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Refiner Valero posts higher profit as oil demand rebounds

Valero Energy Corp said on Thursday its adjusted profit rose in the second quarter from the previous three-month period, as fuel consumption improved with the easing of coronavirus-related travel restrictions.

Fuel consumption has been rising this year after it hit record lows in 2020, as vaccination rollouts encouraged governments to lift travel and other restrictions.

The company’s second-quarter refining margin was $1.97 billion, compared with $1.45 billion in the previous quarter. Its Chief Executive Officer Joe Gorder said the margin environment for refining was “weak, but otherwise improving.”

Valero, the first U.S. refiner to post quarterly results, said its refining throughput, or the amount of crude it processed, rose more than 16% sequentially to 2.8 million barrels per day.

Adjusted net income attributable to Valero stockholders was $197 million, or 48 cents per share, for the three months ended June 30, compared with $140 million, or 34 cents per share, in the prior quarter.

U.S. oil refiners set for first profit since onset of pandemic
Source: Reuters (Reporting by Shariq Khan in Bengaluru; editing by Uttaresh.V)

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