Valero Refinery Closure, Xcel Energy, Oil Patch M&A: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

REFINING
Valero to Shut California Refinery Amid Tough Regulations, High Costs - Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) on Thursday said it would cease operations at its 170,000-barrel-per-day San Francisco-area Benicia oil refinery next year amid worries about California's declining fuel supplies and high gasoline prices. The decision clarifies plans for the refinery after the company last week announced its intent to "idle, restructure, or cease operations" there by the end of April 2026. Valero also said it had recorded a $1.1 billion pre-tax impairment related to its California refineries. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refinery Plant Database can click here for the plant profile. (Reuters)

CORPORATE
Enervus: Weak Oil Prices, Limited Shale Acreage Set to Hit Energy M&A in 2025 - The U.S. upstream oil and gas merger and acquisition (M&A) market is bracing for the most challenging conditions since the COVID-19 pandemic as oil prices slump and prime acreage dries up, analytics firm Enverus said on Wednesday. "Upstream deal markets are heading into the most challenging conditions we have seen since the first half of 2020. High asset prices and limited opportunities are colliding with weakening crude," said Enverus Intelligence Research Principal Analyst Andrew Dittmar. (Reuters)

EARNINGS REPORTS
Xcel Energy's First-Quarter Earnings Down - Utility Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) reported 2025 first-quarter earnings of $483 million, compared with $488 million in the same period in 2024. The company was hurt by higher operating and interest expenses. Xcel said its total operating costs rose 8.7% to $3.23 billion, while its interest expenses climbed more than 11.6% to $309 million during the first quarter. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).