"Valero recently reported its first quarter 2009 results. The company
announced that its net income was 59 cents per share, compared to 48
cents per share in the first quarter of 2008. “We reported positive
earnings despite weaker demand,” said Bill Klesse, Valero’s Chairman
of the Board and Chief Executive Officer. “In fact, our first quarter
2009 earnings per share were 23% higher than the first quarter of
2008, and 64% higher if you exclude last year’s insurance recovery. In
all our regions, gasoline margins were unseasonably strong and nearly
double the level in the same quarter last year. Diesel and jet fuel
margins were also good in the first quarter despite being down from
last year’s high levels."

...... and wondering why there isn't better price action in VLO. The
rise in Oil prices perhaps??? Going into the summer season with the
economy starting to recover and hurricanes coming I can't imagine this
stock goes much lower.