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U.S. Refiner Valero Energy Beats Profit Forecasts in Q1

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Refiner News

Earnings,Profits,United States

Valero Energy saw its adjusted net income more than half in the first quarter compared to a year earlier but still managed to beat analyst consensus estimates.

One of the largest U.S. refiners, Valero Energy NYSE VLO, saw its adjusted net income more than halve in the first quarter compared to a year earlier, but earnings nevertheless beat the analyst consensus estimate amid tight crude supplies at the start of this year. Valero opened the earnings reporting season on Thursday, announcing an adjusted net income of $1.3 billion, or $3.82 per share, for Q1. This compares to $3.1 billion, or $8.

9 billion for the same period last year. Analysts expect disruptions to global oil product flows, still strong refining margins, and lowered U.S. refinery utilization to have bolstered the quarterly earnings of American oil refiners in the first quarter of 2024. Profits are expected to be lower than in 2022 when the Russian invasion of Ukraine upended markets and pushed up refining margins, but U.S.

 

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