Valero Energy Beats Q2 Earnings Estimates: The Details

Valero Energy Corp VLO reported second-quarter financial results before the market open on Thursday. Here’s a look at the key metrics from the quarter.

Q2 Earnings: Valero Energy reported second-quarter revenue of $29.89 billion, beating analyst estimates of $27.36 billion, according to Benzinga Pro. The company reported second-quarter adjusted earnings of $2.28 per share, beating estimates of $1.94 per share.

Here’s a breakdown of operating results by segment:

• Refining: Operating income of $1.3 billion, up from $1.2 billion year-over-year

• Ethanol: Operating income of $54 million, down from $105 million year-over-year

• Renewable Diesel: Operating loss of $79 million, down from income of $112 million year-over-year

“We delivered solid financial results for the second quarter, driven by our strong operational and commercial execution,” said Lane Riggs, chairman, president and CEO of Valero.

“In fact, we set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimization projects.”

Valero Energy ended the quarter with $4.5 billion of cash and cash equivalents and $8.4 billion of total debt.

VLO Price Action: Valero Energy shares were down 4.94% at $140.25 at the time of publication Thursday, according to Benzinga Pro.

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