The San Antonio-based company reported profit of $3.1 billion in the fourth quarter as its...
attributed its strong fourth quarter to the fact its 15 refineries were running at a 97 percent utilization rate at the end of the year, the highest level of usage in any quarter since 2018.Valero profit soars as demand for refined products tops 2019 levels and supply remains tightValero’s refineries handled 3 million barrels of crude oil per day in the fourth quarter, roughly the same volumes as a year earlier.
Valero’s refining business produced $4.3 billion of income in the fourth quarter, up from $1.27 billion a year earlier. Since 2018, Valero has spent hundreds of millions of dollars on expanding its production of renewable diesel, which can power diesel vehicles that are on the road today with lower emissions than traditional diesel.
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