Valero Energy swings to first-quarter profit as refining margins rise
Updated
Updated · MarketWatch · Apr 30
Valero Energy swings to first-quarter profit as refining margins rise
11 articles · Updated · MarketWatch · Apr 30
The San Antonio refiner reported net income of $1.26 billion, or $4.22 a share, versus a $595 million loss, beating Wall Street forecasts of $3.12.
Revenue rose 7% to $32.38 billion and refining margin jumped 56% to $3.91 billion as higher oil and gasoline prices from the Iran war lifted returns.
Valero said it remains well positioned for the current margin environment, processed 2.9 million barrels a day, and expects to finish a $230 million Louisiana refinery project in the third quarter.
Valero's strategy thrives on the Iran war. How vulnerable is it to a sudden peace deal in the Middle East?
With Valero's profits soaring from war, are consumers now locked into a new era of high gas prices?
Do record fossil fuel profits actually speed up Valero's pivot to cleaner, renewable energy sources?