Latest news with #ValeroEnergy
Yahoo
5 days ago
- Business
- Yahoo
Valero Energy reports decline in Q2 2025 profits
Valero Energy has declared net income attributable to its stockholders of $714m, equating to $2.28 per share, for the second quarter of 2025 (Q2 2025). This figure represents a decrease from net income of $880m, or $2.71 per share, for the same period in the previous year. The renewable diesel segment, including the Diamond Green Diesel joint venture, experienced an operating loss of $79m, contrasting with operating income of $112m in Q2 2024. The refining segment, however, showed resilience with operating income of $1.3bn for Q2 2025, a slight increase from $1.2bn in Q2 2024. Valero chairman, CEO and president Lane Riggs said: 'We delivered solid financial results for the second quarter, driven by our strong operational and commercial execution. 'In fact, we set a record for refining throughput rate in our US Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimisation projects.' The Ethanol segment reported operating income of $54m, a decrease from the $105m recorded in the previous year. General and administrative expenses rose to $220m, up from $203m in Q2 2024. Net cash from operating activities stood at $936m in Q2 2025, encompassing an unfavourable effect of $325m from changes in working capital. Adjusted net cash provided by operating activities, excluding certain items, was $1.3bn. Capital investments reached $407m, with the majority allocated to sustaining the business. The company continued to return value to stockholders, with $695m returned in Q2 through dividends and share repurchases. Quarterly cash dividend on common stock was announced at $1.13 per share, payable on 2 September 2025. Lane Riggs said: 'We remain committed to maintaining our track record of commercial and operational excellence, which has been a hallmark of Valero's strategy for over a decade. 'Our commitment remains underpinned by a strong balance sheet that also provides us plenty of financial flexibility.' The company also repaid a $251m outstanding principal balance of its senior notes and ended the quarter with $8.4bn of total debt and $4.5bn in cash and cash equivalents. Despite the mixed financial performance, Valero is investing in the future with a $230m FCC Unit optimisation project at the St. Charles Refinery, scheduled for completion in 2026. Valero intends to operate its refineries at a level approaching 94% of their aggregate capacity in Q3. Earlier in the year, Valero Energy announced the closure of its Benicia and Wilmington refineries in California, citing a challenging regulatory environment and rising costs. "Valero Energy reports decline in Q2 2025 profits" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
CTV News
5 days ago
- Business
- CTV News
Phillips 66 profit beats estimates on higher refining margins
A jogger runs in front of the Phillips 66 refinery, July 16, 2014, in the Wilmington area of Los Angeles. (AP Photo/Mark J. Terrill, File) Refiner Phillips 66 beat Wall Street estimates for second-quarter profit on Friday, helped by higher refining margins and lower turnaround expenses. Top U.S. refiners were expected to post higher second-quarter profit, rebounding from losses in the prior quarter as stronger-than-expected diesel margins lifted earnings. The improved margins helped peers such as Valero Energy surpass Wall Street estimates. Fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. Analysts cheered stronger refining and marketing margins, which offset a fall in chemicals segment, but flagged concerns about debt as the company expands midstream capabilities. The refiner's realized margin per barrel rose 12.4 per cent to US$11.25 in the quarter from a year ago, while turnaround expenses fell 47 per cent at US$53 million. Its crude capacity utilization was 98 per cent, while adjusted earnings from its refining segment rose about 30 per cent at US$392 million. 'During the quarter, Refining ran at the highest utilization since 2018, achieved its lowest cost per barrel since 2021, strong market capture and record year-to-date clean product yield,' CEO Mark Lashier said. The results come after a board fight in May, where Phillips 66 and activist investor Elliott Investment Management each won two board seats at an annual shareholders meeting. As part of its argument for actions to boost share price, Elliott had advocated exploring the sale or spin off of its midstream business and other asset divestments, to focus on the company's refining operations. Earlier this year, the refiner reported a bigger-than-expected loss for the first quarter, hurt by lower refining margins amid heavy turnaround activities in the U.S. refining sector. In the second quarter, the refiner's quarterly adjusted earnings for its midstream segment was down about three per cent at US$731 million from a year ago. The company reported an adjusted profit of US$2.38 per share for the three months ended June 30, compared with analysts' average estimate of US$1.71, according to data compiled by LSEG. --- Reporting by Tanay Dhumal in Bengaluru; Editing by Arun Koyyur
Yahoo
6 days ago
- Business
- Yahoo
Tractor Supply Q2 beat, Valero Energy falls, Spotify upgraded
Yahoo Finance anchor Josh Lipton tracks today's top moving stocks and biggest market stories in this Market Minute. Tractor Supply Company (TSCO) reported better-than-expected second quarter comparable sales and net sales. The company also reaffirmed its full-year outlook. Valero Energy (VLO) beat on second quarter earnings and revenue while seeing a decline in net income, sending the stock lower. Spotify (SPOT) was upgraded to Outperform by Oppenheimer, citing opportunity in ad user monetization. Stay up to date on the latest market action, minute-by-minute, with Yahoo Finance's Market Minute. It's time for Yahoo! Finance's Market Minute. Tractor Supply reporting better than expected comparable sales for the second quarter. Net sales also topping estimates with the company reaffirming its 2025 financial outlook. Though Tractor Supply now expects its share repurchases to be in the range of $325 to $375 million, below the outlook most recently provided back in January. Valero Energy under pressure despite a beat on earnings and revenue for the second quarter. Net income attributable to Valero stockholders sees a nearly 19% decline compared to the same period last year. And Spotify getting a lift as Oppenheimer raises its rating on that stock from perform to outperform. The firm noting there are many tailwinds ahead adding that the audio streaming company has a significant opportunity to monetize ad users. And that's your Yahoo! Finance Market Minute. For what's trending on Yahoo! Finance, scan the QR below to track the best and worst performing stocks of the session. Related Videos Mortgage rates steady, Trump says no capital gains on home sales Intel Q2 revenue tops estimates, will slash workforce Alphabet hikes AI spending plan: 'It's about time,' analyst says Tesla stock has an 'Elon tax' but offers 'front-row seat' to AI Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 days ago
- Business
- Reuters
Valero beats estimates as refining margins offset renewable diesel loss
July 24 (Reuters) - Refiner Valero Energy (VLO.N), opens new tab beat Wall Street estimates for second-quarter earnings on Thursday, despite reporting lower profits from the previous year, as a rebound in refining margins helped cushion losses in the renewable diesel segment. Its shares were down around 4% at noon. The first major refiner to post results this earnings season, Valero reported a profit of $2.28 per share for the second quarter, down from $2.71 per share for the same period a year ago but beating analysts' average estimates for $1.74 per share. The 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. Operating losses from the renewable diesel operations remain small relative to the profits generated by the refining segment, said Stewart Glickman, energy equity analyst at CFRA Research. For the second quarter, the refining segment reported quarterly operating income of $1.3 billion, up from last year's $1.2 billion, boosted by higher margins. Refining margin per barrel of throughput was up at $12.35 in the second quarter, compared with $11.14 from a year earlier, the San Antonio, Texas-based refiner said. "We set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter," said CEO Lane Riggs. Valero said it plans to operate refineries up to 94% of combined total capacity in Q3 2025. The pending closure of its Benicia refinery near San Francisco in April next year will remove around 5% of its refining capacity and 9% of California's crude oil capacity. Reuters reported this week the California government is trying to find a buyer for the Benicia refinery. "There's a genuine desire for [the California government officials] to avoid the refinery closure, but there's no solutions that have materialized, at least not from our perspective," said Rich Walsh, general counsel at Valero. "Nothing has changed in our plans."
Yahoo
6 days ago
- Business
- Yahoo
Valero Energy reports fall in second-quarter profit on lower throughput
(Reuters) -Refiner Valero Energy 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.
