If you own stock in the San Antonio refiner, you probably are pretty happy as third-quarter profits soared 400 percent over last year.
this year has widened Valero and other refiners’ profitability and fueled the highest inflation in four decades.nearly 1 million barrels per day less
than before the pandemic, when demand dwindled and refiners closed plants. Amid a quick recovery of domestic demand and strong export demand since Russia’s invasion of Ukraine, refiners have been operating at record levels. Valero’s utilization rate — the amount of oil processed compared to a plant’s rated capacity — was 95 percent in the third quarter, up from 91 percent a year ago. Refining margins more than doubled to $5.9 billion.
The company’s 15 refineries — located in the U.S., Canada and the United Kingdom — averaged daily throughput of 3 million barrels per day, a 5 percent increase from last year. Its refining business reported income of $3.8 billion, up from $835 million. Valero — San Antonio’s largest publicly-traded corporation by revenue — earned $21.34 per barrel of crude oil refined, up from about $10 a year ago.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chief, San Francisco's new clubhouse for C-suite women, opens - San Francisco Business TimesChief wants to break through the isolation of top level female executives by providing the ideal networking hangout. Check out the space.
Read more »
Eight San Antonio-area races to watch in the 2022 midterm electionThese are the San Antonio Report staff's most closely watched races of the Nov. 8 midterm election.
Read more »
‘He has moved on’: Uvalde victim's family critical of Abbott outside San Antonio campaign eventGreg Abbott was at Chris Madrid's on San Antonio's North Side.
Read more »
2M Smokehouse will add a downtown San Antonio location at the El Camino food truck parkPlans are in the works for one of San Antonio's top barbecue destinations to open a...
Read more »
CPS Energy is San AntonioSPONSORED: As a municipally owned utility, CPS Energy provides funding to the City of San Antonio that covers about 27% of the city’s budget each year.
Read more »
San Antonio, show us your spooky and funny costumes for Halloween 2022👻 We want to see your Halloween costumes!
Read more »