Valero pulls forecast, will defer or delay some refining expenses

Independent U.S. refiner Valero Energy Corp said it was withdrawing its annual forecast and would defer or delay certain refining and ethanol related spending it had earlier planned for the year.

The company said in a filing its refining segment has suffered a drop in demand as the coronavirus outbreak and the resulting lockdowns "dramatically" reduced flights and usage of motor vehicles - important customers for Valero's refined products.

The refiner also said it estimates first-quarter revenue to be between $20.1 billion and $22.2 billion. (Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)

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