(RTTNews) - Valero Energy Corp. (VLO: News ) said that, on November 3, an arbitration panel in the Netherlands handed down an interim decision on certain issues in dispute between the company and the Government of Aruba. The panel ruled favorably on Valero's existing exemption from income tax liability for refining operations through 2010. Valero had not recognized any expense or liability with respect to the matters in its consolidated financial statements. Due to the uncertain timing of the panel's final ruling, the company has recorded a loss contingency accrual of approximately $140 million or $0.25 per share, in its financial results for the quarter ended September 30, 2009.

The company updated its third quarter results and reported a loss of $629 million or $1.12 per share, compared to a profit of $1.15 billion or $2.18 per share in the previous year period. Operating revenues for the quarter were $19.5 billion, compared to $35.9 billion in the year-ago period.

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by RTT Staff Writer

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