Merchant refiner and renewable fuels producer Valero Energy (VLO) reported Q2 earnings last week that were only slightly less dismal than analysts had expected them to be. The company's adjusted EPS came in at -$1.25, beating the consensus by $0.15 but representing an especially poor result in a quarter that normally sees the company (and other merchant refiners) book much of its annual profit. Its revenue fell by 64% YoY and missed that consensus by over $1 billion. While largely expected by analysts, the sheer magnitude of the earnings decrease caught investors by