Oil refiner Valero Energy Corp. (NYSE: VLO) reported third-quarter 2014 earnings before markets opened Tuesday. Diluted earnings per share (EPS) totaled $2.00, compared with EPS a year ago of $0.57. Quarterly revenues totaled $34.41 billion, compared with revenues of $36.14 billion in the third quarter of 2013. The consensus estimate called for EPS of $1.58 on revenues of $31.58 billion.

Operating income in the third quarter more than tripled to $1.67 billion, which the company attributed to “mainly from wider discounts for sweet and sour crude oils relative to Brent crude oil, stronger gasoline margins in most regions, and higher refining throughput volumes.” Valero’s oil refining income rose by $1.06 billion, and income from the ethanol segment nearly increased from $113 million in the third quarter a year ago to $198 million.

Valero’s oil refineries operated at 98% of throughput capacity utilization in the third quarter, averaging 2.8 million barrels a day, up by 42,000 barrels a day from the same period a year ago. The volume increase was due primarily to lower turnaround activity and higher throughput capacity utilization, supported by strong product exports and increased availability of North American light crude oil on the U.S. Gulf Coast.

The company did not offer earnings guidance in its press release but did say that 2014 capex is expected to reach $2.9 billion, of which $1.5 billion is directed toward growth. For 2015 the company expects capital spending of around $2.8 billion, with $1.3 directed toward growth.

Consensus estimates call for fourth-quarter EPS of $1.20 on revenues of $27.75 billion. For the full year, EPS is forecast at $5.52 on revenues of $128.84 billion.

Income from ethanol production rose on higher gross margins, driven by lower corn costs and increased volumes generated by the start-up of Valero’s 11th ethanol plant in August. For the first nine months of the year, ethanol has delivered $628 million of Valero’s total operating income of $1.67 billion.

Shares of Valero were up about 1.3% in Tuesday’s premarket, at $50.99, in a 52-week range of $39.01 to $59.69. The consensus target price for the shares was around $63.70 before the report.

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