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

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Valero Energy reported higher-than-expected profits for the third quarter thanks to strong product demand in the United States.

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.

“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.

 

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