Crude oil costs for Valero have shot up $16 per barrel since the company reported fourth quarter earnings on Jan. 26 due to unrest in the Middle East, cutting deeply in its ability reap profits from refined products.

That same jump in crude has also left some product deals in the red.

The San Antonio company expects earnings of 15 cents to 30 cents per share in the first quarter. That figure includes an after-tax loss of $348 million, or 61 cents per share from forward sales of refined products.

Analysts on average expected a profit of 55 cents per share, according to Thomson Reuters I/B/E/S, but it was not immediately clear if the estimates were comparable.

Maintenance at the company’s plants in Northern California and Oklahoma will also affect the overall amount of crude the company will be able to process in the quarter, it said.