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Valero Gains as Refining Margins Return to Pre-Covid Levels

  • Margins on fuel making more than double amid tight supplies
  • Results underscore recovery of pandemic-hit refining industry
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Valero Energy Corp. has seen refining margins return to pre-pandemic levels, with the rebound helping the U.S. fuel producer post quarterly profit that topped analysts’ expectations.

Margins on refining more than doubled to the highest level in two years during the fourth quarter, the San Antonio-based company said Thursday in its quarterly earnings statement. Valero Energy had net income of $1 billion in the quarter, reversing a loss of $359 million a year earlier and beating analysts’ estimates.