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More from Valero's (VLO) Q3 report: For FY12, VLO cuts its capital spending estimate to...

More from Valero's (VLO) Q3 report: For FY12, VLO cuts its capital spending estimate to $3.5B vs. prior guidance of ~$3.6B. Expects total 2013 capex of ~$2.5B. Looking at Q4, says gasoline margins have narrowed significantly, but distillate margins and sour crude discounts remain wide. U.S. demand for refined products continues weak, but exports remain strong.
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