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After Rough April, Recovery in Sight for Valero
Industry Segment: Petroleum Refining | Word Count: 760 Words
SUGAR LAND--July 31, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--As Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) Chief Executive Officer Joe Gorder said in the company's recent earnings conference call, second-quarter 2020 was "challenging in many aspects," which may be an understatement, particularly for refiners. As several states and localities issued stay-at-home orders, demand in April bottomed out to 50% less than normal for gasoline, 70% for diesel and 30% for jet fuel relative to the same period of 2019. However, as restrictions eased, the company saw gasoline and diesel demand return to 85% to 90% of normal demand and jet fuel to 50%. In addition, in June, Valero saw a recovery of exports to Latin America and Europe.
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