Valero Reports Solid Quarter; Well Positioned for Continued Success, but Shares Look Overvalued
Valero posted strong first-quarter results as strong distillate margins offset narrower medium and heavy crude discounts. Adjusted net income, excluding a benefit of $170 million from a blender’s tax credit, increased to $431 million from $305 million a year ago. The refining segment was largely responsible for the improvement with adjusted operating income rising to $762 million from $640 million last year on the improved market conditions and higher throughput. Ethanol operating income increas...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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