Description

Is Valero Energy’s $1.8 Billion Refining Income Enough To Challenge The Underperform Rating?

Valero Energy Corporation reported a net income of $1.3 billion or $4.22 per share for the first quarter of 2026, a significant improvement compared to a net loss of $595 million or $1.90 per share in the same period of 2025. Adjusted net income for the first quarter of 2025 was $282 million or $0.89 per share. The Refining segment showed a strong operating income of $1.8 billion, reversing the prior year loss, with throughput averaging 2.9 million barrels per day and cash operating expenses of $5.13 per barrel. The Renewable Diesel and Ethanol segments both returned to profitability, generating operating incomes of $139 million and $90 million, respectively, with robust sales and production volumes. General and administrative expenses were $285 million, and depreciation and amortization expenses included incremental charges related to ceasing refining operations at the Benicia refinery.