Valero expects more normal oil markets by the third quarter
Valero Energy expects refined product demand to gradually pick up in the second quarter of 2021 and be close to normal by the third quarter as coronavirus vaccinations increase along with personal mobility, which will shift disposable income spending toward funding pent-up travel demand.
“We’ve been pleased with the pace of the recovery so far,” said Valero’s CEO Joe Gorder on the Jan. 28 results call.
“If we can get government functioning appropriately on the [coronavirus vaccine] distribution, I think we are going to be in much better shape, perhaps quicker than we realize,” he added.
HOUSTON, Jan 29 (Reuters) - A Valero Energy Corp joint venture will become the largest renewable diesel producer in the United States in 2023 when it opens a second facility at a site in Texas.The second-largest crude oil refiner in the United States on Thursday said it and partner Darling Ingredients Inc approved construction of a 470-million-gallon renewable diesel plant in Port Arthur, Texas.
Valero Energy (VLO) Expects Its Refining Margins and Product Demand to Improve
Valero Energy Corp. (NYSE:VLO), founded in 1980, has enjoyed tremendous success since its inception. It started from a single factory and gradually expanded to several facilities over the years. Its aggressive growth helped the company to become one of the leading petroleum refiners and renewable fuels producers. However, the company’s market value has declined over the past couple of years amid low crude prices.
The San Antonio, Texas-based company on Thursday announced its financial results for the fourth quarter. It reported a loss of $359 million, or $0.88 per share for the three months ended December 31, as compared to earnings of $2.58 per share in the comparable period of 2019. On an adjusted basis, the company lost $1.06 per share, narrower than a loss of $1.42 per share forecasted by analysts.
Operator
Ladies and gentlemen, greetings, and welcome to the Valero Energy fourth-quarter 2020 earnings conference call. [Operator instructions] It is now my pleasure to introduce your host, Homer Bhullar, vice president of investor relations. Thank you, sir. You may begin.
Homer Bhullar
Vice President of Investor Relations
Good morning, everyone, and welcome to Valero Energy Corporation s fourth-quarter 2020 earnings conference call. With me today are Joe Gorder, our chairman and CEO; Lane Riggs, our president and COO; Jason Fraser, our executive vice president and CFO; Gary Simmons, our executive vice president and chief commercial officer; and several other members of Valero s senior management team. If you have not received the earnings release and would like a copy, you can find one on our website at investorvalero.com. Also attached to the earnings release are tables that provide additional financial information on our business segments.
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