Welcome to our dedicated page for Valero Energy Corporation news (Ticker: VLO), a resource for investors and traders seeking the latest updates and insights on Valero Energy Corporation stock.
Valero Energy Corporation (symbol: VLO) is a leading Fortune 50 international manufacturer and marketer of transportation fuels and petrochemical products. Based in San Antonio, Texas, Valero operates as an independent petroleum refiner and ethanol producer. With approximately 10,000 employees, Valero's assets include 15 petroleum refineries with a combined throughput capacity of around 3.1 million barrels per day, located across the United States, Canada, and the United Kingdom. Additionally, Valero owns 11 ethanol plants in the mid-continent region of the U.S., with a combined production capacity of approximately 1.4 billion gallons per year.
Valero’s business model emphasizes refining and ethanol production. The company also owns a 2% general partner interest and a majority limited partner interest in Valero Energy Partners LP, a midstream master limited partnership. Valero’s products are sold in both wholesale rack and bulk markets, and its brand is carried by approximately 7,400 outlets.
Valero is renowned for its significant scale and efficiency in the refining industry. The company has expanded its operations to include a 50% stake in Diamond Green Diesel, which has the capacity to produce 1.2 billion gallons per year of renewable diesel. This diversification into renewable energy underscores Valero's commitment to sustainable practices and innovation within the energy sector.
Recent achievements highlight Valero’s continued growth and adaptation in a dynamic market, including advancements in cleaner-burning fuels and strategic partnerships that enhance its market presence. With robust financial health, Valero continues to invest in infrastructure and technology to maintain its competitive edge.
For investors and stakeholders, Valero's consistent performance and strategic initiatives offer a comprehensive value proposition. The company's focus on operational excellence, combined with its significant refining capacity and growing renewable energy portfolio, positions it as a key player in the global energy landscape.
Darling Ingredients announced that Avfuel received its first delivery of sustainable aviation fuel (SAF) produced by Diamond Green Diesel (DGD), a joint venture between Darling and Valero Energy. Naples Aviation became the first location in eastern US to offer DGD's SAF for general sale.
The SAF, produced from waste-based feedstocks like used cooking oil, animal tallow, and distiller's corn oil, can reduce greenhouse gas emissions by up to 80% compared to conventional jet fuel. DGD's Port Arthur facility made its first SAF shipment on Nov. 16, with approximately 50% of its 470 million gallon annual capacity converted to SAF production.
Valero Energy (NYSE: VLO) has scheduled its 2024 fourth quarter and full year earnings conference call for January 30, 2025, at 10:00 a.m. ET. The earnings results will be released earlier on the same day. The company will discuss the financial results and provide updates on company operations during the call. Interested parties can access the webcast through Valero's Investor Relations website at investorvalero.com.
Valero Energy (NYSE: VLO) announced that Joseph W. Gorder will retire as Executive Chairman and Board member on December 31, 2024. R. Lane Riggs, current CEO and President, will assume the additional position of Chairman of the Board. Gorder previously retired as CEO on June 30, 2023, after serving in that role since May 2014. As Executive Chairman, he has led the Board and provided counsel to leadership on company decisions. Riggs has been serving as CEO, President, and Board member since June 2023. The transition completes a long-planned succession development plan, with the Board expressing confidence in Riggs' leadership to continue building upon the company's established strategy.
Valero Energy (NYSE: VLO) has announced its Board of Directors has declared a regular quarterly cash dividend of $1.07 per share on common stock. The dividend will be paid on December 20, 2024, to shareholders of record as of the close of business on November 20, 2024.
Valero Energy (NYSE: VLO) reported Q3 2024 net income of $364 million, or $1.14 per share, down from $2.6 billion ($7.49 per share) in Q3 2023. The company's refining segment posted operating income of $565 million, while renewable diesel and ethanol segments reported $35 million and $153 million respectively. Valero returned $907 million to stockholders through dividends ($342 million) and stock buybacks ($565 million). The company completed its Diamond Green Diesel Port Arthur Sustainable Aviation Fuel project in October, enabling conversion of up to 50% of its 470 million gallon renewable diesel capacity to SAF.
Darling Ingredients Inc. (NYSE: DAR) announced that its joint venture Diamond Green Diesel (DGD) will supply sustainable aviation fuel (SAF) to Chicago Midway International Airport. The two-year agreement involves Valero Marketing and Supply Company and Southwest Airlines Co. (NYSE: LUV). Southwest will purchase a minimum of 3.6 million gallons of neat SAF, with an option to buy up to 25 million gallons.
The SAF, produced from waste-based feedstocks, is expected to reduce lifecycle greenhouse gas emissions by up to 80% compared to conventional jet fuel. It will be certified by a CORSIA-approved Sustainability Certification Scheme. The DGD Port Arthur plant will be able to upgrade about 50% of its 470 million gallon annual production capacity to SAF by Q4 2024, potentially making DGD one of the world's largest SAF manufacturers.
Southwest Airlines Co. (NYSE: LUV) has announced a sustainable aviation fuel (SAF) supply agreement with Valero Marketing and Supply Company. This agreement, the largest of its kind in Illinois, will bring SAF to Chicago Midway International Airport (MDW). Key points include:
- Southwest will purchase a minimum of 3.6 million gallons of neat SAF (about 12 million gallons blended) for use as early as Q4 2024.
- The agreement has an option to purchase up to 25 million gallons of neat SAF (about 84 million gallons blended) over its two-year term.
- The SAF is expected to reduce lifecycle greenhouse gas emissions by 74% to 84% compared to conventional jet fuel.
- The agreement was facilitated by the Illinois Sustainable Aviation Fuel Purchase Credit and support from Southwest's Corporate Customers.
Darling Ingredients Inc. (NYSE: DAR) has announced that its joint venture, Diamond Green Diesel (DGD), will provide the first regular supply of sustainable aviation fuel (SAF) to Florida through an agreement between World Fuel and DHL Express. Over a two-year period, World Fuel Services will deliver approximately 60 million gallons of blended SAF, including 18 million gallons of neat SAF, produced by DGD from used cooking oil and food waste.
The SAF will have at least 80% lower lifecycle greenhouse gas emissions compared to conventional jet fuel and will be used for DHL Express's GoGreen Plus emission-reduced air transportation services. DGD's Port Arthur plant is expected to be capable of upgrading about 50% of its 470 million gallon annual production capacity to SAF by the fourth quarter of 2024, potentially making it one of the largest SAF manufacturers globally.
Valero Energy (NYSE: VLO) has announced that it will release its third quarter 2024 earnings results on October 24, 2024. Following the release, the company will host a conference call at 10:00 a.m. ET to discuss the results and provide an update on company operations. Investors and interested parties can join the webcast of the conference call through Valero's Investor Relations website at investorvalero.com. This announcement sets the stage for Valero to share its financial performance and operational updates with shareholders and analysts, providing insights into the company's progress in the third quarter of 2024.
Valero Energy (NYSE: VLO) reported net income of $880 million, or $2.71 per share, for Q2 2024, down from $1.9 billion, or $5.40 per share, in Q2 2023. The company's Refining segment posted operating income of $1.2 billion, while the Renewable Diesel segment reported $112 million. Ethanol segment operating income was $105 million. Valero returned $1.4 billion to stockholders through dividends ($347 million) and stock buybacks ($1.0 billion). The company maintained strong liquidity with $5.2 billion in cash and a debt to capitalization ratio of 16%. Valero's Sustainable Aviation Fuel project at the DGD Port Arthur plant is on track for Q4 2024 completion, potentially making DGD one of the world's largest SAF manufacturers.
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