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UPDATE 1-Valero Q2 profit skyrockets on strong refining margins

UPDATE 1-Valero Q2 profit skyrockets on strong refining margins

Reuters · 07/28/2022 06:45
UPDATE 1-Valero Q2 profit skyrockets on strong refining margins

Updates with industry background and detail on the results

- Refiner Valero Energy Corp VLO reported a jump in second-quarter profit on Thursday, boosted by higher demand for fuel and refined products.

Tightened crude oil supplies - due to sanctions on major supplier Russia following its invasion of Ukraine - at a time when global fuel demand is soaring, touching pre-pandemic levels, has boosted margins for gasoline and diesel.

Valero, the first major U.S. refiner to post quarterly results, said refining margin in the quarter rose to $8.09 billion from $2.05 billion a year earlier.

Net income attributable to the company's stockholders came in at $4.7 billion, or $11.57 per share, for the three months ended June, compared with $162 million, or 39 cents per share, a year earlier.


(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94 ;))