Sam Boughedda

Investing.com — Valero Energy Corporation (NYSE: announced its earnings for the first quarter on Tuesday. Following the announcement, shares rose 5.74%.

The surge in gasoline prices helped revenue surpass expectations, which came in at $38.54billion. Net income was $2.21 per share, compared with the predicted $1.67. 

Joe Gorder is the chairman of Valero and its CEO. “We are delighted to announce solid financial results for quarter one, led by continued recovery in refining segment,” he said. The fundamentals which drove strong results for the first quarter in particular March continue to be a favorable backdrop for improving margins.

Valero also expedited the anticipated completion of the Port Arthur Diamond Green Diesel plant at Port Arthur, to the fourth-quarter of 2022

The company also stated that it expected low-carbon fuel policies worldwide to grow and increase demand for these fuels.