Valero Energy not looking to sell California refineries, Reuters reports Valero Energy (VLO) CEO Bill Klesse says the company is not looking to sell its two California refineries, Reuters reports. Klesse said on the sidelines of the American Fuel and Petrochemical Manufacturers' conference that "It didn't seem like the right thing for our shareholders," and explained that "there aren't a lot of buyers...there's not a lot of value." Reference Link
Valero downgraded to Underperform from Neutral at BofA/Merrill BofA/Merill downgraded Valero to Underperform and raised its price target to $68 from $64. The firm believes the Refining sector has reverted to a trading sector and downgrade shares ahead of a seasonal slow-down in demand and a deteriorating macro backdrop.