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Reuters

Valero profit surges as refining margin more than doubles

Valero’s quarterly refining margin more than doubled to $3.21 billion from a year earlier. Global fuel demand has rebounded to near pre-pandemic levels, while supply of refined products like diesel and jet fuel have tightened sharply due to the Russia-Ukraine war. Valero, the first major U.S. refiner to post quarterly results, said its total refinery throughput volumes averaged 2.8 million barrels per day in the quarter ended March 31, 390,000 barrels per day higher than a year earlier.

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