Valero Energy reported a fivefold increase in Q2 earnings, beating estimates as Middle East disruptions boosted refining margins.
Valero Energy posted a record Q2 adjusted profit of $3.72 billion, or $12.62 per share, up from $714 million, or $2.28 per share, a year earlier. The surge exceeded Wall Street expectations, driven by higher refining margins amid oil market disruptions in the Middle East.
The company attributed the strong performance to improved feedstock costs, including lower-cost Venezuelan crude. Analysts had anticipated a smaller increase, with consensus estimates around $10 per share for the quarter.
Shares of Valero (VLO) rose 3.4% following the earnings release, reflecting investor confidence in the refining sector’s resilience.