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Voluntarily production cut from top OPEC+ oil producers Saudi
Arabia and Russia, low levels of U.S. crude stockpiles and
increased exports have kept supplies tight.
"Our refineries operated well and achieved 95 percent throughput
capacity utilization . . . Product demand remained strong in our
U.S. wholesale system," CEO Lane Riggs said in a statement.
The second-largest U.S. refiner by capacity said throughput
volumes averaged 3 million barrels per day (bpd) in the quarter,
flat compared with a year earlier but higher than Street
estimate of 2.96 million bpd, according to LSEG data.
The renewable diesel segment sales volumes averaged 3 million
gallons per day, 761,000 gallons per day higher than a year
earlier.
The Diamond Green Diesel Port Arthur plant, which started up in
the fourth quarter of 2022, boosted the sales volumes, Valero
said.
Margins for U.S. refiners remained under pressure during the
quarter due to easing demand following the end of the peak
summer driving season, a string of storms in the U.S. East Coast
that kept drivers off the road, and the relatively high prices
at the pump.
The 3-2-1 crack spread, a proxy for refining margins, fell
around 35% during the July-September quarter. [CL321-1=R]
Valero said quarterly refining margins fell 8.2% to $5.41
billion.
The San Antonio, Texas-based refiner reported an adjusted net
income of $7.49 per share for the three months ended Sept. 30,
compared with analysts' average estimate of $7.47.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj
Kalluvila)
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