Valero Energy Corp. has reported $714 million in net profit and adjusted net profit for the second quarter, down from $880 million and $887 million respectively for the same three-month period last year as lower refining volumes offset higher margins.
The adjusted earnings per share of $2.28, assuming dilution, beat the Zacks Consensus Estimate of $1.73. Valero declared a dividend of $1.13 per share for Q2 2025.
Valero refineries processed 2.92 million barrels per day (MMbpd) in the April-June quarter, down from 3.01 MMbpd in Q2 2024.
“[W]e set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimization projects”, chairman, chief executive and president Lane Riggs said in a statement. Gulf Coast throughput volumes in Q2 2025 totaled 1.84 MMbpd, up from 1.83 MMbpd in Q2 2024.
However, throughput volumes fell in the U.S. Mid-Continent (423,000 bpd), the North Atlantic (396,000 bpd) and the U.S. West Coast (262,000 bpd).
Refining yields totaled 2.95 MMbpd, compared to 3.04 MMbpd in Q2 2024. Gasoline and blendstocks comprised 1.44 MMbpd, while distillates accounted for 1.11 MMbpd.
Refining margin per barrel of throughput averaged $12.35, up from $11.14 for Q2 2024.
The refining segment contributed $28.33 billion in revenue for Q2 2025. Segment operating income was $1.22 billion.
Meanwhile the renewable diesel segment – which consists of the Diamond Green Diesel (DGD) refinery in Louisiana, co-owned with Darling Ingredients Inc. – logged sales volumes of 2.73 million gallons a day, down from 3.49 million gallons per day in Q2 2024.
The renewable diesel margin per gallon of sales was $0.22, compared to $0.8 for Q2 2024.
Renewable diesel revenue came at $1.1 billion. Segment operating income was $112 million.
The ethanol segment produced 4.58 million gallons per day, up from 4.47 million gallons per day in Q2 2024.
The ethanol margin per gallon of output was $0.52, down from $0.61 for Q2 2024.
Ethanol revenue landed at $1.21 billion. Segment operating income was $105 million.
Total net cash from operating activities was $936 million. The adjusted figure was $1.3 billion. The adjustments consisted of “a $325 million unfavorable impact from working capital and $86 million of adjusted net cash used in operating activities associated with the other joint venture member’s share of DGD”, Valero said.
Valero paid shareholders a total of $695 million in Q2 2025, consisting of $354 million in dividends and $341 million in buybacks (2.6 million shares). The payout ratio was 52 percent of adjusted net cash provided by operating activities.
Valero repaid the $251 million outstanding principal balance of its 2.85 percent senior notes that matured April.
It ended Q2 2025 with $8.4 billion of debt, $2.3 billion of finance lease obligations and $4.5 billion of cash and cash equivalents.
To contact the author, email jov.onsat@rigzone.com
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