• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 15 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Reality catching up with EV forecasts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days US Oil Independence is a myth and will always be a myth
  • 1 day A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 16 days Natural gas price to spike when USA is out of the market
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 15 days *****5 STARS - "The Markets are Rigged" by The Corbett Report

Valero Posts Bumper Q3 Profit As Demand For Its Fuels Exceeds 2019 Levels

Major U.S. refiner Valero Energy (NYSE: VLO) reported on Tuesday third-quarter earnings above analyst expectations, thanks to strong product demand exceeding 2019 levels and solid refining fundamentals in the U.S. and worldwide.

Valero, which launched the earnings season for U.S. refiners today, said its adjusted net income surged to $2.8 billion, or $7.14 per share, for the third quarter, up from $545 million, or $1.33 per share, for the third quarter of 2021.

The adjusted per-share earnings surpassed the analyst consensus of $6.80 compiled by The Wall Street Journal.

Revenues surged to $44.454 billion from $29.52 billion for the third quarter of last year, also beating the analyst consensus estimate.

ADVERTISEMENT

The Refining segment’s operating income soared to $3.8 billion for the third quarter of 2022, compared to $835 million for the third quarter of 2021.  

Valero’s refining throughput volumes averaged 3.0 million barrels per day (bpd) in the third quarter of 2022, up by 141,000 bpd higher than in the same period last year. Valero said that the company’s refinery utilization rate was 95% in the third quarter of 2022, compared to 91% in the third quarter of 2021.

Most U.S. refiners have operated near capacity this year to meet demand domestically and to meet stronger export demand after the Russian invasion of Ukraine and the looming EU embargo on imports of Russian oil and products.

ADVERTISEMENT

“Refining fundamentals remain strong as product demand through our system has surpassed 2019 levels, while global product supply remains constrained due to capacity reductions and high natural gas prices in Europe are setting a higher floor on margins,” Valero’s chairman and CEO Joe Gorder said.  

“We continue to maximize refining utilization in a safe, reliable and environmentally responsible manner to provide essential products.”

U.S. refiners have been under constant criticism by the White House this year for “not passing the record profits onto consumers.”

“Keeping prices high even as input costs fall is unacceptable, and the President will call on companies to pass their savings through to consumers – now,” the White House said last week.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment
  • George Doolittle on October 25 2022 said:
    Again I just fail to see the demand at this price other than from Government insanity of course.

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