U.S. refiner Valero Energy Corporation ( NYSE: VLO ) reported on Wednesday a net loss of $1.9 billion for Q1, compared to a profit for the same period last year, after it took a $2-billion hit in the value of its inventory. Valero Energy posted a net loss attributable to Valero stockholders of $1.9 billion, or $4.54 per share, for the first quarter of 2020. This compares to net income of $141 million, or $0.34 per share, for the first quarter last year. The refiner reported an after-tax lower of cost or market, or LCM, inventory valuation adjustment of around $2.0 billion. This was the result of the market value of Valero’s inventories as of March 31, 2020, falling below their historical cost, “with the decline in market value resulting from the decline in crude oil and product market prices associated with the negative economic impacts from COVID-19,” the […]