- Valero Energy ( NYSE: VLO ) -0.9% pre-market Tuesday despite easily beating Wall Street estimates for Q3 adjusted earnings and revenues, as margins were lifted by strong demand for fuel and refined products.
- Q3 net income attributable to shareholders jumped to $2.82B, or $7.19/share, from $463M, or $1.13/share, in the year-earlier quarter, while revenues jumped 51% Y/Y to $44.45B.
- Q3 total refinery throughput volumes rose 5% Y/Y to 3M bbl/day, and the refinery utilization rate was 95% in the latest quarter, compared with 91% in the year-ago quarter.
- Valero ( VLO ) reported Q3 refining margin more than doubled to $5.9B from a year earlier and said it continues to maximize refining utilization.
- The company said it expects the Port Arthur Coker project, which is expected to increase the refinery’s throughput capacity while also improving turnaround efficiency, will be completed in H1 2023.
- "Refining fundamentals remain strong as product demand through our system has surpassed 2019 levels, while global product supply remains constrained due to capacity reductions and high natural gas prices in Europe are setting a higher floor on margins," Chairman and CEO Joe Gorder said.
- Valero's ( VLO ) stock price return shows a 67% YTD gain and a 56% increase during the past year .
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Valero reports big Q3 profit boost as refining margin more than doubled