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Valero Energy Corporation’s Refining Powerhouse Is Back — Can Tight Capacity Keep Margins Elevated?

Valero Energy Corporation reported a robust second quarter in 2026, driven by strong operational and commercial performance across its refining, renewable diesel, and ethanol business segments. The company’s refining operations delivered an operating income of $4.5 billion, a substantial increase over the prior year’s $1.3 billion, with throughput volumes averaging 3 million barrels per day. This performance was supported by resilient demand for transportation fuels amid volatile geopolitical and macroeconomic factors. The renewable diesel segment turned profitable with $717 million in operating income, improving from a loss in the prior year, as sales volumes averaged 3.8 million gallons per day. The ethanol segment also showed growth with operating income of $318 million and production volumes of 4.7 million gallons per day. Financially, Valero reported net income attributable to stockholders of $3.7 billion, or $12.62 per share, compared to $714 million, or $2.28 per share, in the same quarter of 2025.