Valero Energy reported lower-than-expected earnings for Q3 2024 due to a significant decline in refining margins, despite beating analyst estimates.
One of the biggest U.S. refiners, Valero Energy NYSE VLO, beat Wall Street estimates even as it reported a widely expected plunge in its third-quarter earnings due to slumping refining margins. Valero reported on Thursday earnings per share EPS of $1.14 for the third quarter, down by a massive 86% compared to the EPS of $7.49 for the same period last year. Yet, the earnings per share for July-September 2024 beat the analyst consensus estimate of $0.98. All U.S.
9 million barrels per day during a period of heavy maintenance activities in the third quarter of 2024, the company said. The multi-year low refining margins were the biggest drag on Valero’s results, as they will be on the other refiners in the United States and on the integrated oil and gas supermajors. Some of Big Oil have already flagged they would be reporting over the next two weeks smaller profits on the back of slumping refining margins.
Refining Earnings Profits Margins Oil Gas Fuel Demand Supply
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