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Valero Energy’s Crude Slate Pivot: Is Heavy Oil the Key to Beating the Refining Cycle?

Valero Energy Corporation recently reported strong financial results for the fourth quarter of 2025, showcasing its robust operational and commercial performance. The company highlighted record refining throughput and ethanol production as a result of its team’s commitment to efficient and reliable operations. Achievements such as these underline the capability of Valero’s infrastructure and its ability to capitalize on favorable market conditions. In financial terms, Valero reported a net income attributable to its stockholders of $1.1 billion, or $3.73 per share, for the quarter, a substantial increase from $281 million, or $0.88 per share, in the same quarter of the previous year. This increase in profitability was bolstered by robust refining margins and sour crude discounts, resulting in $1.7 billion of operating income from the refining segment alone.