Valero Energy reports $595 million loss in first quarter

World World: Valero Energy on Thursday reported a first-quarter loss of $595 million, compared with a profit in the same period a year earlier. The company cited a drop in refining margins and a $1 billion impairment charge on its West Coast assets.

Excluding impairment losses, Valero reported an adjusted profit of 89 cents a share, which was above analysts’ expectations. CEO Lane Riggs said the quarter was affected by heavy maintenance on its refining system and challenging margins in the renewable diesel segment.

The company’s renewable diesel segment reported an operating loss of $141 million, compared with a profit of $190 million in the same segment a year earlier. Refining margins fell 29.5% to $2.49 billion.

The company’s net loss was $595 million, a sharp drop from a $1.2 billion profit in the previous year.