Valero Energy (VLO) Q2 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
by Janet McGurty (S&P Global Platts) Ethanol carbon sequestration will lower CI; DGD renewable diesel expansion online end 2021; Renewable diesel sales expected to grow Valero sees growing demand for low-carbon fuels and will continue to seek out projects which reduce carbon intensity while delivering financial returns to their shareholders, CEO Joe Gorder said on the company’s April 22 first quarter results call.
“We have a clear recognition here that low-carbon fuels are going to be in much greater demand going forward,” he said.
“The interesting thing here from our perspective is that we’ve been able to come up with low-carbon fuel projects and projects that have enabled us to reduce the carbon intensity of some of our other fuels that have significant returns also,” he added.
Valero plans refineries to run up to 89% of combined capacity in Q2 2021
4/23/2021
Valero Energy Corp, the second largest U.S. crude oil refiner, plans to operate its 14 refineries up to 89% of their combined total throughput capacity of 3.15 million barrels per day (bpd) during the second quarter of 2021, a company executive said.
Valero’s U.S. Gulf Coast refineries are planned to operate up 92% of their combined total throughput of 1.86 million bpd, said Homer Bhullar, vice president of investor relations, during a Thursday conference call to discuss first quarter earnings with Wall Street analysts.
The company’s Mid-Continent refineries in Tennessee and Oklahoma were forecast to produce up to 93% of their combined total capacity of 485,000 bpd while refineries in Quebec and Wales supplying North Atlantic markets will run up to 71% of their 505,000-bpd capacity, Bhullar said.
Operator
Greetings, and welcome to Valero Energy Corporation s first-quarter 2021 earnings conference call. [Operator instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Homer Bhullar, vice president, investor relations.
Homer Bhullar
Vice President, Investor Relations
Good morning, everyone, and welcome to Valero Energy Corporation s first-quarter 2021 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.
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now We have a clear recognition here that low-carbon fuels are going to be in much greater demand going forward, he said. The interesting thing here from our perspective is that we ve been able to come up with low-carbon fuel projects and projects that have enabled us to reduce the carbon intensity of some of our other fuels that have significant returns also, he added.
Valero in March announced it was joining with BlackRock Global Energy & Power Infrastructure fund and Navigator to build a carbon capture and storage pipeline system across the Midwest, which will connect to eight of its 13 ethanol plants and have the capacity to store 5 million mt of CO2 annually.