• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days They pay YOU to TAKE Natural Gas
  • 6 days What fool thought this was a good idea...
  • 9 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 4 days A question...
  • 15 days The United States produced more crude oil than any nation, at any time.
Russia Loses Ground to China in Central Asian Trade

Russia Loses Ground to China in Central Asian Trade

Kyrgyzstan has a significant trade…

U.S. Refiner Valero Beats Q3 Earnings Estimates On Strong Sales

Valero Energy (NYSE: VLO), the second largest U.S. refiner by capacity, reported on Thursday higher-than-expected profits for the third quarter of 2023, amid continued strong product demand in America.

Valero booked a net income attributable to Valero stockholders of $2.6 billion, or $7.49 per share, for the third quarter of 2023. This compares to $2.8 billion, or $7.19 per share, for the third quarter of 2022.

The analyst consensus had expected $7.47 earnings per share for the third quarter of 2023.      

Valero’s refining margin fell to $5.414 billion in the third quarter from $5.9 billion for the same period of 2022.  

Refining margins have dropped from last year but tight supplies and resilient fuel demand helped Valero beat the profit estimates for the third quarter.

“Our refineries operated well and achieved 95 percent throughput capacity utilization, which is a testament to our team’s relentless focus on operational excellence,” said Lane Riggs, Valero’s Chief Executive Officer and President.

“Product demand remained strong in our U.S. wholesale system, which matched the second quarter record of over 1 million barrels per day of sales volume,” Riggs added.

For the second quarter this year, Valero reported significantly lower net income compared to the same period of 2022, as refining margins halved from a year ago. Despite lower second-quarter income, Valero’s earnings were higher than estimates in the second quarter of 2023, too.

In the third quarter of 2023, Valero returned $2.2 billion to stockholders, of which $360 million was paid as dividends and $1.8 billion was for the purchase of approximately 13 million shares of common stock, resulting in a payout ratio of 68 percent of adjusted net cash provided by operating activities.

“Valero continues to target an annual payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities,” the refiner said.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on October 26 2023 said:
    USA gold and silver production remains absolutely massive as well...billions in US Dollar values in a USA *RIVEN* by the insanity of war mongers who budget for trillions on the back of a napkin and now overtly state the purpose of all of these Wars is to make massive profits and not to win any of the Wars. I don't recall this kind of rhetoric *EVER* in US History. Long $hmc Honda Motor Corporation strong buy

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News