Overview

• Net income fell to $714 million, or $2.28 per share, down from $880 million a year ago but exceeded analyst estimates by $0.51.
• Revenue declined more than 13% to $29.89 billion yet topped Wall Street’s $27.16 billion forecast.
• Refining operating income rose to $1.3 billion as margins improved to $12.35 per barrel and Gulf Coast throughput hit a quarterly record.
• The renewable diesel segment swung to a $79 million operating loss while ethanol income dropped to $54 million.
• Valero ended the quarter with $4.5 billion in cash, $8.4 billion in debt and advanced its St. Charles fluid catalytic cracking project for next-year completion.