Fourth quarter profits at Valero Energy Corporation more than doubled over last year's figures, the company announced Tuesday. Valero, the biggest independent oil refiner in the United States, said it benefited hugely from an asset sale and an increase in prices when refineries closed after the summer's major hurricanes. The company reported net income of $1.35 billion, or $2.06 per share, versus a prior-year profit of $489 million, or 88 cents per share. Revenue totaled $25.89 billion, up from $15.39 billion a year ago. The results beat estimates by 12 cents per share, but Valero said it expects 2006 to be the "best year yet" for the company.
