Valero Q2 profit skyrockets on strong refining margins

Tightened crude oil supplies – due to sanctions on major supplier Russia following its invasion of Ukraine – at a time when global fuel demand is soaring, nearly touching pre-pandemic levels, has boosted margins for gasoline and diesel.

Valero, the first major U.S. refiner to post quarterly results, said refining margin in the quarter rose to $8.09 billion from $2.05 billion a year earlier.

Net income attributable to the company’s stockholders came in at $4.7 billion, or $11.57 per share, for the three months ended June, compared with $162 million, or 39 cents per share, a year earlier.