Valero Hurt by Tough Macro Environment in 1Q, but Outlook Remains Favorable
Valero Energy's first-quarter adjusted earnings slumped to $141 million from $431 million last year as an especially weak refining environment took its toll, reducing refining operating income to $479 million from $811 million the year before. Narrower heavy sour discounts and weak gasoline margins were the primary culprits along with lower throughput volumes due to maintenance. The ethanol segment also performed poorly with operating income falling to $3 million from $45 million last year due t...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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