Increasing Valero FVE, Although Shares Still a Bit Pricey; Conditions Look to Remain Favorable
Valero Energy's second-quarter adjusted earnings soared to $928 million from $548 million the year before as the company effectively capitalized on favorable market conditions despite lower volumes. Refining operating income increased to $1.4 billion from $945 million the year before thanks to higher distillate margins and wider sour and domestic light sweet crude discounts, which offset slightly lower throughput volumes due to turnarounds and a fire in the Texas City refinery in April. Manageme...Valero Energy is an international manufacturer and marketer of transportation fuels and petrochemical products. The company's segments include: Refining, which includes its refining operations, the associated marketing activities, and logistics assets that support its refining operations; Ethanol, which includes its ethanol operations, the associated marketing activities, and logistics assets that support its ethanol operations; and Renewable Diesel, which includes the operations of its joint ventture, Diamond Green Diesel Holdings LLC, which owns and operates a renewable diesel plant in Norco, LA.
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