Valero Vitality Corp. on Thursday reported a loss attributable to shareholders of $595 million, or $1.9 per share, for the primary quarter, impacted by $1.13 billion in pre-tax impairments.
The write-downs got here from the Benicia and Wilmington refineries in California. On April 16 Valero mentioned it had notified the California Vitality Fee of its intent to “idle, restructure, or stop refining operations at Valero’s Benicia Refinery by the top of April 2026” and that it was evaluating “strategic options” for the remainder of its property within the state.
Earlier than impairments, web revenue landed at $282 million, or $0.89 per share assuming dilution. That’s down 77.86 p.c from Q1 2024 as margins fell. Valero’s inventory closed decrease at $113.36 on the New York Inventory Alternate on outcomes day.
- Advertisement -
In its typical gasoline manufacturing section the San Antonio, Texas-based firm logged a refining margin per barrel of throughput of $9.78 within the January-March 2025 interval, in comparison with $14.07 in Q1 2024. Manufacturing rose year-on-year to 2.85 million barrels a day.
In the meantime renewable diesel gross sales averaged 2.44 million gallons per day, down from 3.74 million gallons per day in Q1 2024. For the remaining section, ethanol, Valero reported a mean manufacturing quantity of 4.47 million gallons per day, steady in comparison with Q1 2024.
The refining section recorded an working lack of $530 million. The renewable diesel section additionally took an working lack of $141 million. The ethanol section generated $20 million in working revenue.
Working actions registered $952 million in web money, down from $1.85 billion for Q1 2024.
Revenues totaled $30.26 billion, in comparison with $31.76 billion for Q1 2024. Ethanol contributed $1.23 billion, whereas $900 million got here from renewable diesel.
“We delivered constructive outcomes for the primary quarter regardless of heavy upkeep exercise throughout our refining system and a difficult margin setting within the Renewable Diesel section”, mentioned chair, chief government and president Lane Riggs.
Valero returned $633 million to stockholders by means of dividends and buybacks in Q1 2025.
Earlier this yr Valero raised its common money dividend from $1.07 per share to $1.13 per share. The rise raises its annualized money dividend to $4.52 per share.
Final February Valero issued senior notes with an mixture principal quantity of $650 million, bearing a 5.15 curiosity and maturing 2030. It repaid excellent principal balances of $189 million of three.65 p.c senior notes that matured March and $251 million of two.85 p.c senior notes that matured April. Valero ended Q1 2025 with $8.48 billion in whole debt together with a present portion of $251 million. Present liabilities stood at $15.14 billion.
Its present property totaled $23.59 billion together with $4.63 billion in money and money equivalents.
To contact the creator, electronic mail jov.onsat@rigzone.com
What do you suppose? We’d love to listen to from you, be part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all power professionals to Communicate Up about our trade, share information, join with friends and trade insiders and interact in an expert group that can empower your profession in power.
