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Valero kicks off U.S. refiners’ third-quarter earnings with profit -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Valero refinery is next to Houston Ship Channel in Houston Texas on May 5, 2019. REUTERS/Loren Elliott

(Reuters) – Valero Energy Corporation (NYSE:) reported a quarterly profit Thursday, up from a loss a year ago. This was due to strong gasoline demand, which helped ease the pressure of rising crude oil prices.

After a global pandemic, the margins for refined products rose from a slump in world’s biggest fuel consumer to five-year highs.

Refining margin at the company was $2.597 trillion in its third quarter, up from $952million the previous year.

Joe Gorder, Chief Executive Officer of the company stated in a statement that there was a significant improvement in refiner margins during the third quarter because economic activity and mobility continue to rebound in key markets.

For the period ended September 30, the company reported net income equal to $1.13 per share. This is the first quarterly report from a major U.S. refiner. The loss was $464m, or $1.14 a share, as compared to a year prior.

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