Valero shares fell 2.4% after earnings, a roughly flat reaction that suggests investors saw a mixed quarter rather than a clear surprise. Reported earnings and refining income rose sharply year over year, but the transcript does not provide enough forward guidance to assess the outlook.
- Net income attributable to Valero stockholders was $6.8 billion, or $23.89 per share, versus $1.1 billion, or $3.53, in the year-ago quarter.
- Refining operating income reached $8.8 billion, compared with $1.6 billion a year earlier; throughput averaged 3 million barrels per day and cash operating expenses were $5.30 per barrel.
- Renewable diesel operating income was $353 million, versus a $28 million loss a year earlier. Ethanol operating income rose to $272 million from $183 million, with production at a quarterly record 4.8 million gallons per day.
- Operating cash flow was $6.9 billion, including a $526 million unfavorable working-capital impact; adjusted operating cash flow excluding specified items was $7.3 billion.
- Valero ended the quarter with $9.8 billion in cash and $8.6 billion in debt. The debt-to-capitalization ratio net of cash was 4%, and shareholder cash returns represented 52% of the quarter’s payout ratio.
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