Latest news with #Valero Energy
Zawya
01-08-2025
- Business
- Zawya
California imports Saudi Arabian gasoline for first time since 2022
Fuel importers in California have received gasoline from Saudi Arabia's Jubail Industrial Port after maintenance at the world's largest refinery in India helped to open the rare arbitrage opportunity, data from oil analytics firm Kpler showed. Three gasoline shipments totaling about 886,000 barrels from Saudi's Jubail Industrial Port have discharged in recent months at Southern California's Olympus Terminals, according to Kpler. Prior to this, California had not received fuel imports from Saudi Arabia since 2022. So far in 2025, the terminal has imported about 40% of its gasoline shipments from Jamnagar, which underwent a maintenance-related shutdown in April. That pushed buyers to turn to Saudi Arabia as an alternative supplier, Kpler analyst Yui Torikata said. California's fuel imports rose to their highest in four years in May, as the second-largest U.S. oil-consuming state tapped other unusual routes to make up for domestic refinery outages. California's regulators have proposed investments to raise fuel import capacity, as the state prepares for the closure of refineries that supply about 17% of its fuel needs. "There (are) certainly concerns over upcoming closures of two refineries... recent favorable freight cost also encouraged the high imports volume," Torikata said, referring to planned shutdowns of Valero Energy's 170,000-barrel per day Benicia refinery and Phillips 66's 139,000 bpd Los Angeles refinery. (Reporting by Seher Dareen in London and Shariq Khan in New York; editing by Barbara Lewis)
Reuters
24-07-2025
- Business
- Reuters
Valero Energy beats Q2 profit estimates as refining margins improve
July 24 (Reuters) - Refiner Valero Energy (VLO.N), opens new tab beat Wall Street estimates for second-quarter profit on Thursday as a rebound in refining margins helped cushion the loss in its renewable diesel unit. Investors were expecting top U.S. refiners to report higher second-quarter profits, bouncing back from losses during the first three months of the year as unseasonably strong diesel margins boosted earnings. Valero, the first major refiner to post results this earnings season, said its refining margin per barrel of throughput was up at $12.35 in the reported quarter, compared with $11.14 from a year earlier. "We set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter," said CEO Lane Riggs. The company's total throughput volumes stood at 2.9 million barrels per day (bpd) in the quarter, compared with 3.0 million bpd a year earlier. The refining segment reported quarterly operating income of $1.3 billion, higher than last year's $1.2 billion. However, its renewable diesel segment, consisting of the Diamond Green Diesel joint venture, reported an operating loss of $79 million for the quarter, compared with a profit of $112 million a year ago. The company also said it was progressing with a fluid catalytic cracking unit optimization project that will enable the St. Charles Refinery to increase its high-value product yield. The project is estimated to cost $230 million and is expected to be completed in 2026. Valero reported a profit of $2.28 per share for the quarter ended June 30, compared with analysts' average estimate of $1.74 per share, according to data compiled by LSEG.
Reuters
24-07-2025
- Business
- Reuters
Valero Energy reports fall in second-quarter profit on lower throughput
July 24 (Reuters) - Refiner Valero Energy (VLO.N), opens new tab reported a fall in second-quarter profit on Thursday, hurt by lower throughput volumes and a loss in its renewable diesel segment. Valero said earlier this year it plans to operate its 14 refineries at up to 88% of their combined total complete capacity of 3.2 million barrels per day (MMbpd) in the second quarter. The company's throughput volumes stood at 2.9 MMbpd in the quarter, compared with 3.0 MMbpd a year earlier. Its renewable diesel segment, which consists of the Diamond Green Diesel joint venture, reported an operating loss of $79 million for the quarter, compared with a profit of $112 million from a year ago. Valero reported a profit of $714 million, or $2.28 per share, for the quarter ended June 30, compared with $880 million, or $2.71 per share, a year earlier.
