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Valero profit receives surprise boost on the back of cheaper domestic oil

Reuters
January 31, 2013, 12:06 am TWN

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NEW YORK--Valero Energy Corp. posted a surprisingly strong quarterly profit on Tuesday, as the largest independent U.S. refiner drastically cut its dependence on foreign crude in favor of cheaper domestic supplies.

The results, which sent shares up more than 11 percent, are the latest sign of how the boom in U.S. shale oil production is redefining the entire oil sector, from the wellhead to the gas pump.

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