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Valero Energy Reports Second Quarter 2014 Results

SAN ANTONIO, July 30, 2014 /PRNewswire/ -- Valero Energy Corporation (NYSE: VLO, "Valero") today reported net income from continuing operations attributable to Valero stockholders of $651 million, or $1.22 per share, for the second quarter of 2014 compared to $463 million, or $0.84 per share, for the second quarter of 2013.  For all periods shown in the accompanying tables, the results of operations reflect the Aruba refinery as discontinued operations. Valero recognized $63 million in charges in the second quarter of 2014 associated with recording asset retirement and other obligations related to our Aruba refinery.

Operating income in the second quarter of 2014 was approximately $1.1 billion versus $805 million in the second quarter of 2013.  The $280 million increase in operating income was due primarily to higher refining throughput volumes and wider discounts relative to Brent crude oil for sour and certain North American light crude oils.  These positive drivers were partially offset by weaker gasoline and distillate margins relative to Brent crude oil in most regions and higher natural gas costs in the second quarter of 2014 versus the second quarter of 2013.

Second quarter 2014 refining throughput volumes averaged 2.7 million barrels per day, an increase of 115,000 barrels per day from the second quarter of 2013.  The increase in volumes was due primarily to less turnaround activity and higher utilization rates spurred by the availability of discounted North American light crude oil on the U.S. Gulf Coast. 

"Valero delivered solid financial results for the quarter despite generally weaker product margins relative to Brent crude oil," said Valero CEO and President Joe Gorder. "We continued to execute our strategy to reduce feedstock costs by processing additional volumes of cost-advantaged North American crude oil and investing in logistics assets to deliver those feedstocks to our refineries." 

Gorder continued, "We increased North American crude oil consumption at our Quebec City refinery to 83 percent in the second quarter of 2014 from 8 percent in the second quarter of 2013, so we are progressing well toward our previously stated goal of reaching 100 percent by year-end. We also began processing Canadian bitumen through our new crude-by-rail unloading facility at our St. Charles refinery."

Ethanol operating income in the second quarter of 2014 was $187 million compared to $95 million in the second quarter of 2013.  The $92 million increase in operating income was mainly due to higher gross margin per gallon driven by lower corn costs as a result of an abundant corn crop and lower industry ethanol inventories at the start of the quarter.  Partially offsetting the increase in operating income was lower production volume resulting from rail congestion in the U.S. Mid-Continent.

"Our ethanol investments have continued to be strong performers, delivering a total of $430 million in operating income for the first half of 2014," Gorder said. "We expect our eleventh ethanol plant, the Mount Vernon facility acquired in March of this year, to begin operating and contributing to the segment's earnings in the third quarter."

Regarding cash flows in the second quarter of 2014, capital expenditures were $806 million, of which $240 million was for turnarounds and catalyst.  Valero paid $133 million in dividends on its common stock and $228 million to purchase 4.0 million shares of its common stock.  The company repaid $200 million of debt that matured in April and ended the quarter with $6.4 billion in total debt and $3.5 billion of cash and temporary cash investments, of which $382 million was held by Valero Energy Partners LP, Valero's majority-owned midstream master limited partnership.  Subsequent to the second quarter of 2014, Valero continued to return cash to stockholders by purchasing 2.0 million shares of its common stock for $104 million and by increasing the regular quarterly cash dividend from $0.25 per share to $0.275 per share for the third quarter of 2014.

Also in the second quarter of 2014, Valero announced the sale of certain logistics assets to Valero Energy Partners LP for $154 million. This transaction closed on July 1 and represents the execution of Valero's strategy to create stockholder value via Valero Energy Partners LP.

Valero expects 2014 capital expenditures, including turnarounds and catalyst, to be $3 billion, including approximately $870 million allocated to logistics investments – most of which are expected to be eligible for drop-down into Valero Energy Partners LP in the future.

"Given the strong North American crude oil production growth, we continue to focus the majority of our strategic capital on light crude oil processing capability and logistics," Gorder said. "We expect our refineries to benefit from access to lower cost crude oil and higher netback product export markets.  Also, our commitment to stockholders is clearly shown by our continued stock purchases and yesterday's dividend increase announcement."

Valero's senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and provide an update on company operations.  A live broadcast of the conference call will be available on the company's web site at www.valero.com.

About Valero

Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 10,000 people, and assets include 15 petroleum refineries with a combined throughput capacity of approximately 2.9 million barrels per day, 11 ethanol plants with a combined production capacity of 1.3 billion gallons per year, a 50-megawatt wind farm, and renewable diesel production from a joint venture. Through subsidiaries, Valero owns the general partner of Valero Energy Partners LP (NYSE: VLP), a midstream master limited partnership.  Approximately 7,400 outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland.  Valero is a Fortune 500 company based in San Antonio. Please visit www.valero.com for more information.

Valero Contacts
Investors:  
John Locke, Executive Director – Investor Relations, 210-345-3077
Karen Ngo, Manager – Investor Relations, 210-345-4574
Media:  
Bill Day, Vice President – Media and Community Relations, 210-345-2928

To download our new investor relations mobile app, which offers access to SEC filings, press releases, unit quotes, and upcoming events, please visit Apple's iTunes App Store for your iPhone and iPad or Google's Play Store for your Android mobile device.

Safe-Harbor Statement

Statements contained in this release that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.  The words "believe," "expect," "should," "estimates," "intend," and other similar expressions identify forward-looking statements.  It is important to note that actual results could differ materially from those projected in such forward-looking statements.  For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero's annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and on Valero's website at www.valero.com.

 

VALERO ENERGY CORPORATION AND SUBSIDIARIES

EARNINGS RELEASE

(Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts)

(Unaudited)




Three Months Ended

Six Months Ended



June 30,

June 30,



2014

2013

2014

2013

Statement of Income Data (a):






Operating revenues


$34,914

$34,034

$68,577

$67,508

Costs and expenses:






   Cost of sales


32,167

31,523

62,797

62,208

   Operating expenses:






   Refining


967

909

1,939

1,788

   Retail


57

226

   Ethanol


111

102

240

179

   General and administrative expenses (b)


170

233

330

409

   Depreciation and amortization expense


414

405

835

835

   Total costs and expenses


33,829

33,229

66,141

65,645

   Operating income


1,085

805

2,436

1,863

Other income, net


12

11

27

25

Interest and debt expense, net of capitalized interest


(98)

(78)

(198)

(161)

Income from continuing operations before income tax expense


999

738

2,265

1,727

Income tax expense


343

276

772

616

Income from continuing operations


656

462

1,493

1,111

Income (loss) from discontinued operations (a)


(63)

3

(64)

6

Net income


593

465

1,429

1,117

   Less: Net income (loss) attributable to noncontrolling interests (c)


5

(1)

13

(3)

Net income attributable to Valero Energy Corporation stockholders


$588

$466

$1,416

$1,120

Net income attributable to Valero Energy Corporation stockholders:






Continuing operations


$651

$463

$1,480

$1,114

Discontinued operations


(63)

3

(64)

6

Total


$588

$466

$1,416

$1,120

Earnings per common share:







Continuing operations


$1.23

$0.85

$2.78

$2.03

Discontinued operations


(0.12)

0.01

(0.12)

0.01

Total


$1.11

$0.86

$2.66

$2.04

Weighted-average common shares outstanding (in millions)


529

543

530

546

Earnings per common share – assuming dilution:






Continuing operations


$1.22

$0.84

$2.77

$2.02

Discontinued operations


(0.12)

0.01

(0.12)

0.01

Total


$1.10

$0.85

$2.65

$2.03

Weighted-average common shares outstanding - 
    assuming dilution (in millions)


534

548

535

552







Dividends per common share


$0.25

$0.20

$0.50

$0.40

 

VALERO ENERGY CORPORATION AND SUBSIDIARIES

EARNINGS RELEASE

(Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts)

(Unaudited)




Three Months Ended

Six Months Ended



June 30,

June 30,



2014

2013

2014

2013

Operating income by business segment:






Refining (a)


$1,079

$918

$2,359

$2,127

Retail


39

81

Ethanol


187

95

430

109

Corporate (b)


(181)

(247)

(353)

(454)

  Total


$1,085

$805

$2,436

$1,863

Depreciation and amortization expense by business segment:






Refining


$391

$369

$788

$727

Retail


11

41

Ethanol


12

11

24

22

Corporate


11

14

23

45

  Total


$414

$405

$835

$835

Operating highlights:






Refining (a):






Throughput margin per barrel


$9.84

$9.26

$10.36

$9.92

Operating costs per barrel:






Operating expenses


3.90

3.83

3.95

3.83

Depreciation and amortization expense


1.58

1.56

1.60

1.55

  Total operating costs per barrel


5.48

5.39

5.55

5.38

Operating income per barrel


$4.36

$3.87

$4.81

$4.54

Throughput volumes (thousand barrels per day):






Feedstocks:






Heavy sour crude oil


428

488

453

491

Medium/light sour crude oil


472

463

491

441

Sweet crude oil


1,084

896

1,074

992

Residuals


235

315

219

270

Other feedstocks


152

120

140

101

  Total feedstocks


2,371

2,282

2,377

2,295

Blendstocks and other


350

324

334

291

  Total throughput volumes


2,721

2,606

2,711

2,586

Yields (thousand barrels per day):






Gasolines and blendstocks


1,318

1,281

1,307

1,239

Distillates


1,034

910

1,029

910

Other products (d)


405

441

410

461

  Total yields


2,757

2,632

2,746

2,610

 

VALERO ENERGY CORPORATION AND SUBSIDIARIES

EARNINGS RELEASE

(Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts)

(Unaudited)




Three Months Ended

Six Months Ended



June 30,

June 30,



2014

2013

2014

2013

Refining operating highlights by region (e):






U.S. Gulf Coast (a):






   Operating income


$660

$411

$1,543

$999

   Throughput volumes (thousand barrels per day)


1,567

1,530

1,576

1,476

   Throughput margin per barrel


$10.03

$8.12

$10.75

$9.02

   Operating costs per barrel:






   Operating expenses


3.82

3.66

3.72

3.72

   Depreciation and amortization expense


1.58

1.51

1.62

1.56

    Total operating costs per barrel


5.40

5.17

5.34

5.28

   Operating income per barrel


$4.63

$2.95

$5.41

$3.74

U.S. Mid-Continent:






   Operating income


$250

$343

$480

$820

   Throughput volumes (thousand barrels per day)


426

422

412

423

   Throughput margin per barrel


$12.07

$14.20

$12.33

$15.80

   Operating costs per barrel:






   Operating expenses


3.91

3.69

4.17

3.53

   Depreciation and amortization expense


1.70

1.59

1.72

1.57

     Total operating costs per barrel


5.61

5.28

5.89

5.10

   Operating income per barrel


$6.46

$8.92

$6.44

$10.70

North Atlantic:






   Operating income


$145

$70

$343

$256

   Throughput volumes (thousand barrels per day)


462

370

466

427

   Throughput margin per barrel


$7.78

$7.18

$8.63

$7.89

   Operating costs per barrel:






   Operating expenses


3.20

3.90

3.45

3.57

   Depreciation and amortization expense


1.13

1.20

1.11

1.01

     Total operating costs per barrel


4.33

5.10

4.56

4.58

   Operating income per barrel


$3.45

$2.08

$4.07

$3.31

U.S. West Coast:






   Operating income (loss)


$24

$94

$(7)

$52

   Throughput volumes (thousand barrels per day)


266

284

257

260

   Throughput margin per barrel


$8.66

$10.81

$7.98

$8.76

   Operating costs per barrel:






   Operating expenses


5.59

4.93

5.95

5.27

   Depreciation and amortization expense


2.08

2.22

2.18

2.38

     Total operating costs per barrel


7.67

7.15

8.13

7.65

   Operating income (loss) per barrel


$0.99

$3.66

$(0.15)

$1.11

 

VALERO ENERGY CORPORATION AND SUBSIDIARIES

EARNINGS RELEASE

(Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts)

(Unaudited)




Three Months Ended

Six Months Ended



June 30,

June 30,



2014

2013

2014

2013

Average market reference prices and differentials:






Feedstocks (dollars per barrel):






   Brent crude oil


$109.74

$103.36

$108.82

$108.00

   Brent less West Texas Intermediate (WTI) crude oil


6.68

9.17

7.93

13.75

   Brent less Alaska North Slope (ANS) crude oil


0.51

(0.91)

1.28

0.70

   Brent less Louisiana Light Sweet (LLS) crude oil


3.41

(1.78)

3.15

(2.13)

   Brent less Mars crude oil


8.22

3.53

7.32

2.93

   Brent less Maya crude oil


13.95

5.46

16.20

7.57

   LLS crude oil


106.33

105.14

105.67

110.13

   LLS less Mars crude oil


4.81

5.31

4.17

5.06

   LLS less Maya crude oil


10.54

7.24

13.05

9.70

   WTI crude oil


103.06

94.19

100.89

94.25







Natural gas (dollars per million British Thermal Units)


4.56

4.00

4.90

3.72







Products (dollars per barrel, unless otherwise noted):






   U.S. Gulf Coast:






   CBOB gasoline less Brent


7.33

7.51

4.56

6.11

   Ultra-low-sulfur diesel less Brent


12.81

16.79

13.99

16.88

   Propylene less Brent


(5.00)

(6.76)

(1.19)

(0.14)

   CBOB gasoline less LLS


10.74

5.73

7.71

3.98

   Ultra-low-sulfur diesel less LLS


16.22

15.01

17.14

14.75

   Propylene less LLS


(1.59)

(8.54)

1.96

(2.27)

   U.S. Mid-Continent:






   CBOB gasoline less WTI (f)


16.00

26.11

14.55

24.97

   Ultra-low-sulfur diesel less WTI


20.99

29.30

23.43

32.39

   North Atlantic:






   CBOB gasoline less Brent


11.69

10.89

8.54

10.12

   Ultra-low-sulfur diesel less Brent


14.19

18.17

18.40

18.44

   U.S. West Coast:






   CARBOB 87 gasoline less ANS


19.72

21.18

14.96

17.64

   CARB diesel less ANS


17.16

17.09

17.30

19.23

   CARBOB 87 gasoline less WTI


25.89

31.26

21.61

30.69

   CARB diesel less WTI


23.33

27.17

23.95

32.28

   New York Harbor corn crush (dollars per gallon)


0.68

0.28

0.94

0.10

 


VALERO ENERGY CORPORATION AND SUBSIDIARIES

EARNINGS RELEASE

(Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts)

(Unaudited)




Three Months Ended

Six Months Ended



June 30,

June 30,



2014

2013

2014

2013

Ethanol:






   Operating income


$187

$95

$430

$109

   Production (thousand gallons per day)


3,276

3,508

3,186

3,112







   Gross margin per gallon of production


$1.04

$0.65

$1.20

$0.55

   Operating costs per gallon of production:






     Operating expenses


0.37

0.32

0.41

0.32

     Depreciation and amortization expense


0.04

0.03

0.04

0.04

       Total operating costs per gallon of production


0.41

0.35

0.45

0.36

   Operating income per gallon of production


$0.63

$0.30

$0.75

$0.19

















June 30,

December 31,





2014

2013

Balance Sheet Data:






   Current assets


$18,450

$19,277

   Cash and temporary cash investments, including $382 and $375, respectively, held by Valero Energy Partners LP, reflected in current assets


3,480

4,292

   Inventories included in current assets


6,526

5,758

   Replacement cost (market value) of inventories in excess of LIFO carrying amounts


7,222

6,851

   Current liabilities


12,523

13,123

   Current portion of debt and capital lease obligations included in current liabilities


601

303

   Debt and capital lease obligations, less current portion


5,784

6,261

   Total debt and capital lease obligations


6,385

6,564

   Valero Energy Corporation stockholders' equity


20,211

19,460








 

VALERO ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO EARNINGS RELEASE


(a)

In May 2014, we decided to abandon our Aruba Refinery, except for the associated crude oil and refined products terminal assets that we continue to operate. As a result of our decision, the results attributable to the Aruba Refinery operations have been presented as discontinued operations and the operating highlights for the refining segment and the U.S. Gulf Coast region exclude the Aruba Refinery for all periods presented.  Even though we suspended refining operations in 2012, we continued to maintain the refining assets to allow them to be restarted and did not abandon them until our recent decision to no longer pursue options to restart refining operations. 




Because of our decision to abandon the refining assets, we believe the Government of Aruba (GOA) will enforce certain land lease provisions requiring us to dismantle the refinery assets. As a result, "Income (loss) from discontinued operations" for the three and six months ended June 30, 2014 include a charge of $59 million for an asset retirement obligation and a charge of $4 million for other contractual obligations. We had not recognized an asset retirement obligation previously due to our belief that the GOA would not enforce the lease provision as long as we intended to operate the refining assets.



(b)

The decrease in general and administrative expenses for the three and six months ended June 30, 2014 compared to the three and six months ended June 30, 2013 is due primarily to administrative expenses in 2013 associated with our former retail business that did not recur due to the separation of that business in May 2013, costs incurred in the second quarter 2013 to effect that separation, and costs related to various environmental and legal matters in the second quarter 2013.



(c)

We consolidate the financial statements of the entities described below due to our controlling interests. The earnings (losses) incurred by these entities that are attributable to the owners of the noncontrolling interests are subtracted from (added back to) net income to arrive at net income attributable to Valero stockholders.

 

  • Valero Energy Partners LP (VLP) - On December 16, 2013, VLP, a master limited partnership formed by us, completed its initial public offering of 17,250,000 common units representing a 29.4 percent limited partner interest in VLP. We own a 2 percent general partner interest and a 68.6 percent limited partner interest.  For the periods presented, VLP's assets include crude oil and refined petroleum products pipeline and terminal systems in the U.S Gulf Coast and U.S. Mid-Continent regions that are integral to the operations of our Port Arthur, McKee, and Memphis Refineries.
  • Diamond Green Diesel Holdings LLC (DGD) - We own a 50 percent interest in DGD and have lent DGD $221 million to finance approximately 60 percent of the construction costs of a plant built by DGD that processes animal fats, used cooking oils, and other vegetable oils into renewable green diesel. The plant began operations at the end of June 2013 and is located next to our St. Charles Refinery in Norco, Louisiana.
  • PI Dock Facilities LLC (PI Dock) - We own a 50 percent interest in PI Dock and have agreed to lend PI Dock up to $90 million to finance construction costs of a crude dock and certain shared facilities.  PI Dock has agreed to construct and operate the crude dock and related facilities to be located on Pleasure Island, Texas, which is near our Port Arthur Refinery.


(d)

Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.



(e)

The regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid-Continent- Ardmore, McKee,  and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries.



(f)

U.S. Mid-Continent product specifications for gasoline changed on September 16, 2013 from Conventional 87 gasoline to CBOB, or "conventional blendstock for oxygenate blending," gasoline.  As a result, we revised our U.S. Mid-Continent reference gasoline to CBOB.

 

 

SOURCE Valero Energy Corporation

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The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“The age of the Internet of Things is upon us,” stated Thomas Svensson, senior vice-president and general manager EMEA, ThingWorx, “and working with forward-thinking companies, such as Elisa, enables us to deploy our leading technology so that customers can profit from complete, end-to-end solutions.” ThingWorx, a PTC® (Nasdaq: PTC) business and Internet of Things (IoT) platform provider, announced on Monday that Elisa, Finnish provider of mobile and fixed broadband subscriptions, will deploy ThingWorx® platform technology to enable a new Elisa IoT service in Finland and Estonia.
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...