Valero's Refining Segment Shines on High Margins

January 27, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Executives at Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) had reason to smile on Thursday when the company reported fourth-quarter 2022 net income of $3.1 billion, compared with $1 billion in fourth-quarter 2021. Strong margins and high capacity utilization helped boost the operating income of the company's Refining segment to more than $4 billion in the recently passed quarter. In Thursday's earnings-related conference call, Valero Chief Executive Officer Joe Gorder said, "As we saw during most of 2022, refining margins were supported by low product inventories, which resulted from the significant permanent global refinery shutdowns and the continued recovery of product demand." Valero's refining system also benefited from heavily discounted sour crude oils and fuel oils. Other companies featured: BlackRock Incorporated (NYSE:BLK)